New I-T return forms notified Thursday April 05,2018

New income tax return forms (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 turnover reported under GST.

The 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.

However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.

The new ITR 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 under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.

Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs 50 lakh and one house property. Last year, 30 million taxpayers filled this form, the tax department said in a statement