Essential About Income Tax forms

ITR- 1(SPONTANEOUS)

IT CAN BE FILLED BY ONLY THOSE INDIAN CITIZENS WHOSE ANNUAL INCOME (COMBINING SALARY AND OTHER RESOURCES SUCH AS PROPERTY OR INTEREST) IS 50 LAKH OR LESS.
FOR THE FINANCIAL YEAR 2017-2018 NRI CANT FILL THIS FORM.
IN THIS INTUITIVE FORM,FULL INFORMATION ON THE SALARY HAS BEEN SOUGHT.
IN THIS YOU WILL HAVE TO GIVE INFORMATION RELATED TO ALLOWANCE,BENEFIT APART FROM SALARY,THE COST OF THE FACILITY AND DEDUCTION INFORMATION UNDER SECTION 16.
HOWEVER ALL THIS INFORMATION ARE GIVEN IN FORM 16,BUT NOW IT WILL ALSO BE GIVEN IN THE RETURN FORM.
ON PAYMENT OF RENT MORE THAN 50 THOUSAND TDS FACILITY IS THERE.
NOW TO GET THIS TDS A SPECIAL COLUMN IS GIVEN IN WHICH YOU CAN GIVE ITS NOTICE.
IN THIS INFORMATION OF INCOME FROM PROPERTY LIKE RENT ,TAX GIVEN TO LOCAL AUTHORITY ,ANNUAL VALUE,INTEREST PAID ON BORROWED CAPITAL WILL BE GIVEN

FOR THOSE INDIAN CITIZENS OR HUF WHOSE INCOME COMES FROM ANY OTHER ITEM APART FROM BUSINESS OR PROFESSION .
THIS MEANS THAT THIS FORM IS NOT SPECIALLY FOR BUSINESS MEN OR PROFESSIONALS.THIS FORM IS AVAILABLE FOR NRI .
THEY CAN FILE THEIR MARFAT RETURN AS PER THEIR STATE.THEY WILL HAVE TO FURNISH INFORMATION OF A FOREIGN BANK ACCOUNT FOR REFUND .

THIS FORM IS USEFUL FOR THOSE PERSONAL PEOPLE OR HINDU UNDIVIDED FAMILY (HUF) WHOSE SOURCE OF INCOME IS BUSINESS OR ANY PROFESSION .
IN ALL MATTERS RELATED TO DEPRICIATION ITS INTEREST IS LIMITED TO 40 %.

THIS FORM IS FOR BUSINESS MEN OR PROFESSIONALS WHO ANNOUNE THEIR PREDICTED INCOME AND PAY THEIR ADVANCE INCOME TAX ON THE BASIS OF THAT.
IN THIS IT HAS BEEN MADE MANDATORY TO GIVE DETAILS OF GST SUCH AS GST REGISTRATION NUMBER, GST TURNOVERS ETC.
FULL INFORMATION OF THE BORROWED MONEY, ADVANCE ,FIXED ASSET, PARTNERS OR MEMBERS CAPITAL ETC WILL BE GIVEN IN THE FINANCIAL INFORMATION SECTION OF THIS FORM.

HOW TO FILE A RETURN.

INCOME TAX RETUTRN CAN BE FILED THIS YEAR AS BEFORE. THAT IS YOU WILL HAVE TO FILE YOUR INCOME TAX RETURNS IN ELECTRONIC FORM.IT IS EXEMPLIFIED IN ONLY TWO CASES FOR THOSE WHO HAVE MADE EASY AND ACESSIBLE FORMS.
FIRST,IF THE AGE OF THE PERSON FILING THE RETURN IS 80 YEARS OR ABOVE.
SECOND,THE PERSON HAVING LESS THAN FIVE LAKH INCOME OR WHO DOES NOT HAVE TO RECEIVE ANY KIND OF RETURNS.
SUCH PEOPLE CAN FILE INCOME TAX RETURNS IN THE PAPER ITSELF.
SOME SPECIAL TYPE OF TAXPAYERS WILL NOW HAVE TO GIVE THE REGISTRATION NUMBEROF THEIR CA FIRM WHO HAS AUDITED IT.
COMPANIES WILL NOW HAVE TO DECLARE THE INCOME FROM PROPERTY.
THE FIRM WILL NOW HAVE TO WRITE THE AADHAAR NUMBER OF ITS PARTNERS AND MEMBERS IN THE FORM .
IF THERE IS A TRUST THEN THE ADHAAR NO OF THE PEOPLE WHO WORK WILL BE GIVEN.

THE MAIN POINTS OF THE NEW I T R FORM.

New information has also been sought in the new form.The taxpayers will now have to give complete information about their salary (according to the information of form 16) and property if there is some income ,they will also be told.
I T R-2 has also been rationalised for personal people and Hindu Undivided Family whose income comes from any other item apart from business or profession.
For those personal people or Hindu Undivided FamilY, whose income source is business or any profession ,they will have to fill either ITR-3 or ITR-4 form.
NRI people have been given some relief .they have been sought information from a foreign bank account so that there is ease in refund and these people can get the convenience.
The last time in the assessment year (2017-2018) the deposited cash was sought in the form by the Income Tax Department in the assessment year (2017-2018), it has been removed from the assessment year (2018-2019).