ITR Forms : FY 2018-19(AY 2019-20) |E-filing |Income Tax Return


(Last Updated On: August 3, 2019)

With the beginning of the new financial year, time for settlement of accounts and disclosing what one has earned in the previous year arrives. Such disclosure is required to be filed in the form of returns prescribed by Income Tax which are known as Income Tax Return (ITR) Forms. As always CBDT has notified the Income Tax Return forms for FY 2018-19( AY 2019-20). These ITR forms contain fields to furnish the relevant and required information. There are different ITR forms for different categories of taxpayers/ assessee/ user. In this blog, we have mentioned everything that you would like to know about ITR Forms in the current Financial Year.


Major changes in ITR Forms for FY 2018-19(AY 2019-20)


  • As per the new ITR forms notified by CBDT ITR-1 and ITR-4 now can not be filed by an individual who is a director in the company or has invested in unlisted equity shares.
  • As per the notified form by CBDT, the option of standard deduction comes with ITR-1. At the time of filing ITR, the maximum standard deduction amount that can be claimed by you is Rs 40,000 for FY 2018-19.
  • As in the previous year where you were only asked to provide just the income from other sources. Now you will have to provide details of income from other sources.
  • For the FY 2018-19, you will be needed to provide the residency status details in the ITR-2 form. Details i.e In FY 2018-19 you were resident, resident but not ordinarily resident or non-resident individual. You will be required to properly specify that you were in India for 182 days or more during the period of previous year [section 6(1)(a)] or You were in India for 60 days or more during the period of previous year, and have been in India for 365 days or more within the 4 preceding years [section (6)(1)(c)] [where Explanation 1 is not applicable]
  • As per the Notified form under ITR-4, persons who are Resident and Ordinarily Resident and their total income do not exceed Rs 50L, ITR-4 can now only be filed them.
  • Changes have been made in Income from House Property also such as if the tax is deducted under section 194-IB then to furnish PAN of the tenant will be a mandatory requirement.
  • Under the  Directorship in a company,  Details of all the companies will have to be  disclosed where you were a director in the past.
  • If tax is deducted under section 194I then to furnish the TAN of the Tenant is mandatory
  • Under Income from Capital Gain, changes have been introduced i.e. Full value of consideration adopted as per Section 50C for the purpose of Capital Gain is calculated upto 1.05 times of Value of Property as per stamp valuation authority
  • Additional reporting requirement changes have been introduced in Schedule FA-Details of Foreign Assets and Income from any source outside India
  • In case of companies date of commencement of business to be reported under ITR-6 form.
  • In ITR-6 details of startup to be furnished
  • Some changes have also notified in Part A
  • Additional reports to be mentioned in schedule AL-1.

Here’s the list of ITR forms available and who are eligible to use these:

ITR-1 SAHAJ

This form is available for the individual assessee being a resident (other than Not Ordinary Residents) having total income up to Rs. 50 lakh, and having income from:

  • Salaries,
  • One house property,
  • Other sources (Interest etc.),
  • Agricultural income up to Rs. 5,000/-

This form does not apply to individual

  • who is Director of a company,
  • Invested in unlisted equity shares

ITR-2

This form applies to the individuals and HUFs not having the income from Profits and Gains of Business or Profession (PGBP)


ITR-3

This form applies to the individuals and HUFs as covered under ITR- 2 and also include persons having income from Profits and Gains of Business or Profession (PGBP)


ITR-4 SUGAM

This form applies to

  • individuals,
  • HUFs, and
  • Firms [other than Limited Liability Partnership (LLP)]
  • having total income up to Rs. 50 lakh,
  • having income from business and profession which is computed under sections 44AD, 44ADA or 44AE on a presumptive basis.

This form does not apply to individuals

  • who is Director of a company,
  • Invested in unlisted equity shares

ITR-5

This form applies to persons other than:

  1. individual,
  2. HUF,
  3. company and
  4. a person filing Form ITR-7

 


ITR-6

This form applies to Companies other than companies registered as Trust and claiming exemption under section 11.


ITR-7

This form applies to the persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.


Above mentioned ITR forms are used to declare the income earned in the previous year. Although it has been seen that taxpayers have to be very cautious while selecting the ITR forms for return filing, reason being a variety of forms are available and sometimes it creates confusion for a taxpayer to select the right form. The choice of the forms is entirely dependent on the income earned by the assessee, and for some, the residential status of a person is also relevant.

So it’s advisable to seek the help of professionals in this field to avoid the complexity and file the return with accuracy and without any error. To know which ITR will be applicable to you, read our full article here.

Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.