RECENT IMPORTANT CHANGES IN ITR FORMS FOR A.Y. 2018-19
NRIs cannot file ITR 1 (Sahaj):
In A.Y. 2018-19 only resident Individuals fulfilling the criteria can file returns using ITR 1. NRIs are no more eligible to use ITR 1. They would need to file
ITR 2 which requires more details.
Foreign bank Account for NRIs:
Earlier, in case of non-residents, they could only provide details of bank accounts held in India for credit of refund. But from A.Y. 2018-19 they can furnish
one foreign bank account for credit of refund.
More details about Salary & House Property:
The details which are available in Form 16 are now provided in ITR forms which are mandatory. The new ITR also mandates for details on “Income from
House Property” such as Gross rent received, Tax paid to local authorities, Interest payable on borrowed capital.
Furnishing details of cash deposit not required:
The field for cash deposited during the demonetization period has been removed in the new ITR forms.
GST Registration Number to be quoted:-
The assesses having presumptive income from business and profession using ITR 4 or ITR 3 would have to provide GST registration number and its
turnover. This is to correlate the direct and indirect taxes and check for any possible tax evasions.
ITR to be filed Online except in certain cases:
There is no change in filing of Income Tax Return. All the 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
ITR Applicable to Income
ITR 1 Resident InResident Individuals ♦ Total income upto 50 lac rupees
♦ Income from salary/pension
♦ one house property (except where loss is b/f)
♦ Income from other sources (excluding winning from lottery and income from
Race Horses, Income taxable under section 115BBDA or Income of the nature
referred to in section 115BBE).
ITR 2 Individuals & HUF Other than Income from Profits & Gains from Business & Profession.
ITR 3 Individuals & HUF Income from Profits & Gains from Business or Profession.
ITR 4 Individuals, HUF & Firms ♦ Income from Profits & Gains from Business & Profession computed in
accordance with Presumptive basis
♦ Income from Salary/Pension
♦ One house property (except where loss if b/f)
♦ Other sources (excluding winning from Lottery and Income from Horse races).
ITR 5 Firms, LLPs, AOP, BOI, Artificial Judicial Person, Co-operative
society & Local Authority.
All Heads of income.
ITR 6 Companies other than company claiming exemption under section11.
All Heads of income.
ITR 7 Persons including companies who are required to furnish return
under section 139(4A) or section 139(4B) or section 139(4C) or
section 139(4D) or section 139(4E) or section 139(4F).
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NRIs cannot file ITR 1 (Sahaj):
In A.Y. 2018-19 only resident Individuals fulfilling the criteria can file returns using ITR 1. NRIs are no more eligible to use ITR 1. They would need to file
ITR 2 which requires more details.
Foreign bank Account for NRIs:
Earlier, in case of non-residents, they could only provide details of bank accounts held in India for credit of refund. But from A.Y. 2018-19 they can furnish
one foreign bank account for credit of refund.
More details about Salary & House Property:
The details which are available in Form 16 are now provided in ITR forms which are mandatory. The new ITR also mandates for details on “Income from
House Property” such as Gross rent received, Tax paid to local authorities, Interest payable on borrowed capital.
Furnishing details of cash deposit not required:
The field for cash deposited during the demonetization period has been removed in the new ITR forms.
GST Registration Number to be quoted:-
The assesses having presumptive income from business and profession using ITR 4 or ITR 3 would have to provide GST registration number and its
turnover. This is to correlate the direct and indirect taxes and check for any possible tax evasions.
ITR to be filed Online except in certain cases:
There is no change in filing of Income Tax Return. All the 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
- ITR Applicability for A.Y. 2018-19 :-
ITR Applicable to Income
ITR 1 Resident InResident Individuals ♦ Total income upto 50 lac rupees
♦ Income from salary/pension
♦ one house property (except where loss is b/f)
♦ Income from other sources (excluding winning from lottery and income from
Race Horses, Income taxable under section 115BBDA or Income of the nature
referred to in section 115BBE).
ITR 2 Individuals & HUF Other than Income from Profits & Gains from Business & Profession.
ITR 3 Individuals & HUF Income from Profits & Gains from Business or Profession.
ITR 4 Individuals, HUF & Firms ♦ Income from Profits & Gains from Business & Profession computed in
accordance with Presumptive basis
♦ Income from Salary/Pension
♦ One house property (except where loss if b/f)
♦ Other sources (excluding winning from Lottery and Income from Horse races).
ITR 5 Firms, LLPs, AOP, BOI, Artificial Judicial Person, Co-operative
society & Local Authority.
All Heads of income.
ITR 6 Companies other than company claiming exemption under section11.
All Heads of income.
ITR 7 Persons including companies who are required to furnish return
under section 139(4A) or section 139(4B) or section 139(4C) or
section 139(4D) or section 139(4E) or section 139(4F).
facebook/sagzp73
sagzp73@gmail.com
twitter/@sarfaraj_sa
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