Tuesday, April 19, 2016
NEW DELHI: E-filing of income tax return for all category of filers for the assessment year 2016-17 has been sensationalized.
“All ITRs including ITR 6 and ITR 7 for AY 2016-17 are available for e-Filing,” the Income Tax Department said. The different category of ITRs were internationalized in a phased manner starting April 2.
tax returnThe Central Board of Direct Taxes (CBDT) had notified the new forms on March 30 and ITRs can be filed till the stipulated deadline of July 31.
A total of nine ITRs have been notified which include the Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and an acknowledgement form called the ITR-V.
People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will have to disclose these expensive assets with the IT department in the new ITRs under the new scheme.
A ‘tax calculator’ was also launched by the department for filers which acts as an online computer-based programme, hosted on the website of the tax department, and is meant to help taxpayers or filers assess their tax liability.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the forms because of the controversy generated over a 14-page form requiring assesses to disclose bank account and foreign travel details.
Later, the form was simplified and the number of pages was reduced to three.
ITR-6 can be used by a company, other than those claiming exemption under section 11 for charitable and religious purposes.
ITR-7 is filed by trusts, political party, institutions, and colleges, among others.
In the financial year 2015-16, a total of 4,33 crore returns were e-filed, about 26.83 per cent more than the previous year.