INSUBCONTINENT EXCLUSIVE:
Income tax return: In addition to the seven forms, the taxman also provides one form for ITR verification
The Income Tax Department has notified forms for assessees to use for filing the returns for financial year 2018-19 (assessment year
Meant for individuals and companies, the I-T department provides seven different forms for filing of income tax return, and one for
verification of income tax return
While there has been no change in ITR-1 or -Sahaj-, meant for the salaried assessees, some sections in ITR forms 2, 3, 5, 6 and 7 have been
rationalised for the assessment year 2019-20, say tax experts
Here are 10 things to know about the newly-notified ITR forms for assessment year 2019-20:The forms for filing of income tax
return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7
These forms now require new details to be filled in by the taxpayers.As the new notification, form ITR-1, also known as Sahaj, cannot be
used for an individual who is director of company, has investment in unlisted equity shares or has income on which TDS (Tax Deducted At
Source) has been deducted in another person's hands
assets and income from any source outside the country
Details such as foreign depository accounts and foreign custodial accounts need to be included now."In case of individual assessees, the
file ITR-3 and ITR-6 (companies) will also have to disclose information regarding turnover/gross receipts reported for Goods and Services
Last year, it was applicable only for those assessees filing ITR-4.While ITR-3 is required to be filed by individuals and Hindu Undivided
shareholding of unlisted company, require extensive detailing in the new assets -liabilities schedule.ITR-4, also known as Sugam, is meant
for individuals, HUFs and firms (other than limited liability partnership) having a total income of up to Rs 50 lakh and having presumptive
income from business and profession.(With agency inputs)Get the latest election news, live updates and election schedule for Lok Sabha
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