Changes in ITR Forms for AY 2018-19


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
ITR - 3
ITR - 4

2

ITR - 1

Non residents shall only file either ITR - 2 or ITR - 3.

ITR - 2
ITR - 3

3 ITR - 2

Partner of a firm shall only file ITR - 3
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
ITR - 5
ITR - 6
ITR - 7

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
ITR - 5
ITR - 6

10

ITR - 2

ITR forms allow non-residents to provide a foreign bank account for the purpose of refund.

ITR - 3
ITR - 4
ITR - 5
ITR - 6
ITR - 7

11

ITR - 6

Assessees who are not liable to tax audit shall report foreign currency payments and receipts.

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CA. Siva Nagaraju 
on 16 May 2018
Published in Income Tax
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