10 changes to know before ITR 1 filing in 2019

The CBDT notified new income tax return forms for filing of returns for the assessment year 2019-20 (financial year 2018-19). Which ITR form is applicable to you, would depend on the source of income and other parameters. 1) Who can file ITR -1 / Sahaj for FY2018-19?

Income tax return form ITR 1 is the form for the employee Selection of Mode of Submission. Income Tax department provides for the type of modes for submission of ITR form as per the convenience of the employee. One is online mode and other is the offline mode. You also have to select the option for submission of your return for verification.

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The number of forms can also change every year. The basic ITR form for most salaried people is ITR-1. However, there are certain conditions that a person must satisfy in order to be eligible to file ITR1, therefore, all resident salaried individuals may not be eligible to file ITR-1.

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Changes in ITR Forms for AY 2019-20 (FY 2018-19) We list down the important changes in the ITR forms to be used for AY 2019-20 (FY 2018-19) 1. Some Tax Payers cannot file itr 1 this year. Following 2 categories of tax payers who used to file ITR 1 until last year have to file ITR 2 for AY 2019-20: Individuals being a director in a company

If your income is above Rs 5 lakh, you need to pay a penalty of up to Rs. 5,000 (if ITR is filed between 1 August and 31 December 2019) and up to Rs. 10,000 (if ITR is filed between 1 January and.

About efiling income tax returns The Government of India has made it mandatory for individuals, who are earning above a certain amount of money in a year, to file ITR. It is mandatory to file ITR and heavy penalties are levied in case individuals do not file their returns on time.

Tax filing season has already begun and the due date to file your ITR for FY 2018-19 is set at July 31, 2019. As taxpayers are getting their financial documents ready to file their ITR, NRIs also.

ITR E-Filing Alert: New rules you must know before filing income tax return online July 31 is the last day for filing income tax return. You can file ITR online through income tax’s e-filing ITR.

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