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ITRs to file tax return for FY 18-19 notified

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ITRs to file tax return notified for FY 18-19

As the financial year 18-19 ended, the tax return filing for the last financial year will start. And to accommodate the timely filing, CBDT finally released the income tax return forms to be filed by the taxpayers for the Financial year 2018-19 or Assessment Year 2019-20 vide a notification on April 1, 2019.

The forms released are updated to accommodate the changes brought in by Finance Act 2019. Also, the forms are specified based on the type of the taxpayer, his / her residential status and the income earned by him during the last financial year.

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The below-mentioned table indicates the forms applicable to the respective taxpayer. (Click here to  download the detailed notification / forms cbdt-notification-32-2019-income-tax-dt-1-april-2019-new-itr-forms-fy-2018-19-ay-2019-20 )

Form No Form Name Taxpayer Status Eligibility Criteria Explanation of the applicability of the forms
ITR-1

 

Form SAHAJ For individuals being a resident (other than not ordinarily resident) Total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand Income < Rs 50 Lakhs from,

Salary

-One House property

-Income from other sources

 

Not for an individual who is either Director in a company or has invested in unlisted equity shares.
ITR-2   For Individuals and HUFs Not having income from profits and gains of business or profession Income from everything as per ITR 1  Income > Rs 50 lakhs

Capital Gains

Foreign Income/assets

Agricultural income > Rs 5,000

 
ITR – 3   For individuals and HUFs Having income from profits and gains of business or profession Everything form ITR -2 and Income from Business & profession  
ITR-4 Form SUGAM For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE For persons who file Income tax return as per “Presumptive Business Income” scheme Not for an individual who is either Director in a company or has invested in unlisted equity shares
ITR-5   For persons other than,– (i) individual,

(ii) HUF,

(iii) company and

(iv) person filing Form ITR-7

  Firms,

LLPs,

AOPs and

BOIs are covered here.

 
ITR-6   For Companies

 

Companies other than companies claiming exemption under section 11 Section 11 deals with the exemption for trusts like hospitals, school, college etc.  
ITR-7   For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only   Applicable to Trusts, Political parties,

Scientific research associations

news agency;

association or institution referred to in section 10(23A) and in section 10(23B);

fund /institution / university / educational institution / any hospital / medical institution

university, college / other institution, etc

The author of the article is CA Janhavi Phadnis. If you have any queries concerning the above article. Please write to us either in the comments section below or email us on info.financepost@gmail.com.

Disclaimer: The views expressed in the above article is exclusive to the author. Anyone relying on it is expected to take adequate professional care before using/implementing the content of the article. The website/author will in no case be liable for any damages incurred by relying on the content without adequate consultation.

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Disclaimer: The views expressed in the above article is exclusive to the author. Anyone relying on it is expected to take adequate professional care before using/implementing the content of the article. The website/author will in no case be liable for any damages incurred by relying on the content without adequate consultation.
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