ITR FormsFY 2017-18
Confused about new ITR Forms for filing your return? Here is the list!
Wed Aug 01 2018 / By: Jigi YadavSo, with the introduction of new budget by the government, there are several changes that have been made in the ITR forms for the return filing process for financial year 2017-18. We must tell you that all these forms are available for e-filing facility as well and can also be downloaded from the income tax department’s website. In this informative piece, we will tell you about the new ITR forms in detail.
ITR 1
- This form was valid for national residents, non-residents and residents not ordinarily residents (RNOR) before this year. But now, it is meant only for resident taxpayers in India.
- The income must be from salary, house property etc not more than Rs. 50 lakh.
- The salary breakup must be provided. Only Form 16 was needed earlier and there was no need to furnish your detailed income proof.
- You will have to furnish the TDS details according to Form 26QC. This is related to the TDS on rental income. You also need to provide the PAN of your tenant in this case.
ITR 2
- This is for non-residents and residents not ordinarily residents (RNOR).
- This will contain the details of income other than income from ‘Profits and Gains from Business or Profession’. Earlier, it was under Part B-TI which has been removed now.
- Likewise, ‘Income from Firm’ and income from a ‘Firm’s Partnership’ is also removed. In this case individuals or companies have to file ITR 3.
- Similarly, ‘Schedule AL- Interest held in the assets of a firm or association of persons as a partner or member’ is also removed.
- The TDS section under Form 26QC are the same as in ITR 1.
ITR 3
- This is a new ITR form specially meant for ‘Income from Profits and Gains from business and profession’.
- As a gift to NRIs who have now become Indian residents, a Section 115H has been added. It refers to a concession on tax rate on earned interest from their interest income. There are other clauses attached to it that need to be checked if you are eligible for it. The Section 115H is a amalgamation of Section 115C, D, E, F, G and I.
- Alterations have been done in Schedule PL that will show up GST details of the entity.
- Maximum depreciation is set to 40% in every Schedule which has to deal with it.
ITR 4
- With the implementation of GST, now, you have to furnish your GSTR No. and gross turnover receipts.
- Declaration of following details:
- Members or Partners Capital assets
- Secured Loan
- Unsecured Loan
- Advances
- Fixed Assets
- Total Capital and liabilities
- Other liabilities etc.
Valid to all ITR Forms:
- The ITR filing process is the same. All individuals have to file through e-filing process (electronically). Only the taxpayers falling under ITR 1 or ITR 4 can file it a paper return.
- If you cross the deadline of filing your Income Tax return which is 31st August 2018, you would be fined under Section 234F which is a monetary fine up to Rs. 10,000.