The Income Tax Department has issued ITR Forms for the assessment year 2018-19 - GST In India

Tuesday, 17 April 2018

The Income Tax Department has issued ITR Forms for the assessment year 2018-19

The Income Tax Department has issued ITR Forms for the assessment year 2018-19 and this time there has been a lot of change in income tax returns! So this time, file your income tax return very thinking!

1. This time, the filing of the return letter has been provided for a penalty of Rs 5000!

2. It was very easy to file salary returns, but this time it will have to give lots of detail in salary returns such as total salaries and discounts. This time there will also be online verification which you can get scanned by all proofs!

3. To see rental income, the property address and tenant's information must be provided!

4. Business Returns will also give details of stocks, borrowings, loans, capital, cash, bank balance, gold jewelery and other assets! Along with this, different details of registered and non-registered sales will be required! Therefore income tax returns will be linked to GST and you will be automatically covered in GST and GST registration can be mandatory! GST No will also be given in the Income Tax Return!

5. Gift Income to show in details! Gift provider details will also be given in Income Tax Return!

6. In the first income tax return, you could file return returns showing direct profit, but now you will have to show the total receipts and expenditure showing the different profits and all the expenses details department may have to pay for it!

7. GST or details of the refund taken must be given in ITR

Therefore, your returns will not be in haste and all details show in return!