The CBDT has been very prompt this time again, in notifying the ITR forms for the Assessment Year(AY) 2018-19. These have been notified on 5 April 2018, right at the beginning of the AY, which will help taxpayers to commence their return filing process. All the ITRs are available for e-filing too.
1. ITR 1
Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now, this form has been made applicable only for resident individuals.
The condition of the individual having income from salaries, one house property, other income and having total income up to Rs 50 lakhs continues
There is a requirement to furnish a break-up of salary. Until now, these details would appear only in Form 16 and the requirement to disclose them in the return had never arisen.
There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms
Salary and House property changes can be noted from the below screenshot
Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now, this form has been made applicable only for resident individuals.
The condition of the individual having income from salaries, one house property, other income and having total income up to Rs 50 lakhs continues
There is a requirement to furnish a break-up of salary. Until now, these details would appear only in Form 16 and the requirement to disclose them in the return had never arisen.
There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms
Salary and House property changes can be noted from the below screenshot
Under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, provision for quoting of PAN of Tenant for such rent cases has also been made.
2. ITR 2
Given that ITR-1 is not applicable for the RNORs and the non-residents, they have to necessarily go with ITR-2 for filing their return of income
The applicability of ITR-2 has been made more clear in as much as now it is applicable for individuals and HUF having income other than income under the head “Profits and Gains from Business or Profession”
The field of “Profits and Gains from Business or Profession” which was earlier featuring under Part B – TI has now been removed.
Following this, Schedule-IF (Income from Firm) and Schedule-BP have also been removed. This now means, anyone earning income from a partnership firm, now has to file ITR-3 and not ITR -2
Additionally, under Schedule AL, the field pertaining to “Interest held in the assets of a firm or association of persons (AOP) as a partner or member thereof” has been done away with
Similar to ITR -1, even in ITR-2, under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, provision for quoting of PAN of Tenant for such rent cases has also been made
3. ITR 3
This ITR has been specifically prescribed for individuals and HUF having “Income from Profits and Gains from Business or Profession”
Under General Information, a field relating to Section 115H has been added which relates to benefit being availed under certain cases even after the taxpayer becomes a resident.
Fields under Schedule PL have been modified to include GST related details;
Depreciation has been limited to a maximum of 40% in all depreciation related schedules
4. ITR 4
Now, there is an additional requirement to quote GSTR No. and turnover/gross receipts as per GST return filed
Further, fields have been added under Financial particulars where now an assessee has to declare the following additional information.
Partners/ Members Capital
Secured Loan
Unsecured Loan
Advances
Fixed Assets
This is the relevant extract from the Form
2. ITR 2
Given that ITR-1 is not applicable for the RNORs and the non-residents, they have to necessarily go with ITR-2 for filing their return of income
The applicability of ITR-2 has been made more clear in as much as now it is applicable for individuals and HUF having income other than income under the head “Profits and Gains from Business or Profession”
The field of “Profits and Gains from Business or Profession” which was earlier featuring under Part B – TI has now been removed.
Following this, Schedule-IF (Income from Firm) and Schedule-BP have also been removed. This now means, anyone earning income from a partnership firm, now has to file ITR-3 and not ITR -2
Additionally, under Schedule AL, the field pertaining to “Interest held in the assets of a firm or association of persons (AOP) as a partner or member thereof” has been done away with
Similar to ITR -1, even in ITR-2, under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, provision for quoting of PAN of Tenant for such rent cases has also been made
3. ITR 3
This ITR has been specifically prescribed for individuals and HUF having “Income from Profits and Gains from Business or Profession”
Under General Information, a field relating to Section 115H has been added which relates to benefit being availed under certain cases even after the taxpayer becomes a resident.
Fields under Schedule PL have been modified to include GST related details;
Depreciation has been limited to a maximum of 40% in all depreciation related schedules
4. ITR 4
Now, there is an additional requirement to quote GSTR No. and turnover/gross receipts as per GST return filed
Further, fields have been added under Financial particulars where now an assessee has to declare the following additional information.
Partners/ Members Capital
Secured Loan
Unsecured Loan
Advances
Fixed Assets
This is the relevant extract from the Form
5. Applicable to all forms
There has been no change in the manner of filing your returns. All returns will be filed electronically with the only exception being for the following taxpayers filing ITR – 1 or ITR -4 who can go ahead filing a paper return.
Effective 1 April 2017, if you do not file your return within the due date, there would be a levy under Section 234F up to Rs 10,000. In fact, to accommodate this, even in the forms that have been notified, there is a field specifically to furnish details of fee payable under Section 234F in the returns.
Requirement of furnishing details of cash deposit for a specified period as provided in ITR Form for AY 2017-18 has been done away with from AY 2018-19.
An Individual of the age of 80 years or more at any time during the previous year; or
An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
There has been no change in the manner of filing your returns. All returns will be filed electronically with the only exception being for the following taxpayers filing ITR – 1 or ITR -4 who can go ahead filing a paper return.
Effective 1 April 2017, if you do not file your return within the due date, there would be a levy under Section 234F up to Rs 10,000. In fact, to accommodate this, even in the forms that have been notified, there is a field specifically to furnish details of fee payable under Section 234F in the returns.
Requirement of furnishing details of cash deposit for a specified period as provided in ITR Form for AY 2017-18 has been done away with from AY 2018-19.
An Individual of the age of 80 years or more at any time during the previous year; or
An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
Important Link :