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  • Sunday, 8 April 2018

    CHANGES IN INCOME TAX FORMS AY 2018-19 FY 2017-18

    Income Tax department has notified the New ITR form for Ay 2018-19 Fy 2017-18.In new forms 25 specific changes has been made to enable Income tax department to get more information from Taxpayers. 
    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:-
    • (i) an Individual of the age of 80 years or more at any time during the previous year; or 
    • (ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
    E-filing of Income tax return has not been started yet for assessment year 2018-19 and expected to be started from 15th May,2018
    Main changes has been covered as under.
    1. Changes in Salary details in ITR-1.
    Earlier only taxable salary is required to be filed under the head of salary income in Income Tax return .But now more details has been asked to be filed under salary Income. in our view this step has been taken keeping in view of fraudulent refund claimed by the salaried person in Mumbai and Bangaluru .
    New columns in salary head in ITR has been added as under
    • i Salary (excluding all allowances, perquisites and profit in lieu of salary)  
    • ii Allowances not exempt 
    • iii Value of perquisites 
    • iv Profit in lieu of salary 
    • v Deductions u/s 16 
    Filling of above details are not very difficult for salaried persons but it will be confusing for few as many salaried person are not aware of what is to be included under Profit in lieu of salary or Value of perquisites and deduction u/s 16.
    In our view all such information is provided in Form 16 itself except allowance not exempt.So my suggestion to govt is that govt should also amend form 16 so that it also shows the value of allowances not exempt.
    2. Changes in Income under the head House property.
    More details are required to be filled under this head in Income tax return form ITR-2 also. Now following  information is required to filled for income from house property
    • i Gross rent received/ receivable/ letable value 
    • ii Tax paid to local authorities 
    • iii Annual Value (i – ii) 
    • iv 30% of Annual Value 
    • v Interest payable on borrowed capital 
    • vi Income chargeable under the head ‘House Property’ (iii – iv – v)
    All the columns explained in above in 1 and 2 was required to be filed in ITR-2 but now it has been insterted in ITR-1 also. So ITR-1(sahaj) is no more "Sahaj"(easy) Now.

    3. The columns explained at Sr no 1 and 2 has also been inserted in ITR-4 return for presumptive income scheme also called as Sugam.
    4.Non resident is required to file ITR-2 in case of  no income from business and profession and can not file return on ITR-1 .Further he has to provide details of bank account to get refund from income tax department.
    5. New Column of Fees under section 234F  has been inserted in all relevant ITR. In ITR -1 it is given at D10 Fee u/s 234F

    The Finance Act, 2017 vide section 234F levied fees of Rs.5,000 in case where return is furnished after the due date but on or before 31st December of the relevant assessment year and Rs.10,000, in other cases. However, it is also provided to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees.

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