Changes In ITR 1 (Sahaj) For AY 2018-19

Following are the changes made by the Government to file ITR for the assessment year 2018-19:

In the past ITR i.e. till AY 2017-18 only one taxable figure was to be reported under the head salary, but ITR forms for AY 2018-19 require the assessee to report the break-up of salary earned during the previous year i.e. now assessee has to give their salary break-up into the following:

• Salary (excl. all allowances, perquisites and profit in lieu of salary)
• Allowances not exempt
• Value of perquisites
• Profit in lieu of salary
• Deductions u/s 16

In the past ITR i.e. till AY 2017-18 only one taxable figure was to be reported under the head income from house property, but ITR forms for AY 2018-19 require the assessee to report the details of income earned from house property during the previous year i.e. now assessee has to give the following details:

• Gross rent received/ receivable/ lettable value
• Tax paid to local authorities
• Interest payable on borrowed capital

New cell for penalty u/s 234 F for late filing of income tax return inserted – as amended by Finance Act, 2017.