Change in Income Tax Return Form – AY 2018-19

Change in Income Tax Return Form – AY 2018-19

Introduction:

• The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the 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
• All these ITR Forms are to be filed electronically.
• However, where the return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file the 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 lakh rupees and who has not claimed any refund in the  Return of Income.

—The changes are more disclosure-oriented in all the forms.

—All forms are now available to file electronically.

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Forms – Applicability

— ITR 1 – Sahaj – Resident Individuals having income from Salaries, one house property, other sources and having total income up to Rs.50  lakhs.

— ITR 2- For Individuals and HUFs not having income from profits and gains of business or profession.

— ITR 3- For individuals and HUFs having income from profits and  gains of business or profession

— ITR -4 Sugam – For presumptive income from business and profession

— ITR-  5  –  [For  persons  other  than,-  (i)  individual,  (ii)  HUF,  (iii) company and (iv) person filing Form ITR-7

—ITR 6 – For Companies other than companies claiming exemption  under section 11

—ITR 7 – For 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)