1. Income Tax dept activates e-filing for three more ITRs

Income Tax dept activates e-filing for three more ITRs

The Income Tax department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-17 after it operationalised some of them early this week.

By: | New Delhi | Published: April 7, 2016 5:22 PM
budget 2016, union budget 2016, 2016 budget news, budget news, union budget news, budget 2016 news, budget income tax, union budget 2016, income tax All the ITRs are available on the official e-filing web portal of the department–http://incometaxindiaefiling.gov. in/. (PTI)

The Income Tax department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-17 after it operationalised some of them early this week.

The latest enabled Income Tax Returns (ITRs) include ITR-2 for individuals and Hindu Undivided Families not having income from business or profession, 2A for individuals and HUFs not having income from business or profession and capital gains and who do not hold foreign assets and ITR-3 which is meant for individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.

The department had activated two such forms on April 2 which included ITR 1 (SAHAJ) meant for individuals having income from salary and interest and ITR 4S (Sugam) for individuals, HUF, partnership firms having income from presumptive business.

All the ITRs are available on the official e-filing web portal of the department–http://incometaxindiaefiling.gov. in/.

“The rest four ITRs will be activated shortly for e-filing,” a senior official said.

The 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, under the new ITR filing scheme, will have to disclose these expensive assets with the IT department in the new ITRs.

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.

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