New ITR forms notified; salary breakup, GST ID to be furnished
The new Income Tax Forms (ITR) for the 2018-19 evaluation year were reported today by the Central Council of Direct Taxes, which authorized wage-earners to authorize their salaries and businesses with the GST number and turnover.
The tax department said some fields were “streamlined” in its latest form and that there was no change in the way international telecommunications regulations were introduced compared to last year.
International Telecommunication Regulations
All international telecommunication regulations must be submitted electronically, except for a certain category of taxpayers, according to the Central Council of Direct Taxes in a statement. The core part of ITR-1 or Sahaj is filled in the paid grade. Of the taxpayer, which was used by 3 taxpayers during the past fiscal year.
This time it looks for the details of the salary of the licensees in separate areas and in the form of disassembling such allowances that have not been exempted, the value of the allotments, the profit instead of the salary and discounts claimed under Article 16.
These details were presented in Form 16 of the employee who is paid a salary.
They are now supposed to be mentioned in the international telecommunication regulations to clarify the discounts.
The CBD said that the ITR-1 could be offered by a “non-resident resident on a regular basis with income up to 50,000 rupees and entitled to income from salary, house ownership or other income of interest.”
In addition, the salary and home property parts were rationalized, basic salary details (as available in Form 16) and income from household property were also rationalized.
It has also been rationalized for individuals and HUFs (indivisible Hindu families) having income under any head other than work or profession.
“Individuals and HUFs who have an income under a business or profession must provide either ITR-3 or ITR-4 in default income situations,” the statement said. Under the ITR-4, experts who have a default income from business and professions will have the following statement: “In the case of a non-resident taxpayer, the requirement to provide the details of” one foreign bank account “continued as the last time for the refund.
According to the statement, the requirement for details of cash deposits to be made during a specified period (following the 2016 ban) as provided for in the ITR Model Year 2017-2017 has been “disposed of“. This time space has also been provided in either a 12-digit Aadhaar number or a 28-digit Aadhaar registration number, as in recent years’ models.
CBDT said that individual taxpayers of 80 years or more at any time during the previous year or individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund, the ITR can be in paper form, using ITR-1 or ITR-4 . The new international telecommunication regulations have been posted on the department’s official website – www.incometaxindia.gov.in. The deadline for submission of ITR is July 31
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