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.
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