ITR FORMS
FOR AY 2018-19
Income
Tax forms are forms in which the Taxpayer has to provide the details of his
income and sources of such incomes and tax payable and paid on such income.
Seven
types of Income Tax Forms are available for different classes of Taxpayer.
In
ITR Forms, some schedules are modified and some new schedules introduced.
In comparison to last year there are total 28
changes in ITR forms from which we have identified top 10changes.
Forms
filled by different classes of Taxpayer
INDIVIDUAL AND
HUF
|
PARTICULARS
|
ITR1
|
ITR2
|
ITR3
|
ITR4
|
|
Income from salary, pension & one house property for Resident Individual
|
I
|
I
|
I
|
I
|
|
Income from salary, pension & one house
property for Non Resident and not ordinary resident
|
|
I
|
I
|
I
|
|
Income/ loss from more than one house property
|
|
I
|
I
|
|
|
Agriculture income for more than Rs. Five
thousand
|
|
I
|
I
|
|
|
Taxable income more than Rs. 50Lacs
|
|
I
|
I
|
I
|
|
Dividend Income more than Rs. Ten Lacs taxable u/s
115BBDA
|
|
I
|
I
|
|
|
If total income includes unexplained credit and
investment and taxable @ 60% u/s 68 69
69A
|
|
I
|
I
|
|
|
Income from other source excluding speculative
income and lottery income
|
I
|
I
|
I
|
I
|
|
Income from other source including speculative/
lottery income
|
|
I
|
I
|
I
|
|
Income includes Gain/ loss on sale of property / investment
|
|
I
|
I
|
|
|
Income includes Interest, salary, bonus,
commission or profit share from
partnership firm as partner
|
|
I
|
|
|
|
Income from business/profession
|
|
|
I
|
|
|
Income from presumptive business
|
|
|
|
I
|
ASSESSEE OTHER THAN
INDIVIDUAL
|
|
ITR4
|
ITR5
|
ITR6
|
ITR7
|
|
Firm excluding LLP opting Presumptive Income
|
I
|
|
|
|
|
Firm including LLP
|
|
I
|
|
|
|
Association of person(AOP)
|
|
I
|
|
|
|
Body of Individuals(BOI)
|
|
I
|
|
|
|
Local Authority
|
|
I
|
|
|
|
Artificial judicial person
|
|
I
|
|
|
|
Company other than companies claiming exemption
under section 11
|
|
|
I
|
|
Changes in
ITR form in respect of comparing last year forms
|
ITR FORMS MODIFIED
|
ITR FORMS LAST YEAR
|
|
New
ITR form require detail calculation of income from salary and house property.
|
In last year it
restricted to single figure only.
|
|
The
new ITR 4 contains the details of 14 financial particulars of business like
secured/unsecured loan, advance, fixed assets, capital accounts etc.
|
In old ITR 4, there
are only 4 financial particulars of business i.e. Total creditor, total
debtor, stock in trade and cash balance.
|
|
New
ITR 4 require a taxpayer to provide the details of aggregate turnover
reported by him in GST return. If any difference is found in turnover in GST
return and ITR. Taxpayer can expect a notice from the department to explain
mismatch in turnover.
|
Not applicable in old
return
|
|
An
individual or an HUF who is a partner in a firm, shall required to file his
return in ITR 3.
|
Last year, the
partner will required to file return in ITR 2.
|
|
New
ITR forms introduced new column to report CGST, SGST, UTGST, IGST paid or
refunded during the Financial Year.
|
Not applicable in Old
return.
|
|
There
are 7 number of ITR forms for AY 2018-19.
|
Last year, Number of
ITR forms are 9.
|
§ New ITR 1 form has been withdrawn for a non-resident.
§ A Non-resident will file ITR in ITR 2 or ITR 3 to file his return for AY
2018-19.
§ Existing forms ITR-2 ITR-2A and ITR-3
have been rationalized in to a single form.
§ ITR-4 and ITR-4S have been renumbered
as ITR-3 and ITR-4 respectively.
Following person has an option to
file his return paper form :
1.
An
Individual of the age of 80 years or more at any time during the financial
year.
2.
An
individual and HUF whose income does not exceed 5 lakhs.
3.
An
individual and HUF who has not claimed refund in the return of income.
NOTE: ITR-1, ITR-2 , ITR-3 and ITR-4
is now available on incometaxefiling site provided by CBDT on 18/05/18.
Compiled by Ms Megha Bansal CA Finalist at Sandeep Ahuja & Co
