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New ITR forms for AY 2018-19: Things you must know before you file returns

BS Web Team / New Delhi 06 Apr 18 | 04:53 PM

Income Tax Returns (ITR) Sahaj form will be filled by individuals whose income is up to Rs 5 million

The Central Board of Direct Taxes (CBDT) on Thursday released a one-page simplified Income Tax Returns (ITR) Form-1(Sahaj) for the assessment year 2018-19, similar to that of the previous assessment year. This initiative, the CBDT said, benefitted around 30 million taxpayers who filed their returns in this simplified Form. However, this year, the tax department wants ITR assessees to provide their salary breakup and businessmen their GST number and turnover. All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement.

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— Here's what Income Tax Returns (ITR) assesses must know:

The new Sahaj form wants you to disclose specific details about your salary. It seeks an assessee's salary details in separate fields and in a breakup format such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under section 16. Though these details are provided in the Form 16 of a salaried employee, now they have to be mentioned in the tax return for clarity of deductions. Sahaj form will be used by over 30 million taxpayers.

Who has to fill Sahaj form

Sahaj form will be filled by individuals whose income is up to Rs 5 million from the following sources:

* Income from Salary/Pension

* Income from One House Property (excluding cases where the loss is brought forward from previous years)

* Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

* In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.

What is the structure of ITR 1 Form?

Part A – General Information

Part B – Gross total Income

Part C – Deductions and taxable total income

Part D – Computation of Tax Payable

Part E  – Other Information

Schedule IT – Detail of Advance tax and Self Assessment Tax payments

Schedule TDS – Detail of TDS/TCS

ITR Form-2 has been rationalised: 

Individuals and HUFs with income under any head other than business or profession shall be eligible to file ITR Form-2

The Individuals and Hindu Undivided Family (HUFs) having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).

Who can use ITR-4 Sugam?

This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income for the assessment year 2017-18 includes:-

(a) Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income; or

(b) Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA; or

(c) Salary/ Pension; or

(d) Income from One House Property (excluding cases where the loss is brought forward from previous years); or

(e) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses). 

Who can file ITR Form-1 (Sahaj) or ITR-4 (Sugam) in paper form

CBDT said 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:-

— An individual of the age of 80 years or more at any time during the previous year; or

— An individual or HUF whose income does not exceed 500,000 rupees and who has not claimed any refund in the Return of Income.

ITR for non-resident Indians: In case of non-residents, the requirement of furnishing details of anyone foreign Bank Account has been provided for the purpose of credit of refund.

No details of cash deposit required for ITR: 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.

Where to get ITR forms?

The new ITRs have been uploaded on the official website of the department--www.incometaxindia.gov.in.

Last date of filing Income Tax Returns

Don't worry, taxpayers have sufficient time. The last date for filing the ITR is July 31.

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