Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Income Tax Alert: ITR-2 & 3 available in Portal for E-filing

The Income Tax department has enabled the facility to file ITR 2 and 3 in the official portal.

“ITR 1, 2, 3 & 4 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly,” the department said in a statement.

The ITR-2 Form is an Income Tax Return form used by Indian citizens, as well as Non Residents to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.

The department had earlier enabled ITR-1 which is largely used the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits, recurring deposits among others.

ITR-4 is for the professionals and self-employed individuals who have opted for the presumptive income scheme was launched in the e-portal.

A few days ago, the Central Board of Direct Taxes (CBDT) had notified the income tax return forms for the year 2019-20. Last year, the Government brought numerous reforms in the tax return forms. Last year, the number of ITR Forms have been reduced from nine to seven forms. The ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms.

All seven ITRs are to be filed electronically on the official web portal of the department –https://www.incometaxindiaefiling.gov.in – except for some category of taxpayers. From this year onwards, the quoting of aadhaar with the income tax return is mandatory for e-filing after the latest Supreme Court verdict wherein the Apex Court overruled the judgment of the Delhi Court allowing the manual filing of tax return without mentioning aadhaar number.

Read more at: https://www.taxscan.in/income-tax-alert-itr-2-3-e-filing/35610/

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