Income Tax Dept activates ITRs for e-filing
The CBDT had notified the new forms on March 30 and ITRs can be filed till the stipulated deadline of July 31.
E-filing of income tax return for all category of filers for the assessment year 2016-17 has been operationalised.
"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 operationalised in a phased manner starting April 2.
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 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
09:39 AM IST