The tax return filing season is here. If you like to finish things quickly and ahead of others, you can now start filing your income tax returns (ITR) for the last financial year i.e. 2018-19 (the assessment year 2019-20). The Income Tax department has issued ITR forms 1 and 4. Check them out by clicking here.
“ITR 1 & 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly,” the Income Tax department said. Last year, the number of ITR forms were reduced from nine to seven.
Do note that both the ITR forms (1 & 4) are not meant for individuals who are either director in a company or have invested in unlisted equity shares. The I-T department has clearly said that this has been done to clamp down on shell companies and check the routing of black money.
ITR 1 – This is for Individuals being a resident (other than Not Ordinarily Resident) having Total Income up to Rs 50 lakh, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to Rs 5,000. This is not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.
ITR 4 – This is for Individuals, HUFs and Firms (other than LLP) being a resident having Total Income up to Rs 50 lakh, and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE. This is not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.
ITR-1 (Sahaj) and ITR-4 (Sugam) forms can be downloaded from the income tax e-filing website and then used for filing your tax returns online.
Directors in both listed and unlisted companies will have to file their tax returns in ITR-2. It will be mandatory for them to disclose details like Director Identification Number (DIN), Permanent Account Number (PAN), equity holding along with the names of the companies.
Most importantly, all IT filers have to mention Aadhaar number in the forms without which the tax returns will not be processed. Yes, so don’t forget the 12-digit number. With a large number of PAN holders yet to link their accounts with Aadhaar, the Central Board of Direct Taxes (CBDT) has extended the last date for intimating the Aadhaar number and linking it with Permanent Account Number (PAN) by six months. So, now the new deadline is September 30, 2019.
The last date for filing ITR, however, is July 31 for those who are not required to get their accounts audited.
In 2017-18, the I-T department added 1.07 crore new taxpayers. The number of ‘dropped filers’ came down to 25.22 lakh. A total of 6.87 crore ITRs were filed during FY18. This compared to 5.48 crore ITRs filed during FY17.