AY 2018-19 Tax Form Changes

canikhil

Well-Known Member
#1
Hey All,

The tax return forms for AY 2018-19 have been published and a few changes that will be relevant for almost everyone have been made which are as under:

1. The ITR forms now ask for more details regarding the salary structure such as Allowances not exempt, Value of perquisites, Profit in lieu of salary & Deductions u/s 16. These details are available in Form 16 but now need to be provided in the tax return form too. (earlier you only had to disclose the net taxable income)

2. The new ITR 1 (Sahaj) also asks for more details on “Income from House Property” such as Gross rent received, Tax paid to local authorities, Interest payable on borrowed capital. (earlier you had just report the net income from house property)

3. In case you are a non-resident, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Earlier, they could only provide details of bank accounts held in India.

4. One the most important change is that in the ITR-4 GSTR details are to be disclosed. How it impacts the tax payers disclosing their gains from F&O transactions and not holding GST registration is yet to be seen. (will keep you all posted once the tax return filing starts)
 
#2
Hey All,

The tax return forms for AY 2018-19 have been published and a few changes that will be relevant for almost everyone have been made which are as under:

1. The ITR forms now ask for more details regarding the salary structure such as Allowances not exempt, Value of perquisites, Profit in lieu of salary & Deductions u/s 16. These details are available in Form 16 but now need to be provided in the tax return form too. (earlier you only had to disclose the net taxable income)

2. The new ITR 1 (Sahaj) also asks for more details on “Income from House Property” such as Gross rent received, Tax paid to local authorities, Interest payable on borrowed capital. (earlier you had just report the net income from house property)

3. In case you are a non-resident, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Earlier, they could only provide details of bank accounts held in India.

4. One the most important change is that in the ITR-4 GSTR details are to be disclosed. How it impacts the tax payers disclosing their gains from F&O transactions and not holding GST registration is yet to be seen. (will keep you all posted once the tax return filing starts)

Thanks for that, Nikhil. Many of us had a question about it :)
 

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