The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
“For Assessment Year 2018-19, a one-page simplified ITR Form-1 (Sahaj) has been notified,” the CBDT said in a statement. “This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income up to ?50 lakh and who is receiving income from salary, one house property/other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated,” the release added.
ITR Form-2 has also been rationalised by providing that individuals and HUFs (Hindu undivided families) with income under any head other than business or profession be made eligible to file ITR Form-2.
Individuals and HUFs with income under the head business or profession must file ITR Form-3 or ITR Form-4 (in presumptive income cases).
“As compared to earlier years, tax payers will have to provide more details in the tax forms,” Amarpal Chadha, tax partner and India mobility leader, EY, wrote in a note.