CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 vide Income-tax (Second Amendment) Rules, 2018

Apr 06, 2018 | by Avantis RegTech Legal Research Team

The Central Board of Direct Taxes (CBDT) vide Income-tax (Second Amendment) Rules, 2018 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 Second Amendment Rules have also made the following amendments in Rule 12 (1) of the Income-tax Rules, 1962 which gives provisions for return of income:

(I)          for the figures “2017”, the figures “2018” shall be substituted;

(II)        in clause (a),―

(i)                    for the words “an individual”, the words “an individual who is a resident other than not ordinarily resident and” shall be substituted;

(ii)                  in sub-clause (ii), after the words “brought forward loss”, the words “or loss to be carried forward” shall be inserted;

(iii)                in the proviso, for item (I), the following shall be substituted, namely:-

“(I) has assets (including financial interest in any entity) located outside India;

(IA) has signing authority in any account located outside India;

(IB) has income from any source outside India;

(IC) has income to be apportioned in accordance with provisions of section 5A;”;

(III)      in clause (c), for the words “derived from a proprietory”, the words “under the head” shall be substituted;

(IV)     in clause (d), for the words “deriving income from a proprietory”, the words “having income under the head” shall be substituted.

These amendments shall be deemed to have come into force with effect from April 1, 2018.

[Press Release dated April 5, 2018] [G.S.R. 332 (E)]

URL: https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/702/Press-Release-CBDT-notifies-Income-Tax-Return-Forms-for-Assessment-Year-2018-19-05-04-2018%20.pdf

http://www.egazette.nic.in/WriteReadData/2018/184528.pdf


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