Income Tax Department Releases All 7 ITR Forms | Check Details About New IT Forms

After more than a month of having the ITR forms for the e-filling notified, the Income Tax Department has finally launched and activated the same for the taxpayers. It has been certified by the Central Board of Direct Taxes that all the new Income Tax Return Forms will be available on April 5, 2018 for the assessment year commencing in 2018 and ending in 2009.

Various statements and suggestions from the department as well as the officials have rolled guiding about how to go about the procedure for e-filing of the forms released by the Income Tax Department to the different strata of the taxpayers.

ITR’s For 2018-19 Available For e-filing | Check Here

The Income Tax Return Forms for all the taxpayers for the financial year of 2018-2019 have been notified by the Central Board of Direct Taxes (CBDT) from April 5, 2018. These were notified approximately one month ago but have been released for the process of e-filing now.

The step to launch the Income Tax Returns forms by April 5 has been taken specifically. The reason behind releasing the forms at this date is because the taxpayers were known to be looking forward in order to file their Income Tax Returns by the deadline which happens to be July 31, 2018. All the taxpayers who are looking to fill the seven Income Tax Return Forms, need to visit the official web portal that is https://www.incometaxindiaefiling.gov.in. Whereas, there is an exception to a category of the taxpayers for the same.

All the required details which are inclusive of the exceptional category of the taxpayers in context to the e-filing of the seven Income Tax Return (ITR) forms are clearly stated by the Central Board of Direct Taxes (CBDT).

New ITR Forms | What You Need To Know

The new ITR forms which have been released clearly instruct the salaried class to provide the breakup of their salary, as well as the GST number and the turnover, is to be provided by the business persons. The ITR-’1’ which is used by the salaried class who has an income of Rs. 50 lakhs, one house property only as well as interest and recurring deposits income is titled as ‘Sahaj’ and now seeks the details of the assessee.

The ITR 2 is put to use by the individuals as well as the HUF and earns from heads other than the gains of business and profession. NRI’s are also included in this case. The ITR 3 and ITR 4 include the income from business and profession for individuals as well as HUF’s. The left forms are for a separate category of the taxpayers.

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Tulika Gupta

A B.Com Graduate from Punjab University, Tulika Gupta is a playful, high spirited and an energetic soul who loves to read and write. When she is not writing, you can either find her in her dreamer mode or fulfilling her social media instincts. You can write to her at hello@chandigarhmetro.com