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Saturday, December 01, 2018

All you need to know who can file New ITR Forms


All you need to know who can file New ITR Forms

Overview

To facilitate the various category of taxpayers, the Income Tax department of India has issued seven types of different ITR forms. If you are wondering how it helps, so here your reach ends. the new ITR forms now shift the onus on the taxpayers to prove their claim for the deductions, expenses or exemptions. It ultimately seeks more information from the trusts, taxpayers who opted for presumptive taxation scheme, investors in shares of unlisted companies etc. This article will surely help you to find the suitable form for your filing. Just have a look below:

Types of ITR Forms introduced for the financial year 17-18:

Following are the forms introduced by the income tax department:
  1. ITR-1: It is the simplest form which can be filed by the taxpayer whose earning is from salary or pension or from one house property and income from other sources but the annual taxable income should not exceed Rs. 50 lakh. it should not include any income from betting, gambling etc. Now the new ITR forms need detail calculation of income from salary and house property. The Last ITR Forms haven't included this despite it was confined to only single figure. New ITR-1 Form has been withdrawn for NRIs. Additional fields for TDS as per Form 26QC deducted on rent and quoting of PAN of the tenant for such rent has also been provided. Now onwards, ITR-2 or ITR-3 is applicable to them also.
Persons who file Income tax return for the first time and are getting hesitant to enter into this system of tax, now heave a sigh of relax because he/she would not be subjected to any scrutiny in the first year unless there is a specific information available with the department.

2. ITR-2: this form is for the people who are with the income other than Profits and Gains from Business or Profession.

3. ITR-3: individuals and HUFs with the income from Income from Profits and gains from Business or Profession can fil this form. But people who are partners in a firm must file ITR-3 Form only not ITR-2.

4. ITR-4: is the form for those who are opting for the presumptive taxation scheme u/ss 44AD, 44ADA or 44AE, ITR-4 whereas the old ITR-4 dealt only with the business particulars like:
  • total creditors
  • total debtors
  • total stock-in-trade
  • cash balance
This new ITR-4 Form seeks more information regarding the amount of secured/unsecured loans, advances, fixed assets, capital account etc. In addition, it also makes the taxpayer provide the aggregate turnover as per his/her GST Returns so as to end the wrong methods of reporting various turnovers in erstwhile sales tax and income tax returns.

5. ITR-5: is for the persons who do not lie in the category of individual, HUF, Company and persons filing ITR-7.

6. ITR-6: is for the companies who do not lie in the category those who are claiming exemption u/s 11.

7. ITR-7: is for those persons inclusive of companies also who needed to furnished return u/ss 139 4A, 4B, 4C, 4D, 4E or 4F

8. ITR-V: all taxpayers can use this form. This form is considered as the acknowledgment form which is to be submitted also with your returns. There are some terms and conditions below:
  • Within the period of 30 days, you have to post ITR-V separately to CPC at Bengaluru as ITR is transmitted electronically without digital signature.
  • You have to submit ITR-V along with the relevant ITR as ITR is filed physically. Until the signed ITR-V does not reach to CPC, your return will not be considered as filed.
To eliminate the process of sending ITR-V to the centralized Processing Unit in Bangalore, the department of income tax has now started linking Aadhaar card with the PAN Card. Except Form ITR-7, all the forms are designed as annexure-less to make them amenable for electronic filing.

Some general information:

  • The new ITR Forms shall report to CGST, SGST, IGST and UTGST paid or refunded to the assessee.

  • Gender of the taxpayer shall not be mentioned in the forms.

  • If capital gain is arising on transfer of unquoted shares, so now it would be mandatory for the investors to obtain the Fair Market Value report as determined by a Merchant Banker or CA.



This article has been contributed by Sarubpreet Kaur who is a content writer with LegalRaasta. Legal Raasta is an online portal that assists companies and startups with GST registration and Tax Raahi.


All you need to know who can file New ITR Forms Reviewed by S. Chitra on December 01, 2018 Rating: 5 All you need to know who can file New ITR Forms Overview To facilitate the various category of taxpayers, the Income Tax department of ...

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