Latest ITR forms ask for more income details: Here’s how to get them : 13-08-2018

After revising the e-ITR forms on August 1 after extending the deadline for of filing income tax return (ITR) from July 31 to August 31, 2018, the tax department has once again revised these ITR forms. According to the e-filing website of the tax department, electronic ITR forms in Excel and Java have been once again changed on August 9.

This is the second time in a month the income tax department has updated these utilities. Earlier the department had revised the utilities on August 1 and it had asked taxpayers to re-fill their ITR forms. Even saved drafts of partially/fully filled ITRs 1 or 4 were removed from the e-filing accounts of tax assesses making it necessary for them to re-fill the forms in order to upload them.

New information you are required to give
According to the new ITR utilities released by the department on August 9, individuals filing ITR-2 form will now be required to give extra interest income details. The latest version of ITR2 form asks taxpayers to provide additional information under the schedule OS, i.e., ‘Income from other sources.

ITR 2 form applies to those individuals and Hindu Undivided Families (HUF) who are not eligible for filing their returns using ITR 1 and do not have income under the head “Profits and Gain from Business and Profession”. ITR 2 will be generally applicable to those individuals having capital gains, apart from salary and income from house property in their income details.

ITR 3 is to filed by those individuals and HUFs who have income from business and profession.

The new version asks you to provide separately details of interest income from savings bank account, fixed deposits, and interest on income tax refund. Previous e-versions of ITR-2 did not require the assessee to give such bifurcation of interest income. However, those who are yet to file their ITR will now have to provide this break-up of interest income when they file their ITR using the latest forms. ITRs can now be filed only using the latest forms and not the old ones.

Where to get the information from
Bank interest on savings account can be obtained from the savings account passbook or annual statement as normally this interest is shown as credited to your account there.

For interest on fixed deposits, one can either take the figures from the TDS certificates in case TDS has been deducted from it. If no TDS has been deducted from interest paid on FDs, then you can ask your bank to provide interest certificates for the interest on your FDs.

For information on the interest received on the income tax refund, one can refer to one’s Form 26AS which can be downloaded from the income tax e-filing website. Form 26AS is your tax passbook which consists of all the details of tax that have been deposited against your PAN to the government and also details of tax refund paid to you.

However, if you have not filed your ITR or are halfway through filing ITR (i.e., have filled the previous version of the form but not uploaded it), then you will have to re-fill the ITR-2 form again.

Source : Economic Times

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