Sahaj form will be filled by individuals whose income is up to Rs 5 million from the following sources:
* Income from Salary/Pension
* Income from One House Property (excluding cases where the loss is brought forward from previous years)
* Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
* In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
What is the structure of ITR 1 Form?
Part A – General Information
Part B – Gross total Income
Part C – Deductions and taxable total income
Part D – Computation of Tax Payable
Part E – Other Information
Schedule IT – Detail of Advance tax and Self Assessment Tax payments
Schedule TDS – Detail of TDS/TCS
ITR Form-2 has been rationalised:
Individuals and HUFs with income under any head other than business or profession shall be eligible to file ITR Form-2
The Individuals and Hindu Undivided Family (HUFs) having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
Who can use ITR-4 Sugam?
This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income for the assessment year 2017-18 includes:-
(a) Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income; or
(b) Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA; or
(c) Salary/ Pension; or
(d) Income from One House Property (excluding cases where the loss is brought forward from previous years); or
(e) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses).
Who can file ITR Form-1 (Sahaj) or ITR-4 (Sugam) in paper form
CBDT said where the return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file the 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 500,000 rupees and who has not claimed any refund in the Return of Income.
ITR for non-resident Indians: In case of non-residents, the requirement of furnishing details of anyone foreign Bank Account has been provided for the purpose of credit of refund.
No details of cash deposit required for ITR: 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.
Where to get ITR forms?
The new ITRs have been uploaded on the official website of the department--www.incometaxindia.gov.in.
Last date of filing Income Tax Returns
Don't worry, taxpayers have sufficient time. The last date for filing the ITR is July 31.