The Income Tax filing season for salaried class taxpayers: Here you need to know

The Year 2018-19 latest Single Income Tax Return form for Assessment used by the salaried class of taxpayers has been activated on the official e-filing portal of the IT department. The Central Board of Direct Taxes (CBDT) exposed the forms on April 5. The other ITRs will be available soon. The tax filing season for salaried class taxpayers has just begun with the CBDT that frames policy for the department, recently notifying the new ITRs.

Here’s all you need to know about the amended ITR for salaried class:

Salary breakup

The new ITR forms for the assessment year 2018-19 mandate the salaried class assesses to provide their salary breakup, and businessmen their GST number and turnover. Details such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under section 16 should be mentioned in separate fields. These are available in the Form 16 issued by the employer. The ITR- 1 can be filed by an individual having income of up to Rs 50 lakh and who is receiving income from salary, one house property or other interest income. Last year, 30 million taxpayers filled this form, the tax department said in a statement.

Cash deposits

Information regarding cash deposited—subsequent to demonetisation—which was introduced in the ITR forms in AY 2017-18, has been withdrawn from ITR 1 to ITR 7 for the current assessment year as that information pertained to the specific time period of Nov. 9 to Dec. 30, 2016.

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Last date of filing ITR

The Latst date for filing the ITR is July 31. The new forms are available on the Income Tax Department website http://www.incometaxindiaefiling.gov.in/

Cautionary advice

The Income Tax Department has cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them.

Other ITR forms

There are seven ITR forms. All of can be filed electronically except for some category of taxpayers. The Central Board of Direct Taxes, that frames policy for the tax department, had said some fields have been “rationalized” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.