Tax forms now seek more salary details
NEW DELHI: New i ncome-tax return (ITR) forms notified on Thursday seek more details from individual taxpayers about their salary structure and income from property while making it mandatory for small businesses to report their goods and services tax identification number (GSTIN) and revenue reported under GST.
The forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed.
The new forms give non-resident Indians (NRIS) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
NRIS will no longer be able to file returns using the simple ITR-1 form, which can now only be used by residents. NRIS will have to use ITR-2, which seeks more information.
Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to ₹50 lakh and one house. Last year, 30 million taxpayers filled this form, the tax department said in a statement.
Changes include doing away with the requirement of disclosing cash deposits made after demonetization.
Further, those paying tax under the government’s presumptive taxation scheme will have to provide their GSTIN number and details of their turnover reported under GST, as the government seeks to check tax evasion among these entities by linking their direct and indirect tax data.