5 (ANI): The Central Board of Direct Taxes(CBDT) on Thursday released a one-page simplified Income Tax Returns (ITR
) Form-1(Sahaj) for the assessment year 2018-19, similar to that of the previous assessment year.
The new ITR
form has replaced the 14-page form notified earlier this year,which had drawn vociferous criticism from individuals,industrialists and MPs as they were considered to be cumbersome and an intrusion into the privacy of an individual.
All the seven ITR
forms are to be filed electronically except for some category of taxpayers.
THE finance ministry on Sunday announced the introduction of a simple three- page income tax return form ( ITR
) which drops the controversial requirement of filling foreign travel details and dormant bank account data.
These details are provided in the Form 16 of a salaried employee and a senior tax official said that these are now meant to be mentioned in the ITR
for clarity of deductions.
The final decision on the simplification of ITR
forms ( ITR- 1 and ITR- 2) would be taken by Union finance minister Arun Jaitley, who was away on a foreign trip when the Central Board of Direct Taxes suddenly introduced the complex 14- page ITR
New Delhi: For the assessment year 2018-19, the new Income Tax Return (ITRs
) forms have recently been notified by the Central Board of Direct Taxes (CBDT).
New Delhi: The new Income Tax Return (ITRs
) forms for the assessment year 2018-19 have recently been notified by the Central Board of Direct Taxes (CBDT) while some fields have been "rationalised" in the latest forms.
However, tax payers should not confuse this deadline with current financial year, ITR
filing for which is on or before July 31.
Select the appropriate ITR
, assessment year and XML file previously saved in Step 2 (using browse button).
The quality of the service provided by the team of tax experts has helped them in retaining their customers and added more to their kitty thus playing a big role in growing the percentage of ITRs
filed by All India ITR
.com by 150 per cent in 2018-19, compared to the last assessment year.
If you are a salaried individual, you will have to provide more details in the ITR
form for the assessment year 2019-20.