New Income Tax Return Forms for AY 2018-19 (FY 2017-18)

New Income Tax Return Forms for AY 2018-19 (FY 2017-18)

The new Income Tax Return Forms have been notified by the Central Board of Direct Taxes (CBDT) for the assessment year 2018-19 (FY 2017-18). The new forms are Form ITR-1 (Sahaj), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V. The last date for filing the income tax return for individuals is July 31, 2018. In this post, I would like to tell you about new Income Tax Return Forms for AY 2018-19 (FY 2017-18).

The manner of filing of Income Tax Return Forms

There is no change in the manner of filing of Income Tax Return Forms as compare to last year. All Income Tax Return Forms are to be filed electronically. However, individuals who are 80 years old or older at any time during the financial year or individuals and HUF (Hindu Undivided Family) whose income does not exceed Rs 5 lakh and who have not claimed any refund have an option to file ITR-1 (Sahaj) or ITR-4 (Sugam) in the paper form. Please note that quoting your Aadhaar number is now mandatory while filing your income tax return. A tweet from @IncomeTaxIndia

Tweeted by @IncomeTaxIndai

Changes in Income Tax Return Forms for AY 2018-19 (FY 2017-18)

There are few changes in these Income Tax Return Forms and the information to be furnished. The changes include:

1. Salaried individual taxpayers are required to furnish basic details of their salary and income from house property.

2. NRIs cannot file Form ITR -1.

3.  NRIs are required to furnish their foreign bank account details now for the purpose of credit refund. Earlier, they were allowed to provide details of bank accounts held in India.

4. The income taxpayers who have to file income tax returns using Form ITR-4 or ITR-3 need to provide their GST registration number and turnover.

Also read: Documents needed while filing Income Tax Return in India?

Income Tax Slabs & Rates for FY 2017-18 (AY 2018–19)

Income Tax Slabs & Rates for Individual Taxpayers

Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 - Rs. 500,000	5%
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%

Income Tax Slabs & Rates for Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab	Income Tax Rate
Income upto Rs. 3,00,000	Nil
Income between Rs. 3,00,001 - Rs. 500,000	5%
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%

Income Tax Slabs & Rates for Senior Citizens (Age 80 years or more)

Income Tax Slab	Income Tax Rate
Income upto Rs. 5,00,000	Nil
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%

Surcharge and Cess applicable on the above rates

** 10% surcharge is applicable on income tax if the total income exceeds Rs. 50 lakhs but below 1 crore.

** 15% surcharge is applicable on income tax if the total income exceeds Rs 1 crore.

** 2% Education cess and 1% Secondary and Higher Education Cess is applicable on the income tax and applicable surcharge.

** For individuals whose income is equal to or less than Rs 3.5 lakh, a tax rebate of Rs. 2,500 or 100% of income tax (whichever is lower) is available under section 87A.

** There is no separate tax slab for men and women.

New Income Tax Return Forms for AY 2018-19 (FY 2017-18)

1. Form ITR-1 (SAHAJ)

New one page simplified Form ITR-1 (Sahaj) has been notified by CBDT. Form ITR-1 (Sahaj) can be filled by individuals who are residents other than not ordinarily resident receiving income from salaries, one house property, other sources (Interest earned etc.). The total income for the financial year 2017-18 does not exceed Rs.50 lakh.

The new Form ITR-1 (Sahaj) requires salaried individual taxpayers to furnish basic details of their salary and income from house property. Basic details of your salary are available in your Form 16. 

2. Form ITR-2

Form ITR-2 is for Individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.

3. Form ITR-3

Form ITR-3 is for individuals and HUFs (Hindu Undivided Families) having income from profits and gains of business or profession.

4. Form ITR-4 (Sugam)

Form ITR-4 (Sugam) is for presumptive income from business and profession.

5. Form ITR-5

Form ITR-5 is for persons other than,

(a) Individual,

(b) HUF,

(c) Company

(d) Person filing Form ITR-7

6. Form ITR-6

Form ITR-6 is for companies other than companies claiming exemption u/s 11.

7. Form ITR-7

Form ITR-7 is for individuals including companies who required to furnish return u/s 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F).

8. Form ITR-V (Acknowledgement)

Form ITR-V is Acknowledgement form.

Hope now you will be able to choose a correct Income Tax Return Forms for AY 2018-19 (FY 2017-18). The last date for filing the income tax return for individuals is July 31, 2018.

Also read: How to file your income tax return online?
Also read: Most common mistakes people make while filing income tax return (ITR)

Also read: How to update your profile on Income Tax Website?
Also read: How to apply for duplicate PAN card | Reprint PAN card online

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New Income Tax Return Forms for AY 2018-19 (FY 2017-18)