Thiruvananthapuram: The Central Board of Direct Taxes has notified a simplified one-page ITR Form-1, which seeks more details from individual taxpayers about salaries and income from property for the assessment year 2018-19 (financial year 2017-18). The ITR Form-1 (Sahaj) is for individuals, who are residents and have income up to Rs 50 lakh besides income from salary, one house property / other income (interest). The last date to file tax returns is July 31.
New ITR forms are on CBDT website (www.incometaxindia.gov.in). For the first time, a penalty will be levied on income tax returns filed after the due date. New section 234F kicks in, under which the penalty for ITRs filed on or before December 31 is Rs 5,000, but double that amount for later filings. The penalty shall not exceed Rs 1,000 if the total income of an assessee is below Rs 5 lakh.
NRIs will have to use the ITR-2, which seeks more information. NRIs can henceforth file details of any one foreign bank account to claim refunds (earlier they had to provide a bank account held in India). The new forms have some fields "rationalised". Salaried taxpayers have to share salary breakup- details such as allowances not exempt, profit in lieu of salary and value of prerequisites.
ITR Form-2 has also been rationalised by providing that individuals and Hindu Undivided Families (HUFs) having income under any head other than business or profession shall be eligible to file it. "Individuals and HUFs having income under those heads - i.e. business or profession -- shall file either ITR-3 or ITR-4 in presumptive income cases," says an official statement. All ITR forms have to be filed electronically, with two exceptions. Very senior citizens (at least 80 years old in the previous year) and individuals/HUFs with income under Rs 5 L and no refund claims filing the ITR Form-1 (Sahaj) or ITR-4 (Sugam) can opt for the paper format.