What is ITR how to file ITR 2018?

The government has made several changes in the way Income Tax returns are filed. Apart from making Aadhaar mandatory to file itr 2018, the government has also introduced different itr Forms.

There are up to nine types of income return forms that a taxpayer could use to file his returns, only the following forms are to be taken into consideration by individuals when filing returns,

  • ITR-1
  • ITR-2
  • ITR-2A
  • ITR-3
  • ITR-4
  • ITR-4S

The following income tax return forms are only applicable to companies and firms:

  • ITR-5
  • ITR-6
  • ITR-7

file ITR

ITR-1:

This income tax return form is also called a Sahaj form. The ITR-1 form is to be filed solely by an individual taxpayer. Any other assesses liable to pay tax will not be eligible to avail of this form for the purpose of filing their returns. This form is applicable for the following:

  • Individuals who earn income through salary or through means such as pension
  • Individuals who earn income from a single housing property
  • Individuals who have no income from any other business or who have no income from the sale of any assets i.e.: capital gains
  • Individuals who do not own any assets or property in countries other than India
  • Individuals who do not earn income from any country outside India
  • Individuals whose income from agriculture is below Rs 5,000
  • Individuals who earn income from various investments or sources such as Fixed Deposits, Investments, Shares etc
  • Individuals who have not earned income from any windfall such as lotteries or horse racing
  • Individuals who wish to club the income of their spouse or underage child with their own income, so long as the income to be clubbed is in accordance with the criteria mentioned above

 

The ITR – 1 form is divided into these parts:

* Part A has general information
* Part B has gross total income
* Part C shows deductions and taxable total income
* Part D shows computation of tax payable
* Part E includes all other information
* Schedule IT provides detail of advance tax and self-assessment tax payments
* Schedule TDS provides detail of TDS/TCS

 

For further information and help related to file ITR feel free to get in touch with Trutax.in Our Help line number +91 9891200793 available for small business and start up to grow their business rapidly. For any inquiry call us +91 9891200793 or email us care@trutax.in

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