Income tax e-filing alert: All 7 ITR forms released

Income tax e-filing alert: All 7 ITR forms released

Income tax e-filing alert: The Income Tax department on Saturday released all e-filing forms for the assessment year 2018-19. The department has set the last date for filing income tax returns on July 31. An individual can download all e-filing forms from the official website of Income Tax department- https://www.incometaxindiaefiling.gov.in

The Central Board of Direct Taxes (CBDT) started releasing new Income Tax Returns (ITR) forms last month. The CBDT has classified the forms into seven types- ITR 1,2,3,4,5,6 and 7 depending on individual taxpayer, HUF, partnership, or firm.

Among these, ITR 1(Released on April 20, 2018) is for those individuals having Income from Salaries and annual income is about Rs 50 lakh. ITR 2 (Released on May 05, 2018) is for those individuals and HUFs not having income from profits and gains of business or profession.

ITR 3 (Released on May 18, 2018) is for those individuals and HUFs (Hindu Undivided Family). having income from profits and gains of business or profession. ITR 4 (Released on May 10, 2018) is for presumptive income from Business and Profession.

ITR 5 (Released on May 21, 2018) is for those persons other than Individual, HUF, Company and Person filing Form ITR-7. ITR 6 (Released on May 26, 2018) is for companies claiming exemption under section 11. ITR 7 (Released on May 21, 2018) is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Earlier, the CBDT had said that in the current year, forms have been made simpler. However, the process of filing ITR remains the same. The board has also cleared that a senior attaining or attained the age of 80 years or more at any time during the previous year, or an individual or HUF (Hindu Undivided Family) whose income does not exceed Rs 5 lakh and who has not claimed any refund, can file ITR in the paper form.

How to fill online ITR returns:

  • To fill e-filing ITR returns, an individual needs to visit the official website of Income Tax department.
  • The official website is https://www.incometaxindiaefiling.gov.in/home.
  • An individual needs to click on the link of- Filing of Income Tax Return i.e. https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?nextPage=efileItr1&lang=eng
  • The individual should have the user id and password to log in.
  • A page will be displayed where an individual needs to enter the relevant details.
  • After completion, check once again all the details. If correct, then click on Submit.

Source by:-financialexpress

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