CBDT notifies Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for Financial Year 2017-18 or 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 201 7-18 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:-

  • 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.

ITR 4 for FY 2017-18 requires reporting of Turnover as per GST returns. The new forms asks taxpayers to provide figures of Ind AS complaint financial statements, GSTR no., GST turnover, etc.

Also Read- Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 16/2018

New Delhi, the 3rd April, 2018

Income-tax

G.S.R. 332(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2018.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2018.

2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−

(a) in sub-rule (1),-

(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;

(b) in sub-rule (5), for the figures “2016”, the figures “2017” shall be substituted.

3. In the principal rules, in Appendix II, for Forms “Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V”, the following Forms shall be respectively substituted, namely:-

Download Full Text of Notification with format of Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as appliable for  for Financial Year 2017-18 or Assessment Year 2018-19.

[F. No.16/2018/ F.No.370142/1/2018-TPL]
Dr. T.S. MAPWAL, Under Secy.

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Subsection (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by the Income-tax (First Amendment) Rules, 2018, vide notification number GSR 176 (E), dated 19th February,
2018.

Explanatory Memorandum: By giving retrospective effect to the amendment rules, no one will be adversely affected and the retrospectivity is being given to the present rules as these are applicable for the assessment year commencing on the 1st day of April, 2018 i.e. Assessment Year 2018-19.

More Under Income Tax

Posted Under

Category : Income Tax (27935)
Type : Notifications (15929) Notifications/Circulars (32222) Trending (607)

18 responses to “CBDT Releases ITR 1 to ITR 7 for Financial Year 2017-18 / A.Y. 2018-19”

  1. CS Sharadchandra Shankarrao Patil says:

    There is a lot of confusion as I read it. ‘The Forms have been released’ means the forms and their contents have been notified by the CBDT in the Gazette. It is now up to the CPC Bangalore to take further action necessary to develop the utilities / schema and to publish the same.

  2. R.Sankar says:

    Where are the ITR Forms in Incometaxefiling site for AY 2018-19 ?. Still the Downloads shows ITR Forms pertaining to the AY 2017-18, not for 2018-19. Its misleading news published even in leading newspapers.

  3. m g raman says:

    QUITE AMUSING. IN THIS DIGITAL AGE ANTI-GREEN PAPER FORMS RELEASED FIRST & ONLINE FORMS RELEASE STILL PENDING.

  4. vswami says:

    OFFHAND

    As personally viewed, contrary to the impression given through the posted comment of the ‘readers’, it is gathered from the website that the new Forms have been released and are available.

    Be that as it may, it might be worthwhile for anyone or more of taxpayers, and the professional consultants, to try and ascertain as to whether the new Form(s) is suitably structured, so as to enable computation of long term capital gains for FY 2017-18 (AY 2018-19), correctly,as per the law; in particular, had the asset been acquired in any FY anterior to the FY 2001-02 . For a dilation of the doubts in the matter, may refer the several previous posts; and also the related Article published on the website
    Also share own experience, helpfully, with the rest, in good time !

  5. Ravindra Dave says:

    Clarification sought : It says loud and clear that to use form ITR 4 you have to have GSTN number and to quote that in the form, Medical practioner Doctors as professionals are allowed presumptuous income and also are not having GSTN. How can they use form ITR 4 with presumptuous income of 50% of revenue. ?

  6. S k GARG Advocate says:

    Promptly realised froms
    Thanks

  7. padmanabhan v says:

    By giving retrospective effect to the amendment rules, no one will be adversely affected and the retrospectivity is being given to the present rules as these are applicable for the assessment year commencing on the 1st day of April, 2018 i.e. Assessment Year 2018-19.
    i can not understand what It benefit is given with
    retrospective effect.

  8. ram babu B. Com says:

    The dept. has become MORE intelligent. issue press release ONLY and not the attachments. GREAT Functioning of the dept. i.e like send refund order – by retaining 1 part with them ONLY.

  9. MSK says:

    What is the link to download Return formats.

  10. S K Sarda says:

    Sir,

    My CA’s clerk made mistake while making data entry on stocks as on 1.7.2018 on GST portal- Trans1. How can I rectify it. Please guide. The entry was loaded on 24th Dec 2017

    Regards

  11. S K Sarda says:

    We appreciate efforts of TaxGuru to make us aware on all the happenings in Tax World.
    This is a great service and needs support from all.

    Regards

    S K Sarda
    Gangtok,Sikkim

  12. Abhishek says:

    From when can we start filing returns ?

  13. SURINDER SINGH says:

    Whether schema for editing is also released

  14. Raj says:

    Fake news. Forms have not been released as of 5:49 pm, 5 Apr 2018. Do not post articles without verifying.

    • TG Team says:

      How can you say without verifying with us? Its not a fake news and a news do not become fake just because same is not yet been released on official website.

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