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 30.12.16
♦ 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:
- ITR 1 – Individuals and HUFs having income from Salaries, One House Property, Other sources (Not exceeding Rs 50 lakhs)(No Taxable Dividend Income u/s 115BBDA or 115BBE or claiming relief u/s 90 or 90A)
- ITR-2 – Individuals and HUFs having no business income from Proprietary Business or Profession (i.e. ITR 2 applies for Individual and HUF who are partner in partnership firm)
- ITR-3 – Individuals and HUFs having income from Proprietary Business or Profession
- ITR-4 – Presumptive Income from Business or Profession as per section 44AD/44ADA/44AE
- ITR-5 – Firm, LLP, Cooperative Society, Private Discretionary Trust, BOI, AJP.
- ITR-6 – Company (Other than companies claiming exemption u/s 11)
- ITR-7 – For Person specified u/s 139(4A),139(4B),139(4C),139(4D),139(4E), 139(4F)
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