New Delhi,JULY 03:
The new Income Tax Return (ITRs) forms for the assessment year 2018-19 can be now accessed for filing tax returns.
The most basic – ITR-1 or Sahaj – is to be filled by the salaried class of taxpayers. The form this time seeks an assessee’s details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others.Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now, this form has been made applicable only for resident individuals.
The condition of the individual having income from salaries, one house property, other income and having total income up to Rs 50 lakhs continues
There is a requirement to furnish a break-up of salary. Until now, these details would appear only in Form 16 and the requirement to disclose them in the return had never arisen.
There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms
The field to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID has been retained in the latest forms. The last date for filing the ITRs is July 31.Unlike last year, this year’s form requires taxpayers to give a detailed break-up of their salary income and income from house property. In the FY18 form, for instance, you need to provide details about value of perquisites, non-exempt allowances, interest paid on borrowed capital and so on. And don’t worry, you will not have to run helter-skelter in a bid to find these details, especially those relating to salary income.
Here is all about deductions and taxable total income for ITR-1 SAHAJ usersAs provided in section 80CCE, aggregate amount of deduction under section 80C, 80CCC and sub – section (1) of 80CCD shall not exceed Rs 1.5 lakh.Deduction under 80C includes amount paid or deposited towards – life insurance, contribution to public provident fund (PPF), Employees Provident Fund, contribution by the taxpayers to an approved superannuation fund, National Savings Certificates, tuition fees, payment/ repayment for purposes of purchase or construction of a residential house and many other investments.
New Delhi,JULY 03: