Key Changes in Income Tax Return Forms Announced: 5 Things You Should Know
In the coming months, the government expects you to give more details about your finances and business with the filing of income tax.
The new forms, issued by the Central Board of Direct Taxes for the 2017-18 fiscal year, you will see several new columns from all categories of taxpayers Sahaja (ITR1), Form ITR-2, Form of the ITR-3 form Sugam -ITR-4, form MFI-5, 6-form MFI, MFI-form 7, and the shape of MFI-V.
Why is the government asks its citizens to provide more information?
According to the report Economic Times, information from the salaried persons benefits not exempt from tax, in summing up the direct and indirect taxes, the amount of any enterprise to engage in any lawful business, the IT department seeks to prevent tax evasion on a few levels.
A) There are more than 25 major changes in the new ITR forms.
B) Some of these changes clearly indicate that the focus of the new ITR form to get more information from unregistered companies, trusts and taxpayers who have opted for the proposed scheme of taxation.
C) ITR forms also require business entities to report GST transactions that would help the department to agree on their own deals, they reported in the income tax return and GST returns.
Here are some of the additional information that you and your business will have to submit a tax collector:
1) should the Company will present Aadhaar number of its members and partners. Trust must also provide Aadhaar numbers related functionaries.
2) In accordance with the ITS-4, those with businesses must also submit their registration number and GST turnover. To sum up the direct and indirect tax rates, the IT department seeks to check tax evasion. This is probably one of the most important parts.
3)The Company must release the details of the income from the property.
4)The quality of chartered accounts offer you the best way to save on taxes. The government, however, wants to strengthen checks on them and you will now need to submit a registration number of the company’s charter or bill to audit the books of the tax declaration.
5)In the new form of Sahaja specific details relating to wages require disclosure. “He’s looking for a part of the taxpayer salary in some areas, as well as in the collapse of the format, such as benefits that are not exempt, the cost of office facilities, arrived in lieu of wages and deductions claimed in accordance with Article 16. Although the details are provided in the form of 16 employee, they must now be specified in the tax return for the contributions of clarity, “reports Business Standard.
Who has the right to fill out a new form of Sahaja?
According to the Economic Times, those with an income of up to Rs 50,00,000 will find the following sources:
a) property income such as gross rent received
b) Receivable value
c) Tax paid to local authorities
e) loan capital interest
e) accrued income under the head house property
In addition, non-resident Indians (NRI) will now file tax returns and provide more detailed information using the form ITR-2 instead of the previously ITR-1. Among other things, the tax collector is looking for information related to a single account in a foreign bank for the purposes of return.