ITR-1 and ITR 4 forms for AY 2019-20 are available for e-filing

9 Apr

Individuals and HUF can now start filing their income tax returns (ITR) for the last financial year 2018-19. The Income Tax department issued the ITR forms 1 and ITR 4.

"ITR 1 & 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly," the Income Tax department said on its website.

ITR-1 (Sahaj) and ITR-4 (Sugam) forms can be downloaded from the income tax e-filing website (www.incometaxefiling.gov.in) and also used for filing your tax returns online.

ITR-1 (Sahaj) form is applicable for:

1. Resident and salaried individuals,
2. having total income of upto ₹50 lakh
3. One house Property,
4. Other Sources (like interest), and
5. Agriculture Income of Rs. 5,000/- 

ITR-4 (Sugam) form is applicable for:

1. Businessmen, individual professionals, HUF and Firms (Other than LLP)
2. having total income of upto ₹50  and presumptive income from business and profession

Both the ITR forms are however not meant for individuals who are either director in a company or has invested in unlisted equity shares. The I-T department has said that this has been done in a bid to clamp down on shell companies and check routing of black money.

Directors in both listed and unlisted companies will have to file their tax returns in ITR-2. It will also be mandatory for them to disclose details like Director Identification Number (DIN), Permanent Account Number (PAN), equity holding along with the names of the companies.

You also need to keep in mind that it is now compulsory for all those filing ITRs to mention Aadhaar number in the forms without which the tax returns will not be processed.

The last date for filing ITR is July 31 for those who are not required to get their accounts audited.