Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
 Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings
 11 ways of tax savings for salaried individuals for FY 2023-24
 How selling equities before March 31 can help you save income tax
 Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points

Here’s all you need to know New Income Tax return for salaried class available on IT portal
April, 21st 2018

The Income Tax filing season for salaried class taxpayers has just begun with the Central Board of Direct Taxes (CBDT), that frames policy for the department, recently notifying the new ITRs.

The latest Single Income Tax Return form for Assessment Year 2018-19 used by the salaried class of taxpayers has been activated on the official e-filing portal of the IT department. The Central Board of Direct Taxes (CBDT) unveiled the forms on April 5. The other ITRs will be available shortly. The tax filing season for salaried class taxpayers has just begun with the CBDT, that frames policy for the department, recently notifying the new ITRs.

Here’s all you need to know about the amended ITR for salaried class:

Salary breakup

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. Details such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under section 16 should be mentioned in separate fields. These are available in the Form 16 issued by the employer. The ITR- 1 can be filed by an individual having income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income. Last year, 30 million taxpayers filled this form, the tax department said in a statement.

Cash deposits

Information regarding cash deposited—subsequent to demonetisation—which was introduced in the ITR forms in AY 2017-18, has been withdrawn from ITR 1 to ITR 7 for the current assessment year as that information pertained to the specific time period of Nov. 9 to Dec. 30, 2016.


The Income Tax Department has cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them.

Other ITR forms

There are seven ITR forms. All of can be filed electronically except for some category of taxpayers. The Central Board of Direct Taxes, 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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting