Govt wants to know more about taxpayers income, property, GSTN

The tax forms for the assessment year 2018-19 seek more information such as income from property from the salaried and GSTN of businesses. By collecting specific information from taxpayers — details about allowances of salaried persons to matching direct and indirect tax of businesspersons — the income tax department aims to check tax evasion.

The ITR 1, also called ‘sahaj‘ for simplicity of use, can be filed by those who have an income of up to Rs 50 lakh and receive income from salary, have one house property or other interest income,” according to a government notification. Last financial year it was used by 3 crore taxpayers.

 

The new form not only seeks the salary details in separate fields but also breakup of salary like taxable and non-taxable allowances, perquisites, profit in lieu of salary, among other things. These details are listed in Form 16, which is issued by employers to their employee, but will have to be filed in the ITR.

Salaried individuals will also have to give details of income from property such as gross rent received, tax paid to local authorities, annual value, interest payable on borrowed capital, and income chargeable under the head house property is also required in the new Sahaj.

All the ITRs – Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam -ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V – are to be filed electronically except for some category of taxpayer. The last date for filing is July 31

Individuals and Hindu Undivided Families (HUF) who report income under any head other than business or profession will file under ITR 2.

Non-resident taxpayers will file under ITR 2, which needs more details, and give account details of one foreign bank for crediting refund.

Those individuals and HUFs who get income from business or profession shall file either ITR-3 or ITR-4 in presumptive income cases. Under the ITR-4, assessees who have presumptive income from business and profession will have to furnish their GST registration number and its turnover. This is aimed at checking tax evasion by comparing direct and indirect tax numbers.

Details of cash deposit made during demonetisation, which were required in ITR form for the Assessment Year 2017-18, are not required this time.

Individual taxpayers of 80 years or more at any time during the previous year or an individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund, can file ITR in the paper form, using the ITR-1 or ITR-4.

Not only individuals but firms are required to quote Aadhaar number of their partners or members. Similarly, in case of a trust, Aadhaar number of related functionaries have to be mentioned.