Recently Taxpayers were apprised about the new Income Tax Return (ITR) forms for the assessment year 2018-19 by the Central Board of Direct taxes. Taxpayers can download the ITR form from the official website of the department–www.incometaxindia.gov.in. July 31st is the last date for filing the ITR. The forms mandate salaried class assessees to provide salary breakup and businessmen their GST number and turnover.
The manner of filing the ITR remain the same as before. However, some fields have been reorganized and rationalized in the latest forms. Barring a few, all taxpayers have to fill all of the seven ITR’s electronically. The same was confirmed by the TAX Department and CBDT.
The most basic of the seven ITR, the ITR-1 or Sahaj has to be filled by the salaried class of taxpayers only. The ITR-1 form was filled by 3 crore taxpayers during the last financial year.
A few Changes
The ITR-1 form for this FY contains separate fields regarding salary details of the assessees. The breakup format of the salary detail field includes non-exempted allowances under GST, the value of perquisites, deductions claimed under section 16 and profit in lieu of salary.
Form 16 contains all the details required of a salaried employee. These details must be mentioned in the ITR to ensure clarity during deductions. As per the CBDT, ITR-1 has to be filed by the following individuals:
- Resident other than not ordinarily resident with income up to Rs 50 lakh
- Resident other than not ordinarily resident with income source as salary or house property or any other interest income sources.
In addition to above, the following fields have been rationalized in ITR-1:
- Salary Field.
- House Property Field.
Besides, the mandatory information field includes basic details of salary (as available in Form 16) and income from house property.
Recommended: Drawbacks of Not Filing Income Tax Returns by 31 July 2018
ITR-2/ ITR-3/ ITR-4 (Presumptive Income Source)
As far as ITR-2 is concerned, The spokesperson from CBDT Surabhi Ahluwalia confirmed that the ITR-2 has also been rationalized for individuals and HUF (Hindu Undivided Families) with income source other than business or profession.
She further added that those individuals and HUF who have a presumptive income source under the business or professional field need to file either ITR-3 or ITR-4 in cases. Also under the ITR-4, assessees with presumptive income from business and profession will have to furnish their respective turnover with mandatory GST registration number.
Non Resident Taxpayers
For Non-Resident Taxpayers, the ITR rules more or less remain the same. Non-Resident taxpayers still need to furnish details of at least one foreign bank account to claim credit or refund. The CBDT spokesperson further added that the mandatory provision of details for cash deposit details made during a specified period (in the wake of the note ban of 2016) has been discontinued.
However, The ITR form for Assessment year 2018-19 will separate Spaces like in previous forms. Like previous years, Taxpayers need to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID.
The CBDT also confirmed that individuals or HUF with annual income less than Rs 5 lakh as well as individual taxpayers of 80 years or more at any time during the previous year who have not claimed any refund, can file ITR in the paper form, using the ITR-1 or ITR-4.
Income Tax Return Forms for AY 2018-19
| Form No. | Download |
|---|---|
| Form No.: ITR-1 SAHAJ | View Here |
| Form No.: ITR-2 | View Here |
| Form No.: ITR-3 | View Here |
| Form No.: ITR-4-Sugam | View Here |
| Form No.: ITR-5 | View Here |
| Form No.: ITR-6 | View Here |
| Form No.: ITR-7 | View Here |
| Form No.: Acknowledgement | View Here |
Read Also: Important Steps for Beginners to Filing Income Tax Return
