ITR forms changes and guide to fill the forms

income tax returns filing online

Income tax returns filing process has been started and last date for filing income tax returns is 31st July.

The government has made Aadhaar number mandatory for filing income tax returns after 1st July. This year government has made important changes in ITR forms which every taxpayer should know to avoid any problems in future.

It is very important to file the correct income tax form to avoid any errors and penalty.

You can check the details of ITR forms here: https://www.trutax.in/charts/which-itr-to-file.

 

Changes in ITR forms:

There is a separate column which is introduced in ITR forms to disclose the information of cash deposits in excess of INR 2 lakh during demonetisation.

 

income tax returns forms

 

 

ITR-1 Form:

This ITR-1 has been simplified and reduced to one page.

“Asset and Liability” schedule has been done away with in ITR-1 form since it is required to be filled only when the total income of the taxpayer is more than INR 50 lakh.

 

ITR-2 Form:

Old ITR-2,2A,3 have been merged into the new form ITR-2.

Schedule IF has been inserted to report details of the partnership firm in case the taxpayer is partner in one.

Schedule BP has been inserted to report details of income in the nature of salary, bonus, commission or remuneration received from partnership firms.

Under the ‘Schedule OS’, additional information is sought with respect to cash credits, unexplained investment, unexplained money, income from patents, unexplained expenditure etc.

 

ITR-3 Form:

Under the ‘Schedule OS’, additional information is sought with respect to cash credits, unexplained investment, unexplained money, income from patents, unexplained expenditure etc.

 

Guidance for filing income tax return on TruTax:

register for filing income tax returns

 

  • Collect TDS Certificates and capital gains statements.
  • Download and check Form 26AS.
  • Rectify Form 26AS errors, if any.
  • Compute total income for the financial year.
  • Compute your tax liability.
  • Calculate final tax payable.
  • File income tax returns after all taxes are paid.
  • Register on TruTax website (https://www.trutax.in/)
  • Choose the applicable form
  • Download Forms
  • Fill forms and upload forms
  • Verification of ITR

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