Swipe through the latest business and wealth clues with our android app

Form ITR-2 for Assessment year 2018-19 now released on income tax e-filing portal

The Income Tax Department on Tuesday released Form ITR-2 for assessment year 2018-19, on the official e-filing portal. The ITR-2 is used by individuals and Hindu Undivided families (HUFs), including NRIs, who have income from any sources except income from profits and gains of business or profession. The I-T department has already released ITR-1 (also called Form Sahaj) and ITR-4 for AY 2018-19. CBDT had notified a total of seven Income Tax return forms. “Other ITRs wil be available shortly,” the department said in an advisory today. The ITR-1 is applicable to salaried class of taxpayers with income from salary upto Rs 50 lakh, income from one house property only and income from other sources such as interest earned from fixed deposits, recurring deposits among others. Form ITR-4 is for professionals and self-employed individuals who have opted for the presumptive income scheme.

Read More at Hindustan Times News date : 16 May 2018, Wednesday

©2019 TheNewsClues