Amit Panwar
TaxWill News
The Central Board of Direct
Taxes (CBDT) has extended the due date for filing of Income Tax Returns to
August 31, 2018, for categories of taxpayers who were to file their returns by
July 31.
The decision comes days ahead
of the July 31 deadline, which several groups had requested the government to
push to later.
CBDT had notified the new income tax return forms for assessment
year 2018-19 on April 5. Experts said the introduction of new forms was leading
to delays in filing of returns.
Further, the CBDT had said
non-filing of ITR before the due date from this assessment year would lead to a
penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were
filed after the deadline. The fine for taxpayers having income under Rs 5 lakh
remained at Rs 1,000.
If you are still unclear in
choosing the appropriate ITR for disclosing your income earned during the
previous year, here's a quick guide on the various ITR forms.
ITR 1 Sahaj:
Applicable to individuals that
are an ordinary resident in India deriving income from salaries, one house
property, other sources and having total income upto Rs 50 Lacs.
ITR 2:
It is applicable to any
individual having total income exceeding Rs. 50 Lacs or having foreign
asset/income or having more than one residential house property or income from
capital gain or HUF.
ITR-3:
It is applicable to individuals
and HUFs deriving income from profits and gains from business or profession
along-with any income from salaries or house property or capital gains or other
sources.
ITR-4 SUGAM:
It is for resident taxpayers
(Individual, HUF, Firm other than LLP), who have opted for presumptive income
scheme as laid down under section 44AD, 44ADA and 44AE of the Income Tax Act,
1961.
ITR-5:
This form can be used by a
person being a Firm, Limited Liability Partnerships (LLP), AOP/BOI, Private
discretionary trust, an Artificial juridical person referred to in section
2(31)(vii), Cooperative Society and Local authority.
ITR-6:
This form is being used by
Company, other than a company claiming exemption under section 11 of the Income
Tax Act. The ITR also introduces a new Schedule for Ind AS Compliant companies
wherein they are required to disclose the balance sheet and P/L account in the
same format as prescribed under the Companies Act, 2013
ITR-7:
Required to be filed when
individuals including companies fall under section 139(4A) or 139(4B) or
139(4C) or 139(4D) or 139(4E) or 139(4F). This ITR form is basically meant for
trusts claiming exemptions u/s 11 of the Act, Political party, Mutual funds,
Securitization trust, and other specified assesses.
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