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New Income Tax Return Forms for AY 2018-19

New Income Tax Return Forms for AY 2018-19

New Income Tax Return Forms for AY 2018-19

As the time has come for filing your income tax returns, CBDT has now notified all the new income tax return forms for AY 2018-19, so that the assessee can file their returns in a hassle free manner. Here it is all you need to know about which return form you should file.

Here we will discuss in detail about all the ITRs which are notified by CBDT for the AY 2018-19

1. ITR-1 SAHAJ

a) This form is for individuals only ( Resident but not ordinary resident).

b) This form should be used by those individuals who have income only from below mentioned sources:

  • Income from salary/pension; or
  • Income from One House Property (excluding cases where there is brought forward loss or loss to be carried forward from previous year); or
  • Income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE)

c) In case of clubbing of income of either child or wife, this return form can be used only if the income being clubbed falls into the above income categories.

d) This return form cannot be used by those individuals who have:

  • Income exceeding Rs. 50 Lakhs; or
  • Income from more than one house property and where there is brought forward loss or loss to be carried forward from previous year; or
  • Income from winnings from lottery or income from Race horses; or
  • Income taxable under section 115BBDA; or
  • Income of the nature referred to in section 115BBE; or
  • Income under the head “Capital Gains” e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
  • Income to be apportioned in accordance with provisions of Section 5A.
  • Agricultural income in excess of ₹5,000; or
  • Income from Business or Profession; or
  • Loss under the head ‘Income from other sources’; or
  • Person claiming relief under section 90 and/or 91; or
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
  • Any resident having income from any source outside India; or
  • In case the income is to be apportioned in accordance with provisions of section 5A

2. ITR-2

a) This return form is to be used by HUF ( Hindu Undivided Family) or those individuals who are not eligible to file ITR-1 Sahaj.

b) This return form cannot be used by those individuals or HUF who have income under the head “Profits or gains of business or profession”

3. ITR-3

a) This Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession”and who is not eligible to file ITR-4 Sugam.

You are reading : New Income Tax Return Forms for AY 2018-19.

4. ITR-4 SUGAM

a) This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income for the assessment year 2018-19 includes:-

  • Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income; or
  • Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA; or
  • Salary/ Pension; or
  • Income from One House Property (excluding cases where there is brought forward loss or loss to be carried forward under this head); or
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses).

b) In case of clubbing of income of either child or wife, this return form can be used only if the income being clubbed falls into the above income categories.

c) This return form cannot be used in the following cases :

  • Income from more than one house property or where there is brought forward loss or loss to be carried forward under this head; or
  • Income from Winnings from lottery or income from Race horses; or
  • Income taxable under section 115BBDA; or
  • Income of the nature referred to in section 115BBE; or
  • Income under the head “Capital Gains” e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
  • Income from Speculative Business and other special incomes;or
  • Agricultural income in excess of ₹5,000; or
  • Income from an agency business or income in the nature of commission or brokerage;or
  • Person claiming relief under section 90 and/or 91; or
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
  • Any resident having income from any source outside India; or

d) SUGAM ITR Form shall not apply at the option of the assessee, if:-

  • the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business or profession;
  • the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business or profession.

In the above scenarios, regular ITR-3 or ITR-5, as the case may, should be filed and
not SUGAM.

5. ITR-5

a) This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority.

b) However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.

6. ITR-6

a) This Form can be used by a company, other than a company claiming exemption under section 11.

7. ITR-7

a) This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E)or section 139(4F).

New Income Tax Return Forms for AY 2018-19

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