The Central Board of Direct Taxes recently notified the new ITR forms for AY 2018-19. As per the notification, businessmen are mandated to provide their turnover and GSTIN (Goods and Services Tax Identification Number), while salary breakups must be provided by assessees of the salaried class. The Board said some fields required rationality, and that these changes have been reflected in the new forms. It added that the process of filing the income tax returns will remain the same as last year.
All 7 of the ITR forms will have to be filed online by salaried assesses, and the number of taxpayers who used these forms over the previous financial year was 3 crore. Going forward, the forms will have to contain the salary details of assessees in different fields. Moreover, a breakup of the salary will have to be provided, including non-exempt allowances, deductions availed under Section 16 of the Income Tax Act, profit in lieu of salary and value of perquisites.
Form 16 contains these details anyway, and according to a senior tax official, these details will have to be mentioned in the income tax returns so that deductions are clearer. According to the Central Board of Direct Taxes, the filing of ITR-1 can be done by anyone who “is resident other than not ordinarily resident and having income of up to Rs.50 lakh and who is receiving income from salary, house property or other interest income”.
Surabhi Ahulwalia, a spokesperson for the Central Board of Direct Taxes, said that the parts that pertain to house property and salary have been rationalised and it is now mandatory to submit basic details relating to income from salary and house property. Even ITR-2 has been rationalised for both HUFs and individuals for income under heads apart from profession or business.
According to the statement, HUFs and individuals who earn income from profession or business must file ITR-3 or ITR-4 in circumstantial income cases. Assessees who earn circumstantial income from profession and business will have to submit their turnover and their GSTIN under ITR-4.