The Income Tax department has made some necessary modifications in the Return Preparation Software and Schema and the same is available for filing now.
“Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20, Please note the below. 1. Already saved draft data will not be available in case of Online ITR 1 & 4
2. In case of Offline utilities, XML has to be re-generated using the latest Income Tax Return Preparation Software,” the income tax department said in a statement.
The last date for filing income tax return for persons need not file tax audit report along with the return is 31st July 2019.
Last week, the department had updated the ITR-5 in order to simplify the disclosure of Long-term capital gain from stocks, mutual funds. The Government, vide the Finance Bill 2018, reintroduced tax on LTCG made from listed shares and equity-oriented mutual fund.
Currently, the facility to file the income tax returns by companies in Form ITR-7, and the other forms in ITR-1, 2,3,4 and 5 are available in the e-portal. The department, in a statement, has informed that the ITR-6 will be available in the website shortly.
