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The income-tax department of India has released new tax return forms for the financial year 2018-19 a few days back. There are four types of Income Tax Return forms- ITR 1, ITR 2, ITR 3, ITR 4, and every person is required to fill the form that comes under their sort, on the basis of income, residential status, etc.
Here’s a deeper insight by one of the financial consultancy firms in India.
‘Income Tax Return’
Income Tax is calculated on the basis of a person’s income and is levied by the Central Government. The provisions relating to Income-tax are governed by the Income-tax Act, 1961. However, Income Tax Return is a form in which the taxpayers state their tax payments of the financial year, and this procedure is referred to as ‘Income Tax Filing’.
It is a statutory requirement for all the eligible individuals or businesses to file their income tax returns, and they have to file it before the deadline, i.e. 31st July of each year, but for businesses requiring audit, it is 30th September, and for the businesses requiring TP report, it is 30th November. As noted by top tax firms in Delhi there are several forms on the Indian Tax Department of India website that can be used to file the returns for different taxpayers (resident, non-resident, individual, non-individual, etc.) having different incomes from different sources (salary, business, interest earnings, investments, capital gains, dividends, etc.).
If the excess tax is paid by the taxpayers during the given year, they are refunded the balance by the Income Tax Department as an income tax refund.
‘ITR Forms for the Financial Year 2018-19’
To begin with, taxpayer need to understand the difference between Financial Year and Assessment Year. Financial year is the year in which the income is earned, whereas assessment year is the year subsequent to the financial year, in which the evaluation is made.
At the start of the new financial year, the Central Board of Direct Taxes (CBDT) had released the new ITR forms. In the new forms, some of the on hand schedules have been modified and some new schedules have been established.
Let’s have a look at them in detail-
‘Changes in the ITR Forms for the Financial Year 2018-19’
Overall, whether your engaging one of the Top Tax Firms in Delhi or any of the financial advisor in Delhi or
other cities of India, they would certainly suggest taxpayers need to be very vigilant with their tax filing owing
to additional reporting requirements of ITR firms. We suggest individuals to hire taxation experts to undertake
their return filing.
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