Key Changes In New ITR Forms For AY 2018-19

Author: CA Atul Mehta
Posted On: Friday 13 April 2018

Changes in ITR forms for AY 2018-19 – Highlights

• As you aware, CBDT has notified Income Tax Return (‘ITR’) forms for AY 2018-19 on 3rd April 2018 with some important changes as to disclosure of certain details by the assessee in comparison to tax return forms for AY 2017-18, Highlights on such changes made is given below.
• Now ITR-1 & ITR-4 both requires detailed calculation of income under the head ‘Income from Salary’ and ‘Income from House Property’ unlike Form ITR-1 & ITR-4 of AY 17-18 which was requiring assessee to furnish only taxable income under such heads.
• As you aware, mandatory fee (Rs. 5,000 / Rs. 10,000) is imposed for late filing of return of income from AY 2018-19 onwards, necessary changes are made in Tax computation Schedule for fees to be calculated under section 234F of the Act.
• In ITR-2 to ITR-7, In Schedule OS - Income from Other Sources, now it requires to disclose income of the nature prescribed under section 56(2)(x) of the Act which is chargeable to tax.
• In ITR 6, new Schedules for Ind AS Compliant companies are introduced wherein they shall be required to disclose the Ind AS balance sheet and Ind AS profit & loss account in the same format as prescribed under Schedule III to the Companies Act, 2013. Also necessary changes are made in Schedule MAT regarding calculation of MAT liability for Ind AS Compliant companies.
• Schedule IF (Details of Individual where he is partner in any firm) is now removed from Form ITR-2, it means that every partner has to file Form ITR-3 only from AY 2018-19
• New Form ITR-4 (Presumptive Taxation) requires disclosure of amount of secured / unsecure loan, advances, fixed assets, capital account balance in addition to amounts of debtors, creditors, stock-in-trade and cash balance. It also now ask for GST Number of assessee along with Turnover as per GST return.
• New ITR 2 to ITR 7 also now provide for option to transfer TDS credit to other person / allow to take TDS credit which is deducted in the hands of person other than the assessee. The same is amended to apply provisions of Rule 37BA(2) of the Income Tax Rules.
• In Schedule OS – Income from other sources, in respect of income offered as per DTAA, it is now also required to disclose applicable rate of tax as per DTAA and rate as per Income Tax Act.
• Fair Market Value to be declared in return of income itself with regard to transfer of unquoted shares in view of new Section 50CA of the Act.
• In Schedule DEP, (Depreciation), rates of various types of block of assets capped to 40% in view amendment made in Appendix-I Rate of Depreciation.

• In Schedule DEP, in case of business restructuring and business re-organization events like demerger, amalgamation, it is now required to provide total amount of proportionate depreciation claimed out of total depreciation on account of demerger, amalgamation etc.

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