Jul 262018
 

Applicability of ITR forms for AY 2018-19

With the 31st July, 2018 is approaching nearby you are rushing behind your consultant for completing self-assessment process and filling your ITR. As you are aware that forms you submit to the department plays an important role in the assessment procedure and correct filing of forms saves you from needless penalties action. Under section 139(4) a return filed in wrong ITR can be treated as defective and you would returned to the consequences as if you have not filed the return. Hence, here we are trying to explain applicability of ITR in very simple manner.

Applicability of income tax return (ITRs’) forms based on nature of income:

  ITR 1        
NATURE OF INCOME (only ITR 2 ITR-3 ITR-4  
Resident  
  IND)        
Income from salary/pension (for ordinarily resident person) YES YES YES YES  
Income from salary/pension (for RNOR & NR person) YES YES YES  
Income or loss from one house property (excluding brought forward & carried forward losses) YES YES YES YES  
Income or loss from more than one house Property YES YES  
Agricultural income exceeding Rs. 5,000 YES YES  
Total income exceeding Rs. 50 lakhs YES YES YES  
Income from other sources (other than winnings from lottery and race horses or losses under this head) YES YES YES YES  
Income from other sources (including winnings from lottery and race horses or losses under this head) YES YES  
Capital gains/loss on sale of Capital assets YES YES  
Interest, salary, share of profit, etc. received by a partner from a partnership firm. YES  
Income from business or profession (Non Speculative) YES  
Income from presumptive business YES YES  
Income from Speculative Business and other special incomes YES  
Income from an agency business or  income in the nature of commission or brokerage YES  
Income from foreign sources/assets/any account outside India YES YES    
Claim of relief of tax under sections 90, 90A or 91 YES YES    
Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA YES YES    
Voluntary offer of income under Sections 68, 69, 69A, etc. [taxable at 60% u/s 115BBE) YES YES    
Income to be apportioned under Section 5A (Relating to clubbing of Income for Portuguese Citizens) YES YES YES  
Adjustments of Brought Forward Losses of earlier years YES YES    

 

Sensys Technologies

  2 Responses to “Applicability of ITR forms for AY 2018-19”

  1. Sir Maine new truck Liya hai jisme mera 30000 thausand tds kata hai mere ko kis ITR me bharna padega return ke liye

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