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06 April 2018

NEW IT FORM FOR YEAR 2018-19

NEW IT FORM FOR YEAR 2018-19
The Central Board of Direct Taxes has notified the new ITR Forms for AY 2018-19 Income Tax Return Filing (for FY 2017-18). In order to make ITR filing easy, some sections of the forms have been rationalized.
The new ITR forms in PDF format have been made available, while the excel utilities (or) Java Utilities for AY 2018-19 will soon be made available on incometaxindia e-filing website.
What is Assessment Year (AY) & Financial Year (FY)?
Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2017-18.
For example, if you have had an income between 1st April 2017 and 31 March 2018, then 2017-18 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2018-19. The last date to file returns for the financial year 2017-2018 is July 31st 2018 (as of now).
You might have earned interest income on Bank fixed deposits, Bonds, National Saving Certificates (NSCs) etc., This income is taxable. (Interest earned on bank savings account is exempted upto Rs 10,000 but it should be included in filing). You have to declare all these incomes in your tax return.
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In case, if your declared investment amount (to your employer) is more than your actual investments, you have to pay additional taxes while filing your Income Tax Return
In case, if your declared amount is less than your actual investments, your company might have deducted higher TDS. So, you can claim this as ‘refund‘ while filing your taxes. (Kindly read : ‘TDS & Misconceptions‘)
Even if you miss the deadline for submitting the investment proofs, you can still claim all the tax deductions (except few allowances like LTA or Medical allowance) while filing your Income Tax Return.
It is advisable to keep copies of all your original documents for your future reference.

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