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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.

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4 Comments

  1. CHAMPA MUKHERJEE says:

    WHAT IS MEANING AND WHICH TYPES OF ALL

    OWANCES ARE TO BE MENTIONED SEPERATELY IN NEW ITR-1 OF 2018-19 IUNDER THE HEAD

    “ALLOWANCE NOT EXEMPT”

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