Changes in ITR Forms

In this article, we will read  key changes in ITR Forms appliable for Assessment Year 2018-19

 

Changes in  Forms ITR 1

 

 

 

Who can File

 

Ø Individual having income from salaries, one house property, other income and having total income up to Rs 50 lakhs.

 

Ø Only Resident Individuals.

 

Additional requirements added / Changes this year

 

Ø Now furnish a break-up of salary like in Form 16.

 

Ø Now furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms.

 

Ø Under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent.  Also,  provision  for  quoting  of PAN of Tenant for such rent cases has also been made.

 

 Changes in ITR 2

 

Who can File

 

Ø Individuals and HUF having

income other than income under the head “Profits and Gains from Business or Profession”.

 

Ø Anyone (Individual/HUF who is a partner in a firm) earning income from a partnership firm, now has to file ITR-3 and not ITR -2.

 

Additional requirements added / Changes this year

 

Ø Specific columns have been introduced to report each capital gain exemption separately under Sections 54,54B, 54EC, 54EE, 54F, 54GB and 115F. Along with this date of transfer of original capital asset must also be mentioned.

 

 

Ø Under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on  rent.  Also,  provision  for  quoting  of PAN of Tenant for such rent cases has also been made.

 

Changes in ITR 3

 

Who can File

 

Ø Individuals and HUF having income under the head “Profits and Gains from Business or Profession.

 

Ø Anyone (Individual/HUF who is a partner in a firm) earning income from a partnership firm.

 

Additional requirements added / Changes this year

 

Ø Fields under Schedule PL have been modified to include GST related details. Details of GST paid and refunded to the assesse during the financial year.

 

 

Ø Depreciation has been limited to a maximum of 40% in all depreciation related schedules.

 

Ø Specific columns have been introduced to report each capital gain exemption separately under Sections 54,54B, 54EC, 54EE, 54F, 54GB and 115F. Along with this date of transfer of original capital asset must also be mentioned.

 

Changes in ITR 4

 

Who can File

 

Ø Taxpayers opting for presumptive scheme under section 44AD, 44ADA or 44AE.

 

Additional requirements added

/

Changes this year

 

Ø Quote GSTIN number and turnover/gross receipts as per GST return filed.

 

Ø Seeks details of 14 financial particulars of business such as:

o   Partners/ Members Capital

o   Secured Loan

o   Unsecured Loan

o   Advances

o   Fixed Assets

 

Earlier only 4 Financial indicators were required to be furnished.

 

  • Changes in ITR 5
 

Who can File

 

Ø Persons other than,-

(i)  Individual,

(ii)  HUF,

(iii)  Company

(iv)  Person filing Form ITR-7.

 

Additional requirements added

/

Changes this year

 

Ø Details of GST paid and refunded to the assesse during the financial year.

 

Ø Specific columns have been introduced to report each capital gain exemption separately under Sections 54,54B, 54EC, 54EE, 54F, 54GB and 115F. Along with this date of transfer of original capital asset must also be mentioned.

 

  • Changes in ITR 6
 

Who can File

 

Ø Companies other than companies claiming exemption under Sec. 11.

 

Additional requirements added

/

Changes this year

 

Ø Provide details in respect of all transactions entered into during the year with a registered or unregistered supplier under  GST: Transactions in/with:

o   Exempt goods or services

o   Composite suppliers

o   Registered entities and total sum paid to them

o   Unregistered entities

 

Ø Every unlisted company to provide details of all beneficial owners who are holding 10 per cent or more voting power (directly or indirectly) at any time during the year 2017-18.

 

Ø A new schedule has been inserted in the ITR 6 wherein breakup of payment and receipts in foreign currency are required to be reported by an assesse who is not liable to get its accounts audited under Section 44AB.

 

Ø A new column has been inserted in ITR Form 6 to provide details of apportionment made by the companies from the net profit for the CSR activities

 

Ø The ITR 6 introduces a new Schedule for Ind AS Compliant companies wherein they shall be required to disclose the balance sheet and profit & loss account in the same format as prescribed under of Schedule III to the Companies Act, 2013. Further as per the new sub-sections (2A) to (2C) in Section 115JB Ind AS compliant companies require to make additional adjustments to the book profit for all items

credited and/or debited to “Other Comprehensive Income”. The new incorporates the necessary changes enabling companies to calculate the book profit in accordance with new provision

 

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