Key Changes In New ITR Forms For Assessment Year 2018-19
The Central Board of Direct Taxes (CBDT) has notified income tax return (ITR) forms applicable to Assessment Year 2018-19. These ITR forms will be applicable to filing of income tax return in respect of income earned from April 1, 2017 to March 31, 2018. The new forms incorporate the changes made by the Finance Act, 2017 in the Income tax Act, 1961.
It is apparent that the new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions. This year, the ITR forms seek a lot of new information from taxpayers who opted for the presumptive taxation scheme, in respect of capital gains from unlisted shares, transactions with registered and unregistered suppliers under GST, so on and so forth.
We have done a thorough analysis of new ITR Forms and highlighted all key changes and new requirements in current ITR forms vis-a-vis last year's ITR forms. These changes are explained below:
1) ITR Forms Applicable to Assessment Year 2018-19
Â
| Individual and HUFÂ | ||||
| Nature of income | ITR 1* (Sahaj) | ITR 2 | ITR 3 | ITR 4 |
| Income from salary/pension (for ordinarily resident person) | Yes | Yes | Yes | Yes |
| Income from salary/pension (for not ordinarily resident and non-resident person) | Â | Yes | Yes | Yes |
| Income or loss from one house property (excluding brought forward and carried forward losses) | Yes | Yes | Yes | Yes |
| Income or loss from more than one house property | Â | Yes | Yes | Â |
| Agricultural income exceeding Rs. 5,000 | Â | Yes | Yes | Â |
| Total income exceeding Rs. 50 lakhs | Â | Yes | Yes | Yes |
| Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA | Â | Yes | Yes | Â |
| Unexplained credit or unexplained investment taxable at 60% under Sections 68, 69, 69A, etc. | Â | Yes | Yes | Â |
| Income from other sources (other than winnings from lottery and race horses or losses under this head) | Yes | Yes | Yes | Yes |
| Income from other sources (including winnings from lottery and race horses or losses under this head) | Â | Yes | Yes | Yes |
| Capital gains/loss on sale of investments/property | Â | Yes | Yes | Â |
| Interest, salary, bonus, commission or share of profit received by a partner from a partnership firm. | Â | Â | Yes | Â |
| Income from business or profession | Â | Â | Yes | Â |
| Income from presumptive business | Â | Â | Â | Yes |
| Income from foreign sources or Foreign assets or having Signing authority in any account outside India | Â | Yes | Yes | Â |
| Income to be apportioned in accordance with Section 5A | Â | Yes | Yes | Yes |
| Claiming relief of tax under sections 90, 90A or 91 | Â | Yes | Yes | Â |
| *Only an Individual, who is an ordinarily resident in India, can file income tax return in Form ITR-1 | ||||
| Other Assessees | ||||
| Status of Assessee | ITR 4 | ITR 5 | ITR 6 | ITR 7 |
| Firm (excluding LLPs) opting for presumptive taxation scheme | Yes | Â | Â | Â |
| Firm (including LLPs) | Â | Yes | Â | Â |
| Association of Persons (AOP) | Â | Yes | Â | Â |
| Body of Individuals (BOI) | Â | Yes | Â | Â |
| Local Authority | Â | Yes | Â | Â |
| Artificial Juridical Person | Â | Yes | Â | Â |
| Companies other than companies claiming exemption under Sec. 11 | Â | Â | Yes | Â |
| Persons including companies required to furnish return under: | Â | Â | Â | Yes |
| A.   Section 139(4A); | ||||
| B.    Section 139(4B); | ||||
| C.    Section 139(4C); | ||||
| D.   Section 139(4D); | ||||
| E.    Section 139(4E); and | ||||
| F.     Section 139(4F) | ||||
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
