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.