ITR- 1 Form or Income Tax Return Form 1 is generally used by the salaried individuals. There were all in all 25 changes in the latest ITR-1 Form and according to the Income Tax Department, the Income Tax Return form- 1 is good to go for the filing of returns by the salaried taxpayers.
Income Tax Department’s take on ITR-1
The ITR-1 form that is used by the individuals went through certain changes and it is been notified by the Income Tax Department that taxpayers can use the latest version of the form by going to the official Income Tax Department’s website. The salaried taxpayer can use this for to file their returns for the current financial year that is 2018-19. These new ITR Forms require more details of the income of the taxpayer as compared to the previous ITR Forms. In these Forms, the taxpayer is supposed to provide their salary break-up and for businessmen, they are supposed to provide their GST number and turnover.
The Central Board of Direct Taxes that provides policies for the Tax Department has quoted that, there are certain parts in the forms that have been rationalised, but there is no change in the pattern of filing the Income Tax Returns as compared to the filing of forms in the previous financial year. It has also notified that all the seven ITR Forms must be filed electronically by the taxpayer, except for some of the special sections of the taxpayers. The most generic ITR Form is ITR-1 which is used by salaried individuals, in the last financial year approximately 3crore taxpayers filed ITR using this form.
ITR-1 Form ready for usage
The latest form asks for the details of the taxpayer in separate fields and in a breakup format where the taxpayer has to provide his/her salary as allowances that are not exempted, a value of perquisites, profit in lieu of salary and deductions claimed under section 16. Though these minute details have made this ITR Form more precise.
The last date to file ITR is 31st July, so hurry up!