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Be ready to give some more information now to Income tax department

On April 5, 2018, Central Board of Direct Taxes has amended the income Tax return (ITR) form for the year 2018-19. Several new columns were included in the amended form. The main changes were done on the most common used form by around three crore persons, ITR 1 or Sahaj.

The new forms include for various categories. They are ITR-1 (Sahaj), Form ITR-2, Form ITR-3, Form ITR-4 (sugam), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V.

To avoid Tax evasion, the income tax department have started collecting some more specific information like details of the allowance of salaried person who gives tax and matching the direct and indirect tax numbers mainly of businessman.

The basic details available in form 16 of a salaried person earlier will now be included in the tax return also. The salaried person has to now provide a breakup of his salary income, prequistes, deduction claimed under section 16 and profit in lieu of salary.

Other changes included in the Sahaj form are the additional sections asking the details of property like gross rent receivable/ lettable value, interest received on borrowed capital, value received annually and income chargeable under head house property.

The income tax department will now compare the direct and indirect tax number mainly of the businessmen under the Form ITR-4. For this, you have to submit the presumptive income generated from the profession with the GST registration number and the turnover.

NRI’s  have to use the ITR-2 form instead of ITR-1 form used earlier. ITR-2 form asks for more information like the details of one foreign bank account for refunds.

Those who are in business have to disclose the income generated from their property and some types of taxpayers have to fill the registration number of the chartered accountant firm who has done audit for the tax return.

All the firms have to mention the Aadhaar number of the partners or members.

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