Income Tax Return (ITR) Forms (ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6 and ITR-7) for FY 2017-18 (AY 2018-19) notified by CBDT with Instructions.
CBDT has notified Income Tax Return (ITR) forms for FY 2017-18/ AY 2018-19 (ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6 and ITR-7) and has released Instructions (download pdf), Java/ Excel Utility for filing of respective ITR Forms. It may be noted that these ITR forms incorporates the requirements as per amendments made by the Finance Act, 2017.
ITR forms notified for AY 2018-19 requires assessees to quote GST Registration No., GST Turnover, etc. and to provide the figures of Ind AS compliant financial statements. Requirement of furnishing details of cash deposit for specified period as provided in ITR Form for AY 2017-18 has been done away with from AY 2018-19. Fresh requirement of furnishing details of any one foreign Bank account has been provided for NRIs, for the purpose of credit of refund.
ITR Form-2 has also been rationalised. Individuals & HUFs having income under any head other than business or profession are eligible to file ITR Form-2. Individuals & HUFs having income under the head business or profession to file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
For AY 2018-19 too, a one page simplified ITR Form-1 (Sahaj) has been notified. This can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs. 50 lakh 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.
There is no change in the manner of filing of ITR Forms as compared to last year as these are to be filed electronically. Where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), 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.