<ul><li>The <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> forms now require additional details </li><li>There are changes in the <keyword id="3690072" type="PERSON" weightage="20" keywordseo="LTCG-tax">LTCG tax</keyword>, surcharge on total income, tax on income from house property and tax slabs </li><li> The deadline to file the returns is 31 July. </li></ul> The 2017 <a href="https://www.indiabudget.gov.in/">Budget</a> made a lot of changes in the filing of <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">Income Tax Returns</keyword>. It is important to take care of these <a href="https://www.moneycontrol.com/news/business/personal-finance/here-are-some-important-changes-in-itr-filing-process-that-you-should-not-ignore-as-you-file-your-returns-2764231-7.html">changes </a>so that you can save yourself the effort and time of filing a revised return in case you commit any errors. The deadline to file the returns is 31 July. Tax slab decreases Income is categorised into different groups based on its amount and each such group is known as tax slab. Tax is charged at different rates for different slabs. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> slab rates have changed for the Annual Year 2019. For individuals with taxable income between ₹2.5 - 5 lakh, the tax has been reduced from 10% to 5%. The tax slab for individuals earning ₹5 - 10 lakh, and for those with income above ₹ 10 lakh, remain 20% and 30% respectively. Modification in tax on income from house property Section 24B allows you, as an individual, to make certain deductions from the net annual value of your house property. In the previous year, the entire amount was allowed to be deducted under Section 24B on the interest paid on home loan. However, it has now been restrict to ₹2 lakh. Furthermore, earlier a complete loss set-off from your house property was allowed. There was no ceiling on the amount. However, now the loss has been restricted to ₹2 lakh in one financial year. The remaining loss can get carried forward for the next eight years. Amendments in LTCG tax Earlier, long-term capital gains (LTCG) tax was claimed on an immovable property with the holding period of three years. It has now been reduced to two years, from AY19. Furthermore, the base year for tax indexing for determining the LTCG tax has been revised from <a href="https://economictimes.indiatimes.com/wealth/tax/budget-2017-shifted-indexation-calculation-base-to-2001-who-gains/articleshow/57034487.cms">1981 </a>to 2001. This means that the purchase price of an asset bought before 1 April 1981 could be calculated on the basis of the fair market value of 1981, however, from now onwards, the purchase price will be calculated based on the fair market value of 2001. New surcharge on total income Earlier the surcharge was 15% of income tax, only if the total income exceeds ₹1 crore. From AY19 a 10% surcharge will be applicable if the total income is between ₹50 lakh and ₹1 crore. If the income exceeds ₹1 crore, a surcharge of 15% would be required. Also, Section 87A earlier provided a rebate up to ₹5,000, but the same has been lowered down to half the amount, that is, upto ₹2,500. Need of additional details in ITR forms Sahaj or ITR-1 form, used by most of the salaried class, will now require additional details related to the break-up of your salary, such as details of perquisites, allowances etc. It would also require detail of income from your property including rental income, tax given to local authority, etc. Also, in the new ITR form, details of the exemption of capital under section 54 of the Income Tax Act need to be mentioned separately in relevant columns. Furthermore, the old ITR-4S tax form, mostly for businesses, has been renamed ITR-4 and would now need additional details such as secured/unsecured loan details, fixed assets, capital account, etc. Turnover details and GST declaration Taxpayers have to specify the exact turnover details while filing Goods &amp; Services Tax (GST) and would further need to mention the GST detail while filing their ITR. General advice <ul><li>You should keep all important documents in one place before you begin to file your returns. It will save time and reduce errors. </li></ul><ul><li>You must also claim all tax benefits and deductions properly, even if you forgot to mention them in your tax declaration. </li></ul><ul><li>You must note whether the interest you earn from your recurring deposits (RD) and fixed deposits (FD) are fully taxable at the applicable slab rates or not. Interest earned up to ₹10,000 from savings bank account is exempt under Section 80TTA.</li></ul>

Keep these changes in mind while filing your ITR to prevent errors

The <a href="http://www.businessinsider.in/searchresult.cms?query=CBDT">Central Board Of Direct Taxation (CBDT) </a>is now planning to provide pre-filled forms for the purpose of <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Returns">Income Tax Returns (ITRs)</a>. With this ‘pre-filled’ feature, the user’s data on income and other vitals will automatically reflect on the website. 
 
 
The apex policy-making body of the Income Tax department is aggressively working on the project and is planning to launch it in the next financial year. 
 The customer-friendly measure has come in the backdrops of the new e-filing system – introduced in August – which allows online <keyword id="6374875" type="ORGANIZATION" weightage="20" keywordseo="ITR">ITR</keyword> verification; all that you need is a valid Aadhaar number, internet banking, ATM among others. 
 
Taxpayers who have an income of less than Rs 5 lakh and without claims of refund can now generate an electronic verification code on the e-filing website of the tax department, which is later sent to their registered email to e-verify the return. 
 Anita Kapur, <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> Chairperson said, "We are looking at a possibility of making more entries for a pre-filled form so that it becomes more easier for the taxpayer to file an e-return. We want to ensure that when technology moves, we can always bring in better facilities to make the life (of taxpayers) even easier." 
 
Kapur also said that these technology upgrades are proposed to be initially started for small taxpayers who file the one-page ITR (ITR 1) and the thinking in the department is that when the data of income as per previous records is automatically uploaded, then the taxpayer can file their ITRs quickly and wherever there are any amendments or changes, those can be corrected by the taxpayer himself. 
 
She also ensured that taxpayers will be able to change and correct their figures in the new system. 
Image: thinkstock

Soon your Income Tax form will come pre-filled

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form, according to a PTI news report. 
 
The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17). 
 
Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised. 
 
This column is also to be used for declaring cash payments in excess of Rs 2 lakh for repayment of any loan or settlement of credit card bills during this 50-day period, a senior official told PTI here. 
 
"The column is an attempt to match the cash deposits made post demonetisation with the annual income," he said. 
 
While all credit cards are linked to permanent account number (PAN) of the holder, almost all loans by scheduled banks are also provided on furnishing of PAN. 
 
The tax department will collate the data it has of cash payments made in excess of Rs 2 lakh with the returns filed. "We want to see if the income profile matches with the cash payments made," he said. 
 
The move comes amid concerns of unaccounted cash or black money being used to settle bills after credit cards were used to make heavy purchases. It could also be that black money could have been used to repay loans. 
 
Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts. For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years. 
 
The changes made in ITR are an attempt to catch tax evaders, the official said. 
 
Revenue Secretary Hasmukh Adhia had last week told PTI that the new column of cash deposits made during November 9, 2016 and December 30, 2016 was a one-time feature in the ITR and would not be there in the ITR from next year onwards. 
 
The ITR, he had said, would evolve or change every year depending on the need. 
 
While coming out with new ITRs, the CBDT had also rationalised them and cut down the number of forms to seven from earlier nine. 
 
While all taxpayers will have to now mandatorily link Aadhaar with their PAN cards, ITR1 (Sahaj) form has been shortened from 7 page to 1 page to enable filing of returns by people with income up to Rs 50 lakh by July 31. 
 
ITR2 is to be filed by individuals and HUFs who do not have income from business or profession and ITR3 is filed by individuals and HUFs having income from a proprietary business or profession. 
 
Also ITR 2 and ITR 3 also have a Schedule AL which require assessees to declare their assets and liabilities at the end of the fiscal. 
 
ITR4 (Sugam) is filed by those individuals who have opted for income calculation under presumptive income from business and profession.

Loans,
card payments above Rs 2 Lakh in cash to be shown in ITR

Doing away with the controversial provision for mandatory disclosure of foreign trips and <keyword id="2889081" type="UNKNOWN" weightage="20" keywordseo="dormant-bank-accounts">dormant bank accounts</keyword>, the <keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> has recently came out with new three-page <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> return (ITR) forms to impart better taxpaying experiences to those who fall under the I-T brackets, including all expatriate employees working in India. 
 
Let’s take a close look at how the new I-T forms-- ITR 2 and ITR 2A-- will bring in relief for the taxpayers by simplifying the process of the tax return filings. 
 The <keyword id="2889080" type="UNKNOWN" weightage="20" keywordseo="new-ITR-forms">new ITR forms</keyword> consist of just three pages, and if a taxpayer has to mention about some 'other information' that will be captured in the "schedules." 
 
Besides, a new ITR 2A form has been proposed for individuals or Hindu Undivided Families (HUFs) who do not have capital gains, income from business/profession or foreign asset/foreign income, but have income from more than one house property. As per a statement issued by the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>, “Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file Form ITR 1 (Sahaj). However, earlier, an individual with exempt income of more than Rs 5,000 had to fill ITR-2. 
 
The new ITR forms have also looked in to the controversial provision of disclosing details of foreign visits. As per the statement issued by the Ministry of Finance, "In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished." 
 
The new three-page income tax return forms have also eliminated the disclosure of details of dormant accounts which are not operational during the last three years. According the official statement issued by the ministry, "As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished." 
 
The new ITR forms come as a breather for expatriates employees. “A foreign national who is in India on a business, employment or student visa (expatriate), will not mandatorily be required to report the foreign assets acquired by him/her during the previous years in which they were a non-resident and if no income is derived from such assets during the relevant previous year,” the statement issued by the home ministry added. 
 
It appears that latest changes which the ministry has introduced in the new ITR forms will improve the taxpaying experiences of individuals, making their lives easy.

The new ITR forms are easy as taking a walk in the garden

If you thought tax troubles ended with the financial year, you are wrong. As per the Indian Income Tax Laws, you have to file your taxes before 31st July. Although traditionally most people avail the services of professionals like Chartered Accountant, it is relatively easy to do it online. Below is a quick guide on how to electronically submit your income tax returns. 
 
Step 1: Create a profile Just like any other online service, you have to simply follow the registration process and create your user log in. Visit the <keyword id="3520748" type="UNKNOWN" weightage="100" keywordseo="income-tax-website">Income Tax website</keyword> <a href="http://incometaxindiaefiling.gov.in/">https://incometaxindiaefiling.gov.in</a> and click on ‘Register Yourself’, which will prompt you to fill your personal details. 
 
Step 2: Download Form 26AS 
You will be surprised how much of your salary or income details are already in the system thanks to your PAN number. Look for form 26AS that summarizes the TDS, Advance Tax, Self Assessment Tax paid in your name or against your PAN number. 
 
Step 3: Income Tax return form 
Next, download the Income Tax Return form. Individuals earning salary income / pension; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses) should download ITR1. However, if you have income from more than one house property, capital gains or are an ordinary resident having assets abroad or claiming tax treaty benefit, download ITR-2. Carefully fill the form with basic details; including your name, PAN, complete address, date of birth, email ID, mobile number, and residential status. You will also have to mention details of income earned and deductions claimed under various sections. You may refer to your Form 16 (summary of your income and deduction details as reported by your employer) and Form 26AS for income and deduction details. You should also add any other income or investment that you’ve not reported to your employer. Lastly enter the details of tax deducted by the employer and other deductors and self-assessment / advance tax paid, if any, and furnish your bank details for receiving any refund amount. 
 
Step 4: Confirm your details and calculate 
It is very important to click on the ‘Validate’ button on all the sheets to ensure that all the details have been recorded. The sheet will automatically prompt you to fill in the missing details. If you have filled all the fields, click on ‘Calculate Tax’ to see your total income tax for the financial year. If there is no additional payable tax, save the form as an .xml file. 
 
Step 5: Submit the income tax return 
Now log in to your income tax account and upload your tax return statement along with your name and assessment rear. You will receive an ITR-Verification form confirming your details and submission via email. Earlier you were expected to sign the ITR-V receipt and post it to the IT office in Bangalore for acknowledgement, if you did not have a digital signature. However, since last year the e-filing process has gone fully paperless. Simply link your Aadhar Card at the time of registration to avoid mailing your form this process. 
 
Step 6: Check the ITR-V receipt status 
On receipt of the signed ITR-V, the Income Tax Department will send an email acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax return. You will also receive an SMS on your mobile number acknowledging the receipt of tax return. 
 
This article was brought to you by <a href="http://www.bigdecisions.com/tax-planning?utm_source=businessinsider&amp;utm_medium=referral&amp;utm_campaign=howtofiletaxesonline">Big Decisions</a> 
 
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Keep these changes in mind while filing your ITR to prevent errors

BI India Bureau

Soon your Income Tax form will come pre-filled

BI India Bureau

Loans, card payments above Rs 2 Lakh in cash to be shown in ITR

BI India Bureau

The new ITR forms are easy as taking a walk in the garden

BI India Bureau

File your taxes online in six easy steps

Big Decisions