The Central Board of Direct Taxes (CBDT) has released the new Income-tax return (ITR) Forms for Assessment Year 2018-19.
Not Many significant changes has been made in the new forms and manner it is to be filed. The new ITR forms incorporates the changes made by the Finance Act, 2017 in the Income-tax Act.
In new Income Tax return form Assessee is asked to fill details regarding GST registration no.& GST turnover, etc.
For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.).
Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.
ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.
There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
(i) an Individual of the age of 80 years or more at any time during the previous year; or
(ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES]) NOTIFICATION New Delhi, the 3rd April, 2018
Income-tax G.S.R. 332(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2018. (2) They shall be deemed to have come into force with effect from the 1st day of April, 2018.
2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−
(a) in sub-rule (1),-
(I) for the figures “2017”, the figures “2018” shall be substituted;
(II) in clause (a),―
(i) for the words “an individual”, the words “an individual who is a resident other than not ordinarily resident and” shall be substituted;
(ii) in sub-clause (ii), after the words “brought forward loss”, the words “or loss to be carried forward” shall be inserted;
(iii) in the proviso, for item
(I), the following shall be substituted, namely:- “(I) has assets (including financial interest in any entity) located outside India;
(IA) has signing authority in any account located outside India; (IB) has income from any source outside India;
(IC) has income to be apportioned in accordance with provisions of section 5A;”;
(III) in clause (c), for the words “derived from a proprietory”, the words “under the head” shall be substituted;
(IV) in clause (d), for the words “deriving income from a proprietory”, the words “having income under the head” shall be substituted;
(b) in sub-rule (5), for the figures “2016”, the figures “2017” shall be substituted.
3. In the principal rules, in Appendix II, for Forms “Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V”, the following Forms shall be respectively substituted, namely:-
Form No.:ITR-1 SAHAJ PDF
For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
Form No.:ITR-2 PDF
For Individuals and HUFs not having income from profits and gains of business or profession
Form No.:ITR-3 PDF
For individuals and HUFs having income from profits and gains of business or profession
Form No.:ITR-4-Sugam PDF
For Presumptive Income from Business & Profession
Form No.:ITR-5 PDF
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
Form No.:ITR-6 PDF
For Companies other than companies claiming exemption under section 11
Form No.:ITR-7 PDF
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
Form No.:Acknowledgement PDF