Changes in ITR for AY 2018-19
Changes in ITR for AY 2018-19
Section 139 Changes
Changes in Section 139(4c)
Addition to the list of section 139(4c):
- Persons referred in Section 10(23AAA)
- The beneficiary of funds established for the welfare of employees/dependents. Eg. Superannuation
2. Investor protection fund – 10(23EC) or 10(23ED)
3. Core settlement guarantee fund – 10(23EE)
4. Board or authority – 10(29A)
- Coffee Board, Rubber Board, Tea Board, Tobacco board etc.
Loss / Belated / Revised ret
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Belated return u/s 139(4)
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Belated Revised return now be filed before the end of relevant assessment year. Belated return for AY 2018-19 can be filed up to 31st March 2019. |
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Revised return u/s 139(5)
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Revised return now be filed before the end of the relevant assessment year or before the completion of the assessment. Even belated return can be revised. For AY 2018-19, the revised return can be filed up to March 31, 2019. |
Download Full ppt.: Changes in returns AY 2018-2019
Rule 12 changes
Forms for the non-business assessee Individuals (only Ordinary Resident):
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Category |
Form |
Mode |
|
Salary or Family Pension And/or One House Property Income w/o b/f loss or w/o c/f Loss And/or Income from Other Sources w/o Lottery or Race Horse Income And w/o Loss under any head of income And Total Income < 50 Lacs Ü capital gain is missing |
||
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Total Income > 5 Lac |
1 |
E-file |
|
Claiming refund |
E-file |
|
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Total income <= 5 Lac and not claiming refund |
Any Mode |
|
Form 1(Sahaj) is the simplest form but with lots of riders.
Following Ordinary residents are also not allowed to file ITR-1:
- has assets (including financial interest in any entity) located outside India;
- has signing authority in any account located outside India;
- has income from any source outside India
- has the income to be apportioned in accordance with provisions of section 5A (i.e. Portuguese Civil Code)
- has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91
- has agricultural income, exceeding five thousand rupees
- has income taxable under section 115BBDA
- has the income of nature referred to in section 115BBE
Migration from ITR-1 to ITR-2
- Now Non-residents and RNORs are not eligible to file ITR-1
- House property should not have loss b/f as well c/f now. C/f condition is new from AY 2018-19.
- Except above practically there is no change in rule 12
- Basically, lots of non-business Individual assessees are being pushed from ITR-1 to ITR-2
Forms for non-business assessees Individual and HUFs
|
Category |
Form |
Mode |
|
All Individuals -With no income under the head of PGBP. Earlier it was proprietary business only. -Not eligible to file ITR-1 All HUFs with no business income |
||
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Total Income > 5 Lac |
2 |
E-File |
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Claiming refund |
E-file |
|
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Total income <= 5 Lac and not claiming refund |
Any Mode |
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- Form 2 is also a residual form for non-business income assessed and can be used for all situations
- Change: Assessees having income only from Partnership Business are not eligible to file this form.
Forms for Business Assessee Individuals, HUFs and Firms (not LLP) – Only presumptive business income
|
Category |
Form |
Mode |
|
Must have Income under the head PGBP •Such business income must be computed under any presumptive income section viz., 44AD/44ADA/44AE •And/or Salary or Family Pension •And/or One House Property Income •And/or Income from Other Sources |
||
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Total Income > 5 Lac |
4 |
E-File |
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Claiming refund |
E-file |
|
|
Total income <= 5 Lac and not claiming refund |
Any Mode |
|
- Section 44ADA inserted w.e.f. AY 2017-18 for Professionals like
- No change per se for AY 2018-2019
Forms for Business Assessee Individuals and HUFs – Non-presumptive business income
|
Category |
Form |
Mode |
|
Must have income/loss under the head PGBP And Not earning any presumptive income u/s 44AD/44ADA/44AE And/or Income/loss from any other head OR Not eligible to file ITR-4 |
||
|
Total Income > 5 Lac |
3 |
E-File |
|
Claiming refund |
E-file |
|
|
Total income <= 5 Lac and not claiming refund |
Any Mode |
|
- Section 44ADA inserted w.e.f. AY 2017-18
- If such assessee’s accounts are required to be audited then only e-filing with the digital signature is permissible
- No change per se for AY 2018-2019
Download Full Powerpoint presentation By CA Deepak Bholusaria.
![PowerPoint Slide Show - [changes in returns AY 2018-2019] 2018-04-25 11.17.15](http://www.consultease.com/wp-content/uploads/2018/04/PowerPoint-Slide-Show-changes-in-returns-AY-2018-2019-2018-04-25-11.17.15.png)
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