In this post, we will discuss the CBDT notification which releases Forms ITR-1 to ITR-7 for the FY 2017-18 / AY 2018-19. It notifies Forms Sahaj (ITR-1), Form ITR-2, ITR-3, Form Sugam (ITR-4), ITR-5, ITR-6, ITR-7, and Form ITR-V.
One page simplified ITR Form-1 Sahaj was notified for the AY 2017-18. This benefited around 3 crore taxpayers, who filed their return in this simplified Form. This Form-1 (Sahaj) can be filed by an individual who is a resident other than not ordinarily resident, having their income up to Rs.50 lakhs and who receives income from their salary one house property / other income. Next, the parts relating to salary and house property are rationalized and furnishing of basic details of the salary (as given in Form 16) and income from the house property is mandatory.
ITR Form-2 has been rationalized by providing that Individuals / HUFs having income under any head other than business or profession will be eligible to file this form. The Individuals / HUFs having income under the head business or profession will have to file either ITR Form-3 or Form-4 (in presumptive income cases).
In case of non-residents, the requirement of furnishing details of any one of the foreign Bank Accounts has been given for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period of time as provided in ITR Form for the Assessment Year 201 7-18 has been done away with from Assessment Year 2018-19.
Comparing to the last year, there is no change in the manner of filing of ITR Forms. These forms should be filed electronically. However, where the return is furnished in ITR Form-1 (Sahaj) or Form ITR-4 (Sugam), the following individuals have an option to file the return in paper formby the following conditions:
- An Individual of the age 80 years or more at any time during the previous year or
- An Individual/HUF whose income does not exceed Rs. 5 lakhs and who has not claimed any refund in the Return of Income.
ITR 4 for FY 2017-18 requires reporting of Turnover as per the GST returns. These new forms ask taxpayers to give figures of Ind AS complaint financial statements, GSTR number, GST turnover, etc.
Read the notification given below:
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES])
NOTIFICATION
New Delhi, the 3rd April, 2018
Income-tax
G.S.R. 332(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2018. (2) They shall be deemed to have come into force with effect from the 1st day of April, 2018.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2018.
2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−
(a) in sub-rule (1),-
(I) for the figures “2017”, the figures “2018” shall be substituted;
(II) in clause (a),―
(i) for the words “an individual”, the words “an individual who is a resident other than not ordinarily resident and” shall be substituted;
(ii) in sub-clause (ii), after the words “brought forward loss”, the words “or loss to be carried forward” shall be inserted;
(iii) in the provision, for item (I), the following shall be substituted, namely:-
“(I) has assets (including financial interest in any entity) located outside India;
(IA) has signing authority in any account located outside India;
(IB) has income from any source outside India;
(IC) has income to be apportioned in accordance with provisions of section 5A;”;
(III) in clause (c), for the words “derived from a proprietary”, the words “under the head” shall be substituted;
(IV) in clause (d), for the words “deriving income from a proprietary”, the words “having income under the head” shall be substituted;
(b) in sub-rule (5), for the figures “2016”, the figures “2017” shall be substituted.
3. In the principal rules, in Appendix II, for Forms “Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V”.
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