INCOME TAX DEPARTMENT RELEASES INCOME TAX RETURN (ITR) FORMS FOR AY 2018-19 |
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The Central Board of Direct Taxes (CBDT) has released the new income tax return forms for the purpose filing returns for the assessment year 2018-19.
The new forms – ITR1 (popularly known as SAHAJ), ITR-2 Form, ITR-3 Form, ITR-4 Form (popularly known as SUGAM), ITR-5 Form, ITR-6 Form, ITR-7 Form, and ITR-V Form have been notified for assessment year 2018-19 or Financial year 2017-18.
CBDT just like last year has been quick in releasing these forms at the start of the assessment year to enable the public to start filing their returns as soon as possible.
However, it is important to note that in the history of Income Tax Law, this is the first time that there will be a penalty leviable for income tax returns filed after the due date which is normally July 31 i.e. ITRs for FY17-18 are due to be filed by July 31, 2018 as per current rules.
CBDT has stated in its press release that since A.Y. 2017-18, a one page simplified ITR Form-1(Sahaj) is being notified. This initiative has given benefits to around 3 crore taxpayers, who have filed their return in this simplified Form. Therefore, impressed by the results, for Assessment Year 2018-19 also, a one page simplified ITR Form-1 (Sahaj) has been notified.
This Sahaj form can be filed by an individual who is ordinarily resident, having income up to Rs.50 lakhs and who is receiving income from salary, one house property / other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.
ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
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. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from assessment year 2018-19.
There is no change in the manner of filing of ITR Forms as compared to last year. All these 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 lakhs rupees and who has not claimed any refund in the Return of Income.
For more updates/clarification you may contact
CA Bharat Poplani
B.Com, FCA, LLB
E mail: ca.bharat@bjpassociates.com
Mobile: +91-9646380245