If you need to file your Income Tax returns this year, the relevant forms are available on the income tax website. In this post, we will discuss the four forms relevant for individuals and mostly used. This year these forms are released well in advance by CBDT thus reflecting the efficiency of Department.
Some important things that one should know for ITR filing this year
- Electronic returns are mandatory with only exceptions for the following persons to file paper returns under ITR1 and ITR4.
- 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 five lakh rupees and who has not claimed any refund in the Return of Income.
- There are penalties this year for not filing ITRs on time. As per section 234F, penalties upto Rs. 10000 will be levied for not filing returns on time. Accordingly, a field is added to specify the details of fee under section 234F is added in all forms.
- This year the information about the cash deposited is not required to given as such fields are removed from all ITR forms.
Last Dates for filing Income Returns
31st July 2018 for Individuals
30th September 2018 for Businesses (requiring audit)
(These dates are pertaining to Income tax return for the financial year 2017-18, Assessment Year 2018-19. Applicable for income earned from April 1st, 2017 to March 31st, 2018)
Forms for Filing income Tax returns for FY 2017-18, AY 2018-19 are here
All forms are available on the website of Income Tax Department along with Excel and java utilities. Please click on the below link for the same.
https://www.incometaxindiaefiling.gov.in/downloads/offlineUtilities
Change in Income Tax return forms
There are certain changes in the ITR filing forms for Financial year 2017-18 or Assessment year 2018-19, which we will articulate here below
ITR 1
- This form was earlier applicable for Residents, Nor Resident Indians (NRIs) and Residents Not ordinarily resident (RNOR) however this year it is applicable only for Resident individuals only.
- Apart from this there are other conditions also for applicability of ITR 1 are
- Individuals with income from Salaries and other incomes
- Only one house property
- Total income upto Rs. 50 lakhs.
- This year the breakup of Salary is required to be provided in the ITR form also which are given in form 16.
- Also, break up of Income from House property needs to be furnished which were previously in ITR2 forms only.
- There is a provision for to furnish details of TDS as per form 26QC for TDS on rent along with PAN of Tenant for such cases.
Please refer to the image below for relevant change in details pertaining to Salary and House property.
ITR 2
NRIs and RNORs, now, are required to file ITR 2. Apart from these ITR 2 is applicable for individuals or HUFs having income other than income under head “Profits and Gains from Business and Profession”. As such field related to “Profits and Gains from Business and Profession” are now removed from this form.
Similarly, Schedule IF (Income form firm) and Schedule BP are also removed from this form. Also, Schedule AL for “Interest held in the assets of a form or association of persons (AOP) as a partner or member thereof” is also removed.
Just like ITR 1, ITR 2 also has a schedule for furnishing the details pertaining to TDS as per form 26QC for TDS made on rent along with the PAN of Tenant is there.
ITR 3
This form is required to be filled by Individuals and HUF having “Income from Profits and Gains from Business and Profession”. Taxpayers not classified under ITR1 and ITR 2 needs to file this form.
GST details are now required to be provided under Schedule PL.
Also, Depreciation has been limited to a of 40% in all schedules related to this.
ITR 4
In this form, there is an additional requirement to quote GSTR No. along with turnover ot gross receipts as per GSTR returns filed. Also various other information like Capital form members and partners, Secured loan, unsecured loan, advances and fixed assets are also required.
Here below is the snapshot of the form for your read reference.
This time Income Tax Department has been very prompt in notifying forms and are expecting the same form tax payers with penalty clause in place. Also one need to understand that with last minute rush, it becomes difficult to file ITRs on last days. So, this time make your schedule well in advance and contribute to the nation with a very positive attitude.
