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10 Important changes in ITR of 2018-19

CA Umesh Sharma 
on 23 July 2019


Arjuna (Fictional Character) : Krishna, 31st July 2019 is the due date of filing Income Tax Return for the F.Y. 2018-19, to whom it is applicable and what care should be taken by the taxpayer?

Krishna( Fictional Character): Arjuna, the due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Individuals etc.). For other categories such as companies, working partners of a firm, etc whose accounts are required to be audited, the deadline for filing income tax return is 30th September 2019.

Arjuna (Fictional Character): Krishna, what are the changes in ITR Forms for F.Y. 2018-19?

Krishna (Fictional Character): Arjuna, following are the 10 major changes in ITR Forms-

For Salaried individual-

1. The first change among the 10 is the manner of providing details of salary has been changed. Now detailed breakup of allowances and deductions also need to be reported. Assessee needs to ensure that Form 16 and ITR should match in every perspective.

For Income under the head House Property-

2. Now the assessee also need to report the TAN of the tenant if TDS is deducted u/s 194I and PAN if TDS is deducted by individual or HUF u/s 194IB.

For Capital Gains income-

3. As per the provision of sec 112A, NAV as on 31st January 2018 needs to be mentioned for calculation of long term capital gain from equity shares or equity oriented mutual funds as per Grandfathering Clause.

4. Now taxpayer has an option either to provide script wise details with ISIN of long term capital gain as per sec 112A or can directly enter the aggregate value of capital gain. This facility is available to assessees liable for ITR -2, 3, 5, or 6.

For Profits and Gains from Business or Profession-

5. Those assessees who are required to submit Profit and Loss A/c and Balance Sheet of the relevant assessment year are also under an obligation to submit Manufacturing and Trading A/c.  

Miscellaneous changes-

6. If agricultural income exceeds Rs. 5,00,000, then details such as area (in acres), ownership, district, pin code, etc needs to be reported in ITR.

7. Taxpayer also need to mention the head of income at the time of claiming TDS credit as per 26AS.

8. Detailed disclosure of residential status needs to be reported by the assessee.

9. Details of directorship in company such as name, PAN of the company and DIN are to be furnished in ITR forms.

10. Details of Unlisted equity shares held has to be reported by the taxpayer.

Arjuna (Fictional Character): Krishna what care should be taken by assessees while filing income tax returns?

Krishna (Fictional Character): Arjuna, apart from the above, assessee should also disclose exempt income in ITR. Form 26AS should be matched completely such as income, tax deduction, tax payments, etc. Also the bank details to be filled correctly, especially in case of refunds. Lastly, if the return is not e-verified with Aadhaar OTP, make sure that the acknowledgement of ITR is send to CPC within 120 days. If returns are not filed within due date then assessees having income upto 5,00,000 shall be liable for a late fees of Rs. 1,000 whereas assessees having income beyond 5,00,000 shall be liable for the late fees of Rs. 5,000 upto December 2019 and thereafter Rs. 10,000 upto March 2020 along with the interest. 

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Category Income Tax
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CA Umesh Sharma 

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