Major Changes in ITR Forms

29th June 2018

628

ITR-1 is the simplest ITR Forms house property and from other sources. Moreover, the annual taxable income of the taxpayer should be less than 50lakh and his total income should not include any ITR Forms betting, gambling, etc. Unlike last year, the new ITR-1 form requires the detailed salary break-up and income from house property, which was not required till last year.
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The ITR-1 Form is the ITR Formsform that is used by a maximum number of taxpayers. This Form is withdrawn for non-residents. So, non-residents will have to file either ITR-2 or ITR-3 for the assessment year 2017-18. Download Click Here and use our IOS App to file your Income Tax Return

If a taxpayer opts for presumptive taxation scheme income under sections 44AD, 44ADA or 44AE, he will have to file the return of income in form ITR 4. The old ITR 4 Form only contained 4 particulars of business such as a) total creditors, (b) total debtors, (c) total stock-in-trade and (d) cash balance, whereas the new 4 seeks the information about 14 business particulars like amount of secured/unsecured loans, advances, fixed assets, capital account, etc.
The new ITR 4 Form requires the taxpayer to report the annual turnover that he/she has mentioned in their GST return. This came into being, in order to stop malpractices of misreporting annual turnover. In case IT Department notices any difference in the report the taxpayer can be penalized.
For the Financial Year 2017-18 or Assessment Year 2018-19, an individual or an HUF, who is a partner in a firm, shall be required to file his/her Return only in Form ITR 3. Last year the partners were required to file return in ITR 2.
After enactment of GST Act, the new Return forms have introduced new columns to report CGST, SGST, IGST and UTGST paid by, or refunded to, taxpayer during the relevant Financial Year.
Individual taxpayers who are filing an income-tax return in Form ITR 2 or ITR 3 or ITR 4 aren’t required to mention the gender, i.e., male or female or transgender, as the column of gender has been removed from the new ITR Forms.