This year, there have been a lot of changes in ITR forms. Here is the low-down on new ITR mandates and must-follow steps.
The tax season is back with a bang. This is the time when salaried individuals start getting their Form 16 TDS certificates from employers and business people get reminders from their chartered accountants to prepare for tax filing. As of now, the last day for filing your income tax return (ITR) is July 31 unless there is an extension. Although it is an annual routine, filing ITR remains a stressful task for many of us, and it could be especially so when new mandates come into play. For instance, there were several tax-related proposals in Budget 2018 which will become effective when you file your ITR this year. Whether you opt for professional services or do it on your own, here is a checklist that must not be ignored, as any mismatch in details, calculation errors or slip-ups, may lead to an enquiry or a demand notice asking you to pay your dues.
Know the Changes
Mandatory online filing: Only super senior citizens (those aged 80 and above) can file ITR-1 or ITR-4 in paper form; it is compulsory for all other taxpayers to file their ITR online via the e-filing website of the IT Department. This means, unlike the previous year, individuals having income below 5 lakh with no refund will also have to file online if their income is above the basic exemption limit. To make the process more user-friendly, the website will auto-fill the details by extracting information from Form 16.
Detailed Form 16: Earlier, Form 16 used to mention gross salary but not the details of tax-exempt allowances and perquisites. Now, employers have to provide a detailed break-up of all components, including remuneration received from former employer/s and all tax-related deductions availed of by the employee. The aim is to minimise tax evasion.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
