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 section in ITR 2,3,5,6 and 7 have been rationalized.
ITR -1 is filled by individuals having a total income of up to RS 5o lakhs, having income from salaries, one house property, other sources (like interest), and agriculture income up to RS 5000.
ITR – 2 is filled by individuals and HUFs not having income from profits and gains of business or profession, while ITR – 3 is filled by individuals and HUFs having income from profits and gain of business or profession.
ITR – 4 or Sugam is meant for individuals, HUFs and firm (Other than LLP) having a total income of up to RS 50 lakh and having presumptive income from business and profession.
Those filling ITR -3 and ITR – 6 (Companies) will have to disclose information regarding turnover / gross receipts reported for goods and service tax included now in ITR-3 and ITR-6 also. Last year it was applicable only for those assesses filling ITR-4.
The last date of filling Income Tax Return (ITR) is July 31 for those who are not required to get their account audited.