Get the free New Income Tax Return Forms Released by CBDT for AY 2017-18

27 September 2019CBDT issues further FAQs in respect of filling of IT forms for the Assessment Year 201920 Background The Central Board of Direct Taxes (CBT) amended1 the Income Tax Return (IT) forms

How to fill out new income tax return

How to fill out new income tax return

1. To fill out the new income tax return, follow these steps:
2. Gather all the necessary documents, such as W-2 forms, 1099 forms, and receipts.
3. Start by providing your personal information, including your name, address, and social security number.
4. Specify your filing status, such as single, married filing jointly, or head of household.
5. Enter your income details, including wages, salary, and any other sources of income.
6. Deduct any eligible expenses, such as mortgage interest, student loan interest, and medical expenses.
7. Calculate your tax liability by applying the appropriate tax rates based on your income bracket.
8. Claim any applicable tax credits, such as the child tax credit or earned income credit.
9. Review your filled-out form for any errors or omissions.
10. Sign and date the form before submitting it to the tax authorities.
11. Keep a copy of the filled-out form and supporting documents for your records.

Who needs new income tax return?

1. The new income tax return is required for individuals who meet one of the following criteria:
2. - Anyone who earned taxable income during the tax year, regardless of the amount.
3. - Individuals who received income through self-employment or freelance work.
4. - Individuals who earned income from investments, such as dividends or capital gains.
5. - Those who qualify for certain tax credits or deductions.
6. - Non-resident aliens who earned income from U.S. sources.
7. - Individuals who had federal income tax withheld from their paycheck and wish to claim a refund.

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What is new income tax return?

The new income tax return is a revised form created by the tax authorities to report individuals' income, deductions, and tax liability for a specific tax year.

Who is required to file new income tax return?

All individuals who meet the income threshold set by the tax authorities are required to file the new income tax return.

How to fill out new income tax return?

The new income tax return can be filled out manually or electronically through the tax authorities' online portal. It requires individuals to provide detailed information about their income, deductions, and tax credits.

What is the purpose of new income tax return?

The purpose of the new income tax return is to accurately report individuals' income, calculate their tax liability, and ensure compliance with tax laws.

What information must be reported on new income tax return?

Individuals must report their income from various sources, deductions, tax credits, and any other relevant financial information on the new income tax return.