New Income Tax Forms has been notified by CBDT via Rule 12 on 31.03.2017 for AY 2017-18 vide Notification No 21/2017 dated 30.03.2017.
Overview of Changes:
♦ Simplified One Page ITR 1 has been notified.
♦ For Individuals, Aadhar Card Number/ Enrolment ID is compulsory where Person is eligible for Aadhar Card.
♦ Specific Column for Showing Cash Deposits during 09.11.16 to 30.12.16Online GST Certification Course by TaxGuru & MSME- Click here to Join
♦ ITR 1 can only be used where total income does not exceed Rs. 50 lakhs
♦ Now, ITR 1 cannot be filed when you have Taxable Dividend Income u/s 115BBDA or income u/s 115BBE.
♦ Only Super Senior Citizen or Individual / HUF having total income below 5 lakh can have option to file Tax return in Paper Form (Option available for ITR-1 & Sugam ITR-4 only)
♦ ITR Form 2A has been discontinued. Person who earlier filed Return in Form ITR 2A is now required to file ITR 2.
♦ Earlier for person to whom ITR 4 was applicable, now they need to file return in ITR-3.
♦ Earlier for person to whom ITR 3 was applicable, now they need to file return in ITR-2.
♦ New ITR 4 (Sugam) is for Presumptive Taxation u/s 44AD/44ADA/44AE etc.
♦ In Summary, Revised ITR Form Applicability is as under:
(Author can be reached at firstname.lastname@example.org)