Income Tax Return Forms For Assessment Year 2019-20 Notified
The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20.
While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised.
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal.
ITR-1 is filed by individuals having a total income of upto 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 Hindu Undivided Family not having income from profits and gains of business or profession, while 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 Limited Liability Partnership) 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) will have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
The last date of filing ITR is July 31 for those who are not required to get their accounts audited.