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Changes in ITR for AY 2018-19

Changes in ITR for AY 2018-19

Section 139 Changes
Changes in Section 139(4c) 

Addition to the list of section 139(4c):

  1. Persons referred in Section  10(23AAA)
  • The beneficiary of funds established for the welfare of employees/dependents. Eg. Superannuation 

2. Investor protection fund – 10(23EC) or 10(23ED)

3. Core settlement guarantee fund – 10(23EE)

4. Board or authority – 10(29A)

  • Coffee Board, Rubber Board, Tea Board, Tobacco board etc.

 

Loss / Belated / Revised ret

Belated  return u/s  139(4)

 

Belated Revised return now be filed before the end of relevant assessment year.

Belated return for AY 2018-19 can be filed up to 31st March  2019.

 

Revised  return u/s  139(5)

 

Revised return now be filed before the end of the relevant assessment year or before the completion of the assessment. Even belated return can be revised.

For AY 2018-19, the revised return can be filed up to March 31,  2019.

 

Download Full ppt.: Changes in returns AY 2018-2019

Rule 12 changes
Forms for the non-business assessee Individuals (only Ordinary Resident):

Category

Form

Mode

Salary or Family Pension  And/or

One House Property Income w/o b/f loss or w/o c/f Loss

And/or

Income from Other Sources w/o Lottery or Race Horse Income  And

w/o Loss under any head of income

And

Total Income < 50 Lacs

Ü capital gain is missing

Total Income > 5 Lac

 

1

E-file

Claiming refund

E-file

Total income <= 5 Lac and not claiming refund

Any Mode

Form 1(Sahaj) is the simplest form but with lots of riders.

Following Ordinary residents are  also not allowed to file ITR-1:
  • has assets (including financial interest in any entity) located outside India;
  • has signing authority in any account located outside India;
  • has income from any source outside India
  • has the income to be apportioned in accordance with provisions of section 5A (i.e. Portuguese Civil Code)
  • has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91
  • has agricultural income, exceeding five thousand rupees
  • has income taxable under section 115BBDA
  • has the income of nature referred to in section 115BBE
Migration from ITR-1 to ITR-2
  • Now Non-residents and RNORs are not eligible to file ITR-1
  • House property should not have loss b/f as well c/f now. C/f condition is new from AY 2018-19.
  • Except above practically there is no change in rule 12
  • Basically, lots of non-business Individual assessees are being pushed from ITR-1 to ITR-2
Forms for non-business assessees  Individual and HUFs

Category

Form

Mode

All Individuals

-With no income under the head of PGBP. Earlier it was proprietary

business only.

-Not eligible to file ITR-1

All HUFs with no business income

Total Income > 5 Lac

 

2

E-File

Claiming refund

E-file

Total income <= 5 Lac and not claiming refund

Any Mode

  • Form 2 is also a residual form for non-business income assessed and can be used for all situations
  • Change: Assessees having income only from Partnership Business are not eligible to file this form.
Forms for Business Assessee Individuals, HUFs and Firms (not LLP) – Only presumptive business income

Category

Form

Mode

Must have Income under the head PGBP

•Such business income must be computed under any presumptive income  section viz., 44AD/44ADA/44AE

•And/or Salary or Family Pension

•And/or One House Property Income

•And/or Income from Other Sources

Total Income > 5 Lac

 

4

E-File

Claiming refund

E-file

Total income <= 5 Lac and not claiming refund

Any Mode

  • Section 44ADA inserted w.e.f. AY 2017-18 for Professionals like
  • No change per se for AY 2018-2019
Forms for Business Assessee Individuals and HUFs Non-presumptive business income

Category

Form

Mode

Must have income/loss under the head PGBP

And Not earning any presumptive income u/s 44AD/44ADA/44AE

And/or Income/loss from any other head

OR Not eligible to file ITR-4

Total Income > 5 Lac

 

3

E-File

Claiming refund

E-file

Total income <= 5 Lac and not claiming refund

Any Mode

  • Section 44ADA inserted w.e.f. AY 2017-18
  • If such assessee’s accounts are required to be audited then only e-filing with the digital signature is permissible
  • No change per se for AY 2018-2019

 

Download Full Powerpoint presentation By CA Deepak Bholusaria.

PowerPoint Slide Show - [changes in returns AY 2018-2019] 2018-04-25 11.17.15

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Profile photo of Deepak Bholusaria, CA Deepak Bholusaria, CA

Quitters do not win, winners do not quit.

Delhi, India

A seasoned professional, speaker and trainer with 19+ years of experience

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