Financial Analysis Income tax return filing for FY 2018-19 begins; ITR-1, 4 forms available for download

  • ITR-1 (Sahaj) and ITR-4 (Sugam) forms are now available at the income tax e-filing website and can be downloaded from there.
  • It is mandatory to cite Aadhaar number in the ITR forms. There will be no processing of tax returns without the Aadhaar number.

Taxpayers can now start filing their income tax returns (ITR) for the last fiscal year 2018-19 as the Income Tax department has started issuing ITR forms 1 and 4 from 9th April onwards.

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Taxpayers can now start filing their income tax returns (ITR) for the last fiscal year 2018-19 as the Income Tax department has started issuing ITR forms 1 and 4 from 9th April onwards.

As per a statement by the IT department on its website "ITR 1 and 4 for AY 2019-20 is accessible for e-Filing. Other ITRs shall be available shortly."

You can download ITR-1 (Sahaj) and ITR-4 (Sugam) from the income tax e-filling website and at the same time can also fill your tax returns online. ITR-1 form is intended for resident and salaried taxpayers with total earnings of up to a maximum of ₹50 lakh and the ITR-4 form is for individual professionals and businessmen with overall earnings of up to a maximum of ₹50 lakh. Firms (other than LLP) and HUFs with total earnings of up to a maximum of ₹50 lakh too can use this form for ITR filing. 

However, both the ITR forms are not for people who hold a director position in a company or endow in unlisted equity shares. The IT department states that this step has been taken in order to tighten the grip on shell companies and to keep a check on the black money.

People holding director positions in both listed and unlisted companies are liable to file their returns in ITR-2. It is also compulsory for them to reveal the details like Permanent Account Number (PAN), Director Identification Number (DIN) and equity holding as well as the company names.

Also one must keep in mind that it is mandatory to cite Aadhaar number in the ITR forms. There will be no processing of tax returns without the Aadhaar number.

A recent report by the PTI said that there are no changes in ITR-1 or Sahaj form. However, certain sections in ITR 2, 3, 5, 6 and 7 have been rationalized.

The last date to file your ITR is July 31 for those taxpayers who are not obligated to get their accounts audited.

It is better to start filing your tax returns on a priority basis in order to steer clear of any penalties for delay. Further, it also helps you in getting early tax refunds.

In 2017-18, the Department of Income Tax added 1.07 crore new taxpayers to the list and the number of ‘dropped filers’ was decreased to 25.22 lakh. Also according to the department in FY 2017-18, a total of 6.87 crores ITRs were filed which was a substantial increase from the 5.48 crore ITRs filed in FY 2016-17.

Taxpayers can now start filing their income tax returns (ITR) for the last fiscal year 2018-19 as the Income Tax department has started issuing ITR forms 1 and 4 from 9th April onwards.

As per a statement by the IT department on its website "ITR 1 and 4 for AY 2019-20 is accessible for e-Filing. Other ITRs shall be available shortly."

You can download ITR-1 (Sahaj) and ITR-4 (Sugam) from the income tax e-filling website and at the same time can also fill your tax returns online. ITR-1 form is intended for resident and salaried taxpayers with total earnings of up to a maximum of ₹50 lakh and the ITR-4 form is for individual professionals and businessmen with overall earnings of up to a maximum of ₹50 lakh. Firms (other than LLP) and HUFs with total earnings of up to a maximum of ₹50 lakh too can use this form for ITR filing. 

However, both the ITR forms are not for people who hold a director position in a company or endow in unlisted equity shares. The IT department states that this step has been taken in order to tighten the grip on shell companies and to keep a check on the black money.

People holding director positions in both listed and unlisted companies are liable to file their returns in ITR-2. It is also compulsory for them to reveal the details like Permanent Account Number (PAN), Director Identification Number (DIN) and equity holding as well as the company names.

Also one must keep in mind that it is mandatory to cite Aadhaar number in the ITR forms. There will be no processing of tax returns without the Aadhaar number.

A recent report by the PTI said that there are no changes in ITR-1 or Sahaj form. However, certain sections in ITR 2, 3, 5, 6 and 7 have been rationalized.

The last date to file your ITR is July 31 for those taxpayers who are not obligated to get their accounts audited.

It is better to start filing your tax returns on a priority basis in order to steer clear of any penalties for delay. Further, it also helps you in getting early tax refunds.

In 2017-18, the Department of Income Tax added 1.07 crore new taxpayers to the list and the number of ‘dropped filers’ was decreased to 25.22 lakh. Also according to the department in FY 2017-18, a total of 6.87 crores ITRs were filed which was a substantial increase from the 5.48 crore ITRs filed in FY 2016-17.

As per a statement by the IT department on its website "ITR 1 and 4 for AY 2019-20 is accessible for e-Filing. Other ITRs shall be available shortly."

You can download ITR-1 (Sahaj) and ITR-4 (Sugam) from the income tax e-filling website and at the same time can also fill your tax returns online. ITR-1 form is intended for resident and salaried taxpayers with total earnings of up to a maximum of ₹50 lakh and the ITR-4 form is for individual professionals and businessmen with overall earnings of up to a maximum of ₹50 lakh. Firms (other than LLP) and HUFs with total earnings of up to a maximum of ₹50 lakh too can use this form for ITR filing. 

However, both the ITR forms are not for people who hold a director position in a company or endow in unlisted equity shares. The IT department states that this step has been taken in order to tighten the grip on shell companies and to keep a check on the black money.

People holding director positions in both listed and unlisted companies are liable to file their returns in ITR-2. It is also compulsory for them to reveal the details like Permanent Account Number (PAN), Director Identification Number (DIN) and equity holding as well as the company names.

Also one must keep in mind that it is mandatory to cite Aadhaar number in the ITR forms. There will be no processing of tax returns without the Aadhaar number.

A recent report by the PTI said that there are no changes in ITR-1 or Sahaj form. However, certain sections in ITR 2, 3, 5, 6 and 7 have been rationalized.

The last date to file your ITR is July 31 for those taxpayers who are not obligated to get their accounts audited.

It is better to start filing your tax returns on a priority basis in order to steer clear of any penalties for delay. Further, it also helps you in getting early tax refunds.

In 2017-18, the Department of Income Tax added 1.07 crore new taxpayers to the list and the number of ‘dropped filers’ was decreased to 25.22 lakh. Also according to the department in FY 2017-18, a total of 6.87 crores ITRs were filed which was a substantial increase from the 5.48 crore ITRs filed in FY 2016-17.

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