New Delhi: The new Income Tax Return (ITRs) forms for the assessment year 2018-19 has been already notified by the Central Board of Direct Taxes (CBDT).
The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers, which was used by 3 crore taxpayers during the last financial year. The form this time seeks an assessee's details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others.
The field to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID has been retained in the latest forms. The last date for filing the ITRs is July 31.
How to obtain ITR-1 form
You can download this link. This is the ITR-1 Sahaj Form.
Who can fill ITR-1 form
ITR-1 can be filed by an individual who "is resident other than not ordinarily resident and having income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income".
How to file ITR-1 form
This Return Form can be filed with the Income Tax Department in any of the following ways, -
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
( iv ) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR - V;
However, if the return form is furnished in the manner mentioned at 5( iv ), the assessee should print out two copies of Form ITR - V.
The assessee must duly sign one copy of ITR - V, and sent it by post to - Post Bag No. 1, Electronic City Office, Bengaluru — 560 100 , Karnataka. The other copy can be retained by the assessee for his/her record.
Who can file return in paper form
Only the following persons have an option to file return in paper form: -
(i) an individual of the age of 80 years or more at any time during the previous year;
(ii) an individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income .