CA. Siva Nagaraju
Important changes or additional disclosures brought out in a new set of ITR forms released by Income tax department for AY 2018-19
|
Sl. No |
ITR Form |
Change/Additional disclosure |
| 1 | ITR - 1 |
Detailed calculation of income from salary disclosing value of perquisites, allowances not exempt & profits in lieu of salary shall be provided ITR - 2 |
| 2 |
ITR - 1 |
Non residents shall only file either ITR - 2 or ITR - 3. ITR - 2 |
| 3 | ITR - 2 |
Partner of a firm shall only file ITR - 3
|
| 4 |
ITR - 2 |
New forms require the assessee to disclose the value of unquoted shares transferred based on valuation report obtained U/s. 50CA ITR - 3 |
| 5 |
ITR - 4 |
Additional disclosure of Assets & Liabilities in case of assessees opting for Presumptive Taxation |
| 6 |
ITR - 4 |
Aggregate Turnover reported in GST return along with GST number shall be disclosed |
| 7 |
ITR - 6 |
Break up of total expenditure with entities Registered & Unregistered under GST |
| 8 | ITR - 1 | Late fees U/s. 234F has been inserted in all Forms ITR - 2 ITR - 3 ITR - 4 ITR - 5 ITR - 6 ITR - 7 |
| 9 |
ITR - 2 |
Specific columns to report each capital gain exemption separately (54, 54B, 54EC, 54EE, 54F & 54GB) ITR - 3 |
| 10 |
ITR - 2 |
ITR forms allow non-residents to provide a foreign bank account for the purpose of refund. ITR - 3 |
| 11 |
ITR - 6 |
Assessees who are not liable to tax audit shall report foreign currency payments and receipts. |
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