7 Changes in ITR Form FY 2017-18 (AY 2018-19) | Extension in Due Date


Have you filed income tax return yet? If not, then it’s a must for you to know about changes in ITR form as a result of extension in due date.

The extension in ITR filing due date by the CBDT has surely given a reason to rejoice for all the taxpayers.

But this extension have brought some changes in IT return forms. Hence it is imperative for you to remain updated with recent changes in ITR form before filing tax return.

For those who got-up late this morning, CBDT has extended incometax return date till 31st August, 2018. To know more in detail, click here.

And one more thing, it our top-secret, do not like it & do not share it with anyone. So, before reading, cross your heart & make a pinky promise.


7 Major Changes in ITR Form

  • Section 234F Last Date Extension

Section 234F of the Income Tax Act, 1961 impose penalty on those taxpayers who file ITR after due date. The minimum amount of penalty is ₹1000/ ₹5000 & this goes to a maximum of ₹10000. Read more about Sec 234F. With the extension in ITR filing due date, the due date for imposition of Sec 234F has also been changed. Now, Section 234F late fee will become applicable if you file tax return after 31st August, 2018.      


  • Section 234A Date Extension

If you file return post due date then income tax department will levy interest @ 1% per month. This interest is imposed on the amount of tax payable & calculated from the due date till the date ITR is actually filed. As Sec 234A interest was levied on ITR filed after 31st July, now it has been extended till 31st August.

Know more about Section 234A.


  • Removal of ITR 1 & ITR 4 Online Saved Drafts

As the wise one’s said “Do it now! Because sometimes later becomes never”. If you’ve saved an online draft of ITR 1 or ITR 4 computation than it’ll no longer be available. As the date got extended & to update online ITR forms, these drafts are removed by department. Now you will have to file tax return afresh. Although minor, but this is a very important changes in ITR form.

Now calculate your tax liability/ refund online using our Income Tax Calculator.


  • Changes in ITR Form Verification Box

While filing income tax india return, one needs to verify & declare that all the information provided is correct & complete. This declaration is made under head “Taxes Paid and Verification” in online as well as offline ITR form.








As shown below, you can see two options “Self” & “Representative”. Before the ITR due date extension, these options were not available. It provides you with the option to file return in the capacity of “Self” or through a CA/ TRP as “Representative”.

Also, in ITR 4 (in addition to above) 2 more options “Karta” or “Partner” are given.









  • New & Updated Offline ITR Utilities

Because of extension in due date of Section 234F & Section 234A penalties, offline ITR utilities have also been updated. As a result, if you thought of filing return offline & saved computation but did not file it before extension then such excel/java file is no longer valid. Therefore, you will have to download new return forms through incometaxefling website.


  • Bifurcation of Other Sources Income










The most major changes in ITR form FY 2017-18 post due date extension has been done in other sources income. In ITR, under Schedule OS, 4 new details of interest income are asked. This requirement of extra details were not required in previous ITR forms. You can see, in the screenshot above how interest details regarding Savings Bank, Term Deposit, Income Tax Refund & Others.


  • Option to Insert Zip Code

A minor change but insertion of option to add Zip codes in certain schedule has also been introduced. Before the extension of ITR due date, in Personal Information, as soon you select “State” as “Foreign” the option for Pin Code gets disabled & Zip Code gets activated. Also, in Salary income schedule, the option to insert Zip code has been given which was not available before.


























To Conclude

These are the 7 major changes in ITR form for FY 2017-18 (AY 2018-19). So if you haven’t filed return yet then it is high time you do so.

As even a single delay & you’ll fall victim to Sec 234F penalty.

You can also file ITR for FREE with Tax2win & to claim maximum tax benefits as well as refunds, you can opt for our CA assistance plans.

Happy Filing 🙂

Author


Team Tax2Win