Use Updated ITR Forms and file your Income Tax Return

Use Updated ITR Forms and file your Income Tax Return
Use Updated ITR Forms and file your Income Tax Return

The last date to file Income Tax Return for the Financial Year 2017-18 has extended from 31st July 2018 to 31st August 2018. CBDT has extended the date to file ITR by one month. With the extension of the due date, there have been many changes that came into being in the online as well as offline ITR forms. In case you haven’t filed your ITR yet, you can file it now. Here are the major updates that came into being for the Financial Year 2017-18.

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Verification Box has undergone certain changes

When a taxpayer files Income Tax Return, they are required to verify their ITR either manually or electronically, by clicking on the under the head “Taxes Paid & Verification”. After the extension of the last date of ITR filing, in the updated version of Verification Box now has a new option of selecting the capacity of filing income tax return has been provided. One can either file the return in the capacity of “Self” or in the capacity of “Representative”. This option was not present earlier. Furthermore, in the case of ITR -4, you will find 4 options, i.e. “Self or Representative or Karta or Partner.”

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The Offline ITR Utilities have become invalid and Saved ITR 1 and computations have been removed

Filing ITR

If a taxpayer wants to file income tax return using offline excel/ java utility and have saved it, but did not file the return before 31st July, then the excel/ java file will not be considered valid. As some changes have been made in the ITR forms, like Sections 234F, 234A etc, you will have to download the new ITR forms from the income tax e-filing portal. In case of online ITR-1 Form, which you have saved a draft & did not file the ITR before 31st July 2018, then such draft will no longer be available for you. You will have to file a new ITR-1 & ITR 4 Form again from the beginning.

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