April 7, 2019:
While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 & 7 have been rationalised.
The Centre has released new Income Tax return forms for individuals & companies for the assessment year 2019-20.
The new form seeks more disclosures from the filers who claim exemption on a large agricultural income, directors on the boards of companies, individuals with properties or bank accounts abroad & those holding shares in unlisted firms.
While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 & 7 have been rationalised.
Individuals, firms & companies have to file returns for the income earned in 2018-19 during the course of current fiscal.
- ITR-1 is filed by individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest), & agricultural income up to Rs 5,000.
- ITR-2 is filed by Individuals & HUFs not having income from profits & gains of business or profession.
- ITR-3 is filed by individuals & HUFs having income from profits & gains of business or profession.
- ITR-4 or Sugam is meant for individuals, HUFs & firms (other than LLP) having a total income of up to Rs 50 lakh & having presumptive income from business & profession.
Those filing ITR-3 & ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods & Services Tax included now in ITR-3 & ITR- 6 also.
The last date of filing ITR is July 31 for those who are not required to get their accounts audited.
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