The Income Tax department Friday notified the Income Tax return (ITR) for individuals and companies for the assessment year of 2019-20.
There are no changes reported in the ITR-1 form, which is to be filled by the salaried class, but some sections in ITR 2,3,5,6, and 7 have been rationalised, news agency PTI reported.
Individuals, firms and companies are to file returns for the income earned in 2018-19 during the course of current fiscal.
Different types of ITR forms
ITR-1 is filed by individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs 5,000.
ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession.
ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.
ITR-4 or Sugam is meant for individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
Those filing ITR-3 and ITR-6 (companies) are now required to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Until last year, it was only applicable only for those assessees filing ITR-4.
When is the last date to file IT returns?
The last date for filing tax returns is July 31. If you miss the deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with simple interest of 1 per cent per month on the outstanding due, calculated from the July 31 deadline. Read more.