The new ITR Forms made available from the Financial Year 2018-19, will require you to provide more information about your house property, whether it is occupied or let out. The Central Board of Direct Taxes brought various changes in the ITR Forms for the Financial Year 2017-18, these changes became mandatory for the Financial Year 2018-19. The ITR forms have incorporated the changes made by the Finance Act, 2017 in the Income Tax Act, 1961.
The recent changes in the ITR Forms
You will have to provide details regarding your house property in the latest ITR Forms. If you own a house property, you will have to declare whether it is self-occupied or rented. If the property was let-out last year, you will have to give the break-up details of gross rent received, tax paid to local authorities and the yearly value of the property. The annual value will be the gross rent paid minus taxes deducted.
Here are the new features of various Income Tax Return Forms: –
ITR-1 Form is supposed to be filled by the salaried individuals, whose annual income is less than 50 lakh. ITR-1 Form will cover the General Information, Gross total Income, Deductions and Taxable Total Income, Computation of Tax Payable, Other Information, Details of Advance Tax and Self-Assessment Tax payments, Details of TDS/TCS.
This form is for both individuals as well as Hindu Undivided Family, who have income under any head except for business or profession.
ITR-3 Form is for the individuals as well as Hindi Undivided Family having income from profession or business.
This form is for the presumptive taxpayers, who are supposed to declare their income as a specific percentage of their gross receipts or turnover and pay taxes.
These taxpayers will have to furnish GST related details for the current financial year.
ITR form for non-resident Indians will require individuals to furnish details of any one foreign bank account, which can be used for the purpose of credit of refund.