Amendments in ITRS
Manish Kumar 11th May 2018 656Category: Finance.(0), General.(0)

Income Tax Return

Last date to file Income Tax Return is 31st July 2018 for salaried person and other person who has not required audit under any act for year ending 31/03/2018. Other than above person last date to file ITR is 30th September 2018 for year ending 31/03/2018.  Income Tax Department has issued form ITR 1 and 4 for year ending 31/03/2018 on 10th May 2018.

ITR 1 : For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh

ITR 4: For presumptive income from Business & Profession

Amendments in ITR 1 and 4 are following:

Particulars For Year Ending 31/03/2018   For Year Ending 31/03/2017
ITR 1      
Income From Salary Assess has to provide details of salary components like gross salary, HRA, other allowance etc Assess has to mention only Income from salary head (Net Salary).
Income From House property Assess has to provide details of Income from House property like total rent receipts, municipal tax paid and interest paid/due on borrowed loan. Assess has to mention only net Income from house property weather its loss or profit.
GST/ Service Tax or VAT Number ITR 4 asking your GST number. There was no requirement to mention VAT or service tax number in ITR 4.
Turnover Assessee has to mention turnover of Business as per filed GST 3B for year ending 31/03/2018. There was no requirement of mention turnover details.
Balance Sheet Information (Compulsory or Optional) Assessee has to mention details of capital, unsecure loan , secure loan debtor creditor fixed assets investments etc. Assess has to give information for Stock, creditor, debtor and cash but the information was optional.
For ITR 1 and 4
Deduction from Income Assessee has to provide details investments wise detail like amount of LIC, PPF, Mutual fund etc. Assessed has to mention all amount invested under section 80c as cumulative.
Exempted Income Assessee has to describe exempted Income in separate head like agriculture income, LTA, gift form relative, Interest on PPF etc. Assessee has to mention all exempted income during year as cumulative.

Leave a comment