CBDT: Notification Of Income Tax Return Forms For Assessment Year 2018-19

NL
NovoJuris Legal

Contributor

NovoJuris Legal logo
NovoJuris Legal, an innovative and new-age law firm, where clients leverage on in-depth knowledge and solutions based approach. We work with high impact and rapid growth companies to large corporates and disruptive tech businesses. Our Funds formation practice is robust and we are consistently ranked amongst India’s top 5 in private equity.
The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4.
India Tax

The Central Board of Direct Taxes (CBDT) in consultation with Ministry of Finance has notified Income Tax Return Forms for the Assessment Year ('AY') 2018-19. Few observations are as below:

  • For AY 2017-18, a one-page simplified ITR Form-1(Sahaj) was notified. For AY 2018-19 also, a one-page simplified ITR Form-1(Sahaj) has been notified which can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.).
  • ITR Form-2 has also been rationalized by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2
  • The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4.

Source: https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/702/Press-Release-CBDT-notifies-Income-Tax-Return-Forms-for-Assessment-Year-2018-19-05-04-2018%20.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More