New Income Tax Forms for AY 2018-19 – CBDT Notification
Ministry of Finance
CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
The Central Board of Direct Taxes(CBDT)
has notified Income Tax Return Forms (ITR Forms) for the Assessment Year
2018-19. For Assessment Year 2017-18, a one page simplified ITR
Form-1(Sahaj) was notified. This initiative benefited around 3 crore
taxpayers, who have filed their return in this simplified Form. For
Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj)
has been notified. This ITR Form-1 (Sahaj) can be filed by an individual
who is resident other than not ordinarily resident, having income upto
Rs.50 lakh and who is receiving income from salary, one house property /
other income (interest etc.). Further, the parts relating to salary and
house property have been rationalised and furnishing of basic details
of salary (as available in Form 16) and income from house property have
been mandated.
ITR Form-2 has also been rationalised by
providing that Individuals and HUFs having income under any head other
than business or profession shall be eligible to file ITR Form-2. The
Individuals and HUFs having income under the head business or profession
shall file either ITR Form-3 or ITR Form-4 (in presumptive income
cases).
In case of non-residents, the
requirement of furnishing details of any one foreign Bank Account has
been provided for the purpose of credit of refund. Further, 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.
There is no change in the manner of
filing of ITR Forms as compared to last year. All these ITR Forms are to
be filed electronically. However, where return is furnished in ITR
Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to
file return in paper form:-
(i) an Individual of the age of 80 years or more at any time during the previous year; or
(ii) an Individual or HUF whose income
does not exceed five lakh rupees and who has not claimed any refund in
the Return of Income.
The notified ITR Forms are available on the official website of the Department www.incometaxindia.gov.in.
Source: PIB News
