Income Tax Return Filing for Financial Year 2017-2018

Income Tax Return Filing for Financial Year 2017-2018

There are so many changes have been made in ITR forms for filing Income Tax Return of F.Y 17-18. Only Form ITR1 has been notified by CBDT yet for F.Y 17-18.

But it requires so many information as compared to last year FORM.

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ITR 1 - Points to be noted while filing Income Tax for F.Y 17-18

Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now this from has been made applicable only for resident individuals.

• The condition of the individual having income from salaries, one house property, other income and having total income upto Rs 50 lakhs.

• There is a requirement to furnish breakup of salary income which includes perquisites, allowances, deduction.

• These details would appear only in Form 16 and the requirement to disclose them in the return had never arisen earlier.

• There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms.

• Under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, provision for quoting of PAN of Tenant for such rent cases has also been made.