Moneycontrol
Last Updated : Apr 17, 2018 04:20 PM IST | Source: PTI

ITR-1 ready for e-filing: IT department

The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday.

The final date of making investments is about to come, are you done with all your investments? If you still haven't invested your money in tax saving instruments and reduced your tax liability then also, you need not have to worry about it. Section 80C of Income Tax Act provides you with the benefit of doing tax savings of Rs 1.5 lakh in a particular financial year. Here are nine tax savings solutions.
The final date of making investments is about to come, are you done with all your investments? If you still haven't invested your money in tax saving instruments and reduced your tax liability then also, you need not have to worry about it. Section 80C of Income Tax Act provides you with the benefit of doing tax savings of Rs 1.5 lakh in a particular financial year. Here are nine tax savings solutions.

The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said today.

The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday.

"Other ITRs wil be available shortly," he said.

The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.

The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been "rationalised" in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.

All the seven ITR forms are to be filed electronically except for some category of taxpayers.

The most basic, ITR-1 or Sahaj, to be filled by the salaried class of taxpayers, was used by 3 crore taxpayers during the last financial year.

The form this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempted, value of perquisites, profit in lieu of salary and deductions claimed under section 16.

These details are provided in the Form 16 of a salaried employee and a senior tax official said that these are now meant to be mentioned in the ITR for clarity of deductions.

The CBDT had said that the ITR-1 can be filed by an individual who "is resident other than not ordinarily resident and having an income of up to Rs 50 lakh.

"Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated," it had said.

The last date for filing the ITR is July 31.

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First Published on Apr 17, 2018 04:16 pm
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