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ITR -1 and ITR -4 is now available for e – filing and its analysis

CBDT extends due date of income tax return
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ITR 1 and ITR 4 is now available on the Income Tax Website for the purpose of e filing of income tax return. The detailed analysis and what’s new has introduced in the income tax return is discussed hereunder:​​ 

 

Income Tax Return – 1​​ 

 

  • Applicability

  • Individual being resident​​ 

  • Total Income upto Rs. 50 Lakhs.

  • Income from salaries, One House Property and Income from other sources

  • Agriculture income upto Rs. 5,000/-.

 

  • Changes in Income Tax Return Form​​ 

  • Less disclosure in “Part -1 General Information”​​ 

 

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  • Detailed disclosure under the head “Salary/Pension” in terms of value of perquisites, profit in lieu of salary , nature of exempt allowance , standard deduction and professional tax.​​ 

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  • A dropdown menu for Nature of Income under the head “Income From Other Sources”​​ 

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  • A dropdown menu for Exempt Income earned during the year

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  • Now an option is given in the “verification column” ​​ wherein one has to select the verification option ​​ before the submission of the return.​​ 

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Income Tax Return – 4​​ 

 

  • Applicability

  • For individuals , HUF and Firms other than LLP;

  • Resident;

  • Total income upto Rs. 50Lakhs;

  • Income from business or profession which is computed under sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961.

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  • Changes in Income Tax Return Form

  • A new column is inserted​​ requiring “Information regarding Turnover/ Gross Receipt reported for GST.

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