The last date for filing your income tax return is near. As soon as you are ready to file your returns, you should know the changes included in the tax filing form by the income tax department in the return form for the current year. If you do not follow the new requirements, then you have the risk of receiving notice from the tax department.
"ITR forms are notified every year by the Central Board of Direct Taxes (CBDT) At the beginning of the financial year, CBDT has issued new ITR forms for the assessment year 2018-19. All India ITR director Vikas Dahiya said, "These ITR Forms will be applicable on file income tax return in respect of income earned from April 1, 2017 to March 31, 2018."
While ITR1 is to be used for salaried taxpayers, NRIs need to use Form ITR2. Aarti Rayte, Director, Deloitte Haskin and Cell LLP said that while filing ITR 1 and 2 forms, which are especially applicable to salaried taxpayers, there are some details that need to be provided extra in this year. . The most important change in ITR 1 is that it can be used only by 'Residents' salary, a house property and income from other sources, and where there is no treaty / foreign property, the income is less than 50 lakh rupees is. Those who qualify for non-residents or residents but are not usually resident, they can not use ITR Form 1.
Moving forward, "Additional information, which is extra, is a levy for belt tax return (filed after July 31), details of exemption by the tenant on rent payment and exemption from capital gains. In light of the introduction of 50C - In cases where considering the sale of undisputed shares is less than the Fair Market Value (FMV) - for the fixed shares in the prescribed manner, report Should be done. "
Also, taxpayers who have foreign income will now need to make available tax treaty rates which have been taken by them. Thus, the taxpayer should be prepared with detailed information to ensure full disclosure in tax returns.
Comparison of new requirements in ITR forms compared to the previous year is given here:
click here to read new rules in hindi
"ITR forms are notified every year by the Central Board of Direct Taxes (CBDT) At the beginning of the financial year, CBDT has issued new ITR forms for the assessment year 2018-19. All India ITR director Vikas Dahiya said, "These ITR Forms will be applicable on file income tax return in respect of income earned from April 1, 2017 to March 31, 2018."
While ITR1 is to be used for salaried taxpayers, NRIs need to use Form ITR2. Aarti Rayte, Director, Deloitte Haskin and Cell LLP said that while filing ITR 1 and 2 forms, which are especially applicable to salaried taxpayers, there are some details that need to be provided extra in this year. . The most important change in ITR 1 is that it can be used only by 'Residents' salary, a house property and income from other sources, and where there is no treaty / foreign property, the income is less than 50 lakh rupees is. Those who qualify for non-residents or residents but are not usually resident, they can not use ITR Form 1.
Moving forward, "Additional information, which is extra, is a levy for belt tax return (filed after July 31), details of exemption by the tenant on rent payment and exemption from capital gains. In light of the introduction of 50C - In cases where considering the sale of undisputed shares is less than the Fair Market Value (FMV) - for the fixed shares in the prescribed manner, report Should be done. "
Also, taxpayers who have foreign income will now need to make available tax treaty rates which have been taken by them. Thus, the taxpayer should be prepared with detailed information to ensure full disclosure in tax returns.
Comparison of new requirements in ITR forms compared to the previous year is given here:
click here to read new rules in hindi
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