Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Saturday, May 19, 2018

New ITR Forms - Changes and applicability as per Income sources or heads for Asst year 2018-19


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

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