Changes in ITR 1,2,3 and some key points

Form Name

For Whom

Changes in F.Y. 2018-19

ITR 1

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand

(Not for an Individual who is either Director in a Company or has invested in shares of unlisted Company.)

a. Only Super Senior Citizen (80 years) can file Paper Return other mandatorily E-Return.

b. Details of one House Property as it is 'Let Out'

or Deemed Let Out or Self occupied.

c. Salary details synchronize with Form 16.

d. Full disclosure and break up give for Income from other source income.

e. Standard deduction u/s. 16(ia) = Rs. 40,000/- but LTA, HRA still on.

f. Any Arrear rent received in f.y. 18-19 required to report.

g. Under Part A 'Pensioner' checkbox has been introduced under the Nature of Employment Section.

h. Section 80 TTB column has been included for Senior Citizen.

ITR 2

For Individuals and HUFs not having income from profits and gains of business or profession

A. Resident status require to give details:

i. Resident - in India 182 days or more.

Or, you were in India for 60 days or more in P.Y. and have in in India for 365 days or more within 4 preceding years.

ii. Resident but not ordinarily Resident - NRI 9 out of 10 Preceding years. OR,

You have in India for 729 days or less during the 7 Preceding Years.

iii. In case you are a NRI Please specify Jurisdiction of Residence during the P.Y. and TIN in that jurisdiction.

iv. In case you are a Citizen of India or a Person of Indian Origin Specify,

a. Total Period of stay in India in PY. .

b. Total Period of stay in India during the 4 Preceding Years.

B. If you are an individual and were Director in a company at any time during the previous year,

Please tick Yes and provide information about name & PAN of the company, your DIN and indicate whether, or not, shares of the company are listed on a recognized stock exchange. Else, tick No'. Please note that furnishing of PAN and DIN is not mandatory in case of a foreign company.

C. Whether you have held's any Unlisted shares during the P.Y.:

Details requires:

iii. Opening Balance of Shares Contains :

No. of Shares and Cost of Acquisition.

iv. Shares acquired During the Year:

No. of Shares, Date of Purchase, Face Value Per Share, Issue Price Per Share and Purchase Price if purchase from other.

v. Shares transferred during the Year:

No. of Shares and Sale Consideration.

vi. Closing Balance:

No. Of Shares and Cost of Acquisition.

D. Complete Details of Buyer Whom You Sold Property:

a. STCG/LTCG on sale of immovable property, if any, should be reported at item No. A1/B1. It is mandatory to disclose the details of immovable property name and PAN of the buyer etc. as per the given table. These details should be furnished separately for each immovable property transferred during the year.(TDS 1% ABOVE 50 Lakh)

E. LTCG @ 10% ON Gain of Above 1 Lakh from Equity or Equity MF has to be shown in ITR.(As Section 10(38) Withdraw)

ITR 3

For individuals and HUFs having income from profits and gains of business or profession

As Above as in ITR 2 with addition:

a. Manufacturing account and Trading account separate in ITR.

b. Annual Outward Supply Value as per GST return filed.

Particulars

Scenario 1

Scenario 2

Scenario 3

Scenario 4

Scenario 5

Sales Consideration (A)

1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

Date of Sale

31-03-18

01-04-18

01-04-18

01-04-18

01-04-19

Actual Cost of Acquisition (B)

800,000

800,000

800,000

800,000

800,000

Date of Purchase

01-01-17

01-01-17

01-01-17

01-01-17

01-03-18

Quoted Price on Stock Exchange as on 31/01/2018 (C)

850,000

750,000

900,000

1,100,000

1,100,000

Deemed Cost of Acquisition (D)*

800,000

800,000

900,000

1,000,000

800,000

Long-term Capital Gains (E = D- A)

200,000

200,000

100,000

-

200,000

Exemption for Capital Gains (F = E - 1,00,000)

200,000

100,000

100,000

-

100,000

Tax on Capital Gains (F * 10%)

-

10,000

-

-

10,000

A. Male/Female Resident (Below 60 Years)

Net Income Range

Income-tax Rate*

AY 2019-20

1

Upto Rs. 2,50,000

Nil

2

Rs. 2,50,000 to Rs. 5,00,000

5%

3

Rs. 5,00,000 to Rs. 10,00,000

20%

4

Above Rs. 10,00,000

30%

Senior Citizen

(who is 60 years or more at any time during the previous year)

Income-tax Rate*

Net Income Range

AY 2019-20

1

Up to Rs. 3,00,000

Nil

2

Rs. 3,00,000 to Rs. 5,00,000

5%

3

Rs. 5,00,000 to Rs. 10,00,000

20%

4

Above Rs. 10,00,000

30%

Super Senior Citizen

(who is 80 years or more at any time during the previous year)

Income-tax Rate*

Net Income Range

AY 2019-20

1

Up to Rs. 5,00,000

Nil

2

Rs. 5,00,000 to Rs. 10,00,000

20%

3

Above Rs. 10,00,000

30%