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”
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.
A dropdown menu for Nature of Income under the head “Income From Other Sources”
A dropdown menu for Exempt Income earned during the year
Now an option is given in the “verification column” wherein one has to select the verification option before the submission of the return.
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.
Changes in Income Tax Return Form
A new column is inserted requiring “Information regarding Turnover/ Gross Receipt reported for GST.
