CBDT notified the ITR or Income Tax Return Forms AY 2018-19 (FY 2017-18). There are few major changes in these forms. Let us see in detail these changes and understand which form you can use.
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- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file a return in paper form-
# 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.
Before understanding the Income Tax Return Forms AY 2018-19 (FY 2017-18), let us first understand the taxation for FY 2017-18 or AY 2018-19.
Before jumping to know about the forms, let see the new changes in Income Tax Return Forms AY 2018-19 (FY 2017-18).
# Launch of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than three crore tax-payers who will be eligible to file their return of income in this simplified Form.
# The number of Income Tax Return Forms AY 2018-19 (FY 2017-18) have been reduced from the existing nine to seven forms.
# The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2.
# ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
# There is no change in the manner of filing of ITR Forms.
# Return is furnished in ITR- 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.
# Quoting your Aadhaar number while filing IT Return is now mandatory.
This form can be used only for the income generated during FY 2017-18
# Your Income is from Salary or Pension;
# If you have income from One House Property (excluding cases where loss is brought forward from previous years);
# If your income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA (As per Section 115BBDA the dividend received from domestic company is taxable at rate of 10% if aggregate amount of such dividend exceeds Rs. 10 lakh) or Income of the nature referred to in section 115BBE (As per Section 115BBE any unexplained credit or investment attracts tax at 60% (plus surcharge and cess, as applicable), irrespective of the slab of income.);
# In a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
You can’t use this form in case-
# If your total income for the assessment year 2017-18 exceeds Rs.50 lakh;
# Income from more than one house property;
# Income from winnings from lottery or income from Race horses;
# Income taxable under section 115BBDA;
# Income of the nature referred to in section 115BBE;
# Income under the head “Capital Gains”;
# Agricultural income in excess of Rs.5,000;
# Income from Business or Profession;
# Loss under the head ‘Income from other sources’;
# Person claiming relief under section 90 and/or 91;
# Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India;
# Any resident having income from any source outside India.
Download the new ITR 1 (Sahaj) Form For Assessment Year 2018-19
# Can be used by an individual or a Hindu Undivided Family (HUF)
# Income from Salary / Pension;
# Income from multiple House Property;
# Income from Capital Gains;
# Income from Other Sources (including winnings from lottery and income from race horses).
# An asset in foreign country or income from a source outside India
#Agricultural income of more than Rs 5,000
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this Return Form can be used if income to be clubbed falls in any of the above categories.
# If your income for the year includes income from Business or Profession.
Download ITR 2 Form For Assessment Year 2018-19
# The old ITR 4 now renamed as ITR 3.
# This ITR3 can be used by individuals and HUFs.
# You can use this form if you have income source from proprietary business, profession or having income as a partner in a Partnership firm.
# You can report the incomes like income from salary, multiple house properties, lottery winnings, capital gains, speculative income i.e. horse race along with your business or professional income.
Download ITR 3 Form For Assessment Year 2018-19
# It can be used by an individual/ HUF/ Partnership Firm.
# Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income.
# Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA.
# Salary/ Pension
# Income from One House Property (excluding cases where loss is brought forward from previous years).
# Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
# Income from more than one house property
# Income from Winnings from lottery or income from Race horses
# Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.
# Income taxable under section 115BBDA
# Income of nature referred to in section 115BBE
# Agricultural income in excess of Rs.5,000
# Income from Speculative Business and other special incomes
# Income from an agency business or income in the nature of commission or brokerage
# Person claiming relief of foreign tax paid under section 90, 90A or 91
# Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
# Any resident having income from any source outside India.
Download ITR 4 Sugam Form For Assessment Year 2018-19
Hope this much information is sufficient for you in choosing the Income Tax Return Forms AY 2018-19 (FY 2017-18).
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View Comments
I want to submit tax ITR 4S and 44AD which will be nature of business code? blogger is my full time job and i making money from google adsense.
Dear Frekid,
You have to use ITR3.
Hello Sir,
Does one need declare "Interest accrued on PPF / EPF for the financial year" ? If yes under what section or part of ITR-1 one needs to declare it as its tax exempt ?
Dear Raj,
Not required.
Thank You Sir.
I assume since this is recorded in EPF / PPF Database when its redeemed by user there will not be any queries from IT-dept for source or Interest earning.
I have a old manual entry passbook for PPF contribution which is updated once a year by bank, Do we get any statement of record upon maturity and withdrawal ?
Dear Raj,
Yes you will get it.
Is the provision for deduction u/s 80TTB for senior citizens for F.Y. 2018-19 also applicable on Savings Bank Interst?
Dear Bikas,
I already clarified it that you are not allowed to claim savings bank interest under Sec.80TTB
Sir,
Is it allowed only on F.D. Interest?
Dear Bikas,
Yes, I already mentioned the same in my earlier replies to you.
Dear Basu, I am a market research consultant, freelancing on assignment basis, without any staff or setup. My only income is fees from assignments. No income from house or any other source. Which is the form to be used by me for AY 2018-19 ? Thanks.
Dear Anil,
Use ITR3.
Sir,
My mother is a super senior citizen. She has income from Family Pension and Savings Bank Interest. But her Total Income including all sources never exceeded the basic exemption limit applicable to her. But she submits ITR every year.
Now that she is too aged and invalid and that her income is unlikely to exceed the Basic Exemption limit in foreseeable future, can she discontinue filing ITR any more? If yes whom to contact in IT Department to pray for exemption from filing ITR?……..Is it her AO(ITO) or any other authority? Can she submit her prayer to the nearest any ASK centre? Or can she submit it online and how?
Dear Bikas,
If her total income is below the basic exemption limit, then you no need to file and no need to any IT Officials for the same.
Which ITR form to use for Salary, Short Term capital gain and intraday trading.
I am not able to find all these three together in a single return form for AY 2018-19.
Dear Amit,
Use ITR3.
Hi Basu,
I am an allopathic doctor, consultant in private hospital. I am filing return in ITR 4, presumptive income 44ADA. I am not finding any profession code in AY 208-19, ITR4. I contacted the e filling call centre, but no reponse. Kindly help.
Dear Pappu,
You may find the list in IT Portal.
Hi Basu Sir,
Very informative info. I have a query on HRA, Can I claim HRA and house loan interest in the same city. Own house is 30km away from work so staying in rent and own house is occupied by parents ( not let out). please advise.
Thanks
Srinath
Dear Srinath,
YES.
Thanks Basu for quick reply, so I need not show rental income as well, as it is occupied by parents.
Dear Srinath,
If you are receiving the rent then mention. Otherwise not required.
i.e can i put the House property as self occupied in ITR1 form.
Dear Sir,
i have salaried person (pvt sector) and income form lic commission around 20 thousand as per 26 as and some tds also deducted. Now, i want to know which ITR form choose?
Dear Amar,
Use ITR3.
Dear sir While making a Self Assessment Tax challan for assessment year 2018-19, I wrongly wrote the assessment year as 2017-18 and the challan has been processed by the bank and also I get the BSR Code and challan number. I have following queries
1. Can i file the revise return of previous year i.e. assessmnet year 2017-18 and claim the refund of the extra amount deposited ?
2. As the time frame to get the assessment year rectified by the bank has already expired , how much time the AO will take to rectify the assessmnet year keeping in view the last date to file the returns for the current assessment year is very near ?
Thanks in advance
Dear Sunil,
Refer my post regarding the rules to revise the IT Return.