Income Tax Return(ITR) Filing Forms notified by CBDT for FY 2018-19

Income Tax Return (ITR) Filing Forms for FY 2018-19:

With the start of the new financial year, the income tax filing season has begun and, keeping this in view, CBDT has notified the new Income Tax Return (ITR) forms for FY 2018-19/ AY 2019-20.

The notified new forms are ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7.

CBDT has notified new ITR forms for FY 2018-19, i.e. AY 2019-20, vide Notification No. 32/2019 Income Tax dated 1 April, 2019, in line with the amendments made by the Finance Act, 2018.

 

ITR 1 Sahaj

For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh.

Simply put, ITR 1 Sahaj is a one page form for individuals having income up to Rs 50 lakh from the following sources:

1. Income from Salary or Pension
2. Income from One House Property
3. Income from Other Sources

 

ITR 2

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

 

ITR 3

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

 

ITR 4 Sugam

For presumptive income from Business & Profession

 

ITR 5

For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

 

ITR 6
For Companies other than companies claiming exemption under section 11.

Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
 

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

 

Sec.139(4a) related with the trust income,

Sec 139(4b) deals with political parties,

sec.139(4c) deals with scientific research and

sec.139(4d) related with the university and college. all sections deals different matters.

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