Income Tax Returns (ITR) filing: All 7 ITR forms now available for e-filing; all details here

Income Tax Returns (ITR) filing: The Income Tax Department on it’s website has mentioned that all ITR forms are now available for e-filing. Last month, in a bid to rationalise some fields without making any change in the manner of filing the Income Tax Returns (ITR) as compared to last year, the Central Board of Direct Taxes (CBDT) had notified  new ITR Forms for the Assessment Year 2018-19. A one page simplified ITR Form-1(Sahaj) notified for Assessment Year 2017-18 benefited around 3 crore taxpayers, who have filed their return in this simplified Form.

In a notification on website, Income-Tax Department says, “Taxpayers submitting income tax return for assessment year 2017-18 to ensure income/receipts and deduction claimed matches with Form 16/16A issued by deductor.”

For Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income up to Rs 50 lakh, and who is receiving income from salary, one house property/other income (interest etc).

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.

ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2.
Further, the Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).

In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.

However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form: An Individual of the age of 80 years or more at any time during the previous year; or an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.

All these ITR Forms are to be filed electronically.

How to file income tax returns

Step 1. Login to e-filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.
 
Step 2. Go to e-File and click on "Prepare and Submit ITR Online".
 
Step 3. Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
 
Step 4. Fill in the details and click the "Submit" button.
 
Step 5. Upload Digital Signature Certificate (DSC), if applicable. One needs to ensure the DSC is registered with e-Filing.
 
Step 6. Click on "Submit" button.
 
Step 7. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V, which will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.