May 072018
 

INCOME TAX RETURN FORMS

Introduction

The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department. The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in. Other ITRs will be available shortly. The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.

The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been rationalised in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year. All the seven ITR forms are to be filed electronically except for some category of taxpayers. The most basic, ITR-1 or Sahaj, to be filled by the salaried class of taxpayers, was used by 3 crore taxpayers during the last financial year.

What is a return of income?

​ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in

What are forms (ITRs) that are published by income tax department for assessment year 2018-19?

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2018-19:

  • 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.).
  • ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession
  • ITR Form -3 has to be filed by Individual and HUF assessee having income under the head business or profession
  • ITR Form -4 Sugam has to be filled by Individual and HUF paying taxes on presumptive basis.
  • ITR Form – 5 has to be filed by persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  • ITR Form – 6 is applicable for Companies other than companies claiming exemption under section 11
  • ITR Form – 7 is to be filed by 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)
  • ITR Form – V Acknowledgement

 Special information for Non – Residents assessee:

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.

Comparison – Earlier ITR forms and ITR forms 2018-19:

Basis of comparison ITR form No Earlier Form New Form
Assessee Covered ITR – 1 Applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents Applicable only for resident individuals
Income upto 50 Lacs ITR – 1 ITR was applicable only in case of individuals and HUFs having income upto Rs 50 lacs. Conditions of income upto Rs 50 continues.
Detailed break-up of salary ITR – 1 Detailed need not to be given. Now detailed of salary would necessarily required to be given.
Detailed calculation of income from house property ITR – 1 Earlier it was necessary to be given in ITR – 2 and other forms. New ITR – 1 return forms required detailed calculation of income from house property.
TDS on rent ITR – 1 No such requirement 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.
Income from business and profession ITR – 2 Earlier ITR – 2 can be field by individual having income from business and profession. The ITR-2 is applicable for individuals and HUF having income other than income under the head “Profits and Gains from Business or Profession.Thus, following fields have been removed:-  The field of “Profits and Gains from Business or Profession”

–  Schedule-IF (Income from Firm) and Schedule-BP

–  Schedule AL is also removed.

TDS on rent ITR – 2 No such requirement 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.
Specific applicable ITR – 3 Now ITR -3 is specifically applicable to  individuals and HUF having “Income from Profits and Gains from Business or Profession
General information ITR – 3 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.
Schedule PL ITR – 3 Fields under Schedule PL have been modified to include GST related details

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  2 Responses to “INCOME TAX RETURN FORMS”

  1. Great post. I was checking continuously this blog and
    I am impressed! Very useful info.
    Thanks and best of luck.

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    Chartered accountant: http://www.raaas.com

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