New Income Tax Return Forms Released for AY 2018-19

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Common forms used

ITR -1 (SAHAJ)

  • Income from Salary/Pension
  • Income from 1 house property (except those cases where loss is carried forward from previous year
  • Income from other sources( except income from lottery, winning from race horses, etc)
  • Total income <= Rs.50 lakhs.
  • No income from Capital Gains.
  • Agricultural income <=Rs.5,000/-
  • No Income from Business or Profession
  • No income from outside India

ITR 2 Form

  • Income from Salary/Pension
  • Income from more than 1 house property
  • Income from Capital Gains
  • Income from Other Sources (including winnings from lottery and income from race horses)
  • Agricultural income of more than Rs 5,000
  • Income from outside India or having asset abroad
  • No Income from Business or Profession

ITR 3 Form

  • Individuals & HUFs, who are having proprietary business, profession or┬áhaving income as a partner in a Partnership firm, can file this return form.
  • Earlier this form was named as ITR 4
  • Income from Salary/Pension
  • Income from more than 1 house property
  • Income from Other Sources (including winnings from lottery and income from race horses)

ITR 4S Sugam Form

  • This form can be used by an individual/ HUF/ Partnership firm who show their income under presumptive scheme u/s 44AD, 44ADA & 44AE
  • Agricultural income <=Rs.5,000/-
  • No income from Speculative Business and other special incomes
  • No income from an agency business or income in the nature of commission or brokerage
  • Income from Salary/Pension
  • Income from 1 house property (except those cases where loss is carried forward from previous year
  • Income from other sources( except income from lottery, winning from race horses, etc)
  • No asset outside India
  • No income from abroad

 

 

 

 

 

The author, Jitender Kanswal is a CA by profession. He has contributed lots of useful resources in reputed platforms like CACLUBINDIA, TAXGURU, ETC. He is also the founder of website www.etaxlogic.com which provides useful information related to income tax, GST, accounting etc.

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