What are ITR forms?
ITR Forms means Income Tax Return forms. An ITR form is a prescribed form through which you communicate the details of your income earned, deductions claimed and taxes paid in a financial year to the Income Tax Department.
The deadline for the government to file Income Tax Return (ITR) for the financial year 2018-19 is 31 July 2019 due to the epidemic coronavirus. However, there is a class which does not necessarily have to file its returns despite earning some type of income during the year.
Filing an ITR not only makes you taxable but also provides the following benefits, which are as follows…
7 Reasons to file Income Tax Returns
Easy Loan Approval
The filing of ITR will help some individuals, when they have to apply for 2-wheeler or 4-wheeler loans, house loans, etc., all major banks can ask for a copy of the tax return.
Claim Tax Refund
If you have a refund due to the Income Tax Department, you will have to file an income tax return to show the refund.
Income & Address Proof
Income tax returns can also be used as proof of your income and address.
Quick Visa Processing
Often most embassies and consulates are required to present copies of their tax returns for the last few years at the time of their visa application.
Carry Forward Your Losses
If you file the return in due time, then you will not have much time later for later years.
If you are required to file your tax return, but you are not filing your tax return / not, then the tax officer reserves the right to impose a fine of up to Rs 5,000.
Refer & Earn up to Rs. 3000
Make your tax return from the time of filing and get unlimited benefits. If you have any tax-related work, you can contact us.
key changes in ITR forms for the AY 2020-2021
As per Taxation and other laws ordinance, 2020 investments were allowed to be made till 30th June 2020 to be claimed in the FY 2019-20
Note : key changes in ITR forms
Due to this a new “Schedule Di” has been inserted containing details of investment made during the period 01.04.2020 to 30.06.2020. It contains details of investments made Sections 80C to 80GGC, 10AA (SEZ), 54 to 54GB (Capital gains).
Interchangeability of PAN and Aadhaar
For example: –
- Tenant details in Income from House property.
- Auditor details while filling Audit information.
- Details of Key Persons such as trustees, Directors, KMPs.
Different Types of ITR Forms Required for ITR Filing
Earlier, the government employees were bifurcated into the ‘Central Government’ and ‘State Government’. Now a new option ‘Not Applicable’ has been added so that employees who were earlier in government jobs and now have retired and are receiving pension income can use this option.
Income Tax Return Forms– Under an Income tax, there are 5 different types of Income for which a taxpayer file its Income Tax Return (ITR). For different income, there are different forms issued by the Income Tax Department through which return is filed.