Deepak Gupta | Jun 15, 2018 |
Understanding Income Tax Return Forms FY 17-18 | AY 18-19
The Direct Taxes Committee has brought a beneficial publication to enable members to understand new ITR forms.
Click here to download new ITR forms
Click here to download new guide by ICAI on Understanding Income Tax Return Forms FY 17-18 | AY 18-19
Section 139(1) of the Income-tax Act, 1961 (hereinafter referred to as Act) mandates each person to file/submit the Return of Income on or before the due date prescribed under the Act, based on the irrespective category and status. The due dates and return of income to be filed is based on the nature of income, applicability of the audits and other provisions of the Act. The reporting of income to be declared is the criteria for selection of the prescribed ITR and submission of the form online as per the amended provisions of the Act. The Act prescribes that every individual or HUF or AOP or BOI or AJP having income exceeding the specified basic exemption limit as per the applicable Finance Act, before availing the deductions under Chapter VIA to file and submit the return of income. For firms and companies,the Act mandates for compulsory filing despite having incurred a loss. CBDT prescribes the reporting of income in the requisite prescribed formats notified under Rule 12 of the Income-tax Rules, 1962.
Vide Notification No. G.S.R. 332(E) dated 3rd April, 2018, the CBDT has, in exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961, notified new Income Tax Returns, which are applicable for the Assessment Year 2018-19. These Income Tax Return Forms have been made available on the website of Income tax Department. It may be noted that there has been no change in the number of forms in comparison to the previous Assessment Year i.e. AY 2017-18. The ITR forms have been modified not only to bring the forms in line with the amendments applicable to A.Y. 2018-19, but also to get the additional information directly from the assessee which can be used for precise processing of returns u/s 143(1) and more informed selection of cases for scrutiny. The declarations made by the assessee in the ITR form can now be cross checked and verified with the information collected from the other tax authorities/departments, to ensure that the income earned does not escape tax.
Click here to download new guide by ICAI on Understanding Income Tax Return Forms FY 17-18 | AY 18-19
Tags :tax return forms fy 17-18, income tax return forms fy, understanding income tax return forms, income tax return forms, return forms fy 17-18,Understanding Income Tax Return Forms FY 17-18 | AY 18-19,companies act 2013 rules, companies act 2013 pdf, mca act 2013, companies act 2013 amendments, mca login, companies act 2013 amendments 2017, companies act 2013 highlights, companies act 2013 sections,itr 1 form 2018-19 pdf, income tax return form 2018-19 pdf, itr forms for ay 2018-19 pdf, income tax return form 2017-18 pdf, income tax return form 2018-19 excel format, itr 5 for ay 2018-19, itr forms for ay 2018-19 download, how to fill itr 1 excel sheet
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"