New Income Tax Return (ITR) Forms for AY 2019-20 (FY 2018-19)

The Central Board of Direct Taxes (CBDT) has released the new Income Tax Return (ITR) Forms for the assessment year 2019-20 (FY 2018-19). The last date for filing the income tax return for individuals is July 31, 2019. In this article, let us take a look at the new Income Tax Return (ITR) Forms for AY 2019-20 (FY 2018-19).

The new ITR forms are Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form

Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V. This year also there are few changes in these ITR forms. Before understanding the new ITR forms, let us take a look at the income tax slabs for FY 2018-19 or AY 2019-20.

Income Tax Slabs for FY 2018-19 (AY 2019–20)

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%

Surcharges and Cess

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

·      15% surcharge on income tax if the total income exceeds Rs 1 crore.

·      4% Education and Health Cess on the income tax and applicable surcharge.

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

v No separate tax slabs for men and women.

New Income Tax Return (ITR) Forms for AY 2019-20 (FY 2018-19)

The details regarding each ITR form are as under:

1. Form ITR-1 (SAHAJ) for AY 2019-20 (FY 2018-19)

ITR-1 is filed by resident individuals having total income up to Rs.50 lakh, having income from salary, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand. Note that ITR-1 is not applicable for an individual who is either Director in a company or has invested in unlisted equity shares.

2. Form ITR-2 for AY 2019-20 (FY 2018-19)

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

3. Form ITR-3 for AY 2019-20 (FY 2018-19)

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

4. Form ITR-4 (Sugam) for AY 2019-20 (FY 2018-19)

ITR-4 is applicable for individuals, HUFs (Hindu Undivided Families) and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed u/s 44AD, 44ADA or 44AE. Note that ITR-4 is not for an individual who is either Director in a company or has invested in unlisted equity shares.

5. Form ITR-5 for AY 2019-20 (FY 2018-19)

ITR-5 is applicable for persons other than:

(1) Individual

(2) HUF ((Hindu Undivided Family)

(3) Company and

(4) Person filing Form ITR-7

6. Form ITR-6 for AY 2019-20 (FY 2018-19)

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

7. Form ITR-7 for AY 2019-20 (FY 2018-19)

Form ITR-7 is meant for persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

8. Form ITR-V (Acknowledgement) for AY 2019-20 (FY 2018-19)

Form ITR-V is Acknowledgement form.

Hope now you can choose a correct Income Tax Return (ITR) Form for filing your income tax return for AY 2018-19 (FY 2017-18). The last date for filing the income tax return for individual taxpayers is July 31, 2019.

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

Also read: How to file your income tax return (ITR) online?
Also read: How to update your profile on Income Tax Website?

New Income Tax Return Forms for AY 2019-20 (FY 2018-19)