ITR filings double, refunds too up by 80%: Report

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The filing of income tax returns(ITR) for last financial year had been reportedly doubled to nearly 3 crore. According to a report in the Times of India, the number of refund cases cleared so far has gone up by over 81 per cent to 65 lakh. The publication citing sources said, the refund amount cleared up to Thursday was almost 35 per cent higher at around Rs 77,700 crore compared to the corresponding period last year when they added up to Rs 57,551 crore.

The sources further told that around 60 per cent have been electronically filed this year have already been processed.

To common man’s relief, the income tax department earlier had extended the last date for filing tax returns by one month. The deadline for income tax return filing has been pushed to August 31, the Central Board of Direct Taxes (CBDT) said on Thursday.

“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for the filing of Income Tax Returns from 31st July 2018 to 31st August 2018 in respect of the said categories of taxpayers,” the Ministry of Finance tweeted.

Following the extension, Union Finance Minister Piyush Goyal urged citizens to avoid delaying tax payment and fulfil their duty as a law-abiding citizen.”The last date for submission of income tax has been extended from 31st July to 31st August 2018, I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in the nation building,” he tweeted.

The initial deadline for filing tax returns was July 31.

Below we have listed out various income tax forms need to be filled according to your tax slab:

ITR – 1 also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA).

ITR – 2 is applicable to an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

ITR – 3 is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietory business or profession.

ITR – 4 also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​

ITR – 5: This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)

ITR – 6 is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).

ITR – 7 is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).​ITR – V It is the acknowledgement of filing the return of income.

Source:- dnaindia