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Income Tax Returns for salaried employees notified – IT 2018-19 (AY 2019-20)

As many as 7 types of income tax returns have been released by Income Tax Department

Income Tax Returns for Salaried Employees for the year 2019-20 have been notified. Either ITR-1 or ITR-2 will have to be filed by Salaried Employees not having income from profits and gains of business or profession, depending upon total income, number of house property possessed and amount of agricultural income.

Income Tax Department has notified Income Tax Returns for the year 2018-19 (Financial Year) 2019-20 (Assessment Year) recently vide notification No: 32/2019 dated 01.04.2019. As per this notification, Income Tax Returns from ITR-1 to ITR-7 for various types of Income have been notified by the Govt.

As far as Salaried Employees are concerned, ITR-1 and ITR-2 will be applicable.

ITR-1 Income Tax Return is applicable to a Salaried Employee in the following cases:

  • Total income of the salaried employee during the financial year 2018-19 did not exceed Rs. 50 lakh.
  • The employee concerned should not own more than one House Property
  • Agricultural income received the salaried employee if any should not exceed more than Rs. 5000/-
  • Employees having Other income sources such as interest subject total income limit of Rs. 50 lakh can file ITR-1

ITR-2 Income Tax Return will be applicable Salaried Employees in the the following cases:

1. Total income a salaried employee from salary, other resources such as interest and more than one house property exceeded Rs. 50 lakh.

2. When a Salaried Employee owns more than one House property

3. When a salaried employee having income from other than salary such as interest income, rental income, agricultural income exceeding Rs. 5000/- etc.

4. Salaried Employees receiving income from profits and gains of business or Profession is not entitled to file ITR-1 or ITR-2. In such cases ITR-3 will have to be filed.

 

ITR Form Number Applicable to
ITR-1 SAHAJ For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]

[Not for an individual who is either Director in a company or has invested in unlisted equity shares]

ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession
ITR-3 For individuals and HUFs having income from profits and gains of business or Profession
ITR-4 SUGAM For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]

[Not for an individual who is either Director in a company or has invested in unlisted equity shares]

ITR-5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
ITR-6 For Companies other than companies claiming exemption under section 11
ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

 

Important links:

GConnect Income Tax Calculator for the year 2018-19 (Assessment year 2019-20) – Instant Version

GConnect Income Tax Calculator for the year 2018-19 (Assessment year 2019-20) with save option

Income Tax Rebate for Arrears of Salary Income under Section 89 of Income Tax Act

NPS Calculator to estimate NPS Maturity Value on retirement, lumpsum amount and estimated monthly pension payable

Click here to download ITR-1 and ITR-2

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