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Sunday 8 April 2018

ITR Forms for AY 2018-2019 Notified

Summary of Key Changes:
1. Break-up of details as per GST returns: Corporate taxpayers whose turnover is up to INR10m are required to provide the break-up of total expenditure with GST registered and non-registered entities. In relation to expenditure with GST registered entities, it further requires the break-up of expenditure relating to exempt supply covered under the composition scheme, and other registered entities for the period on or after 1 July 2017, being the GST applicability date. 
2. GST Details: Taxpayers covered by presumptive taxation are required to submit GST registration number and the amount of turnover/gross receipt as per returns furnished under the GST laws.
3. Requirement to furnish compressed balance sheet: For taxpayers covered by presumptive taxation scope of reporting details of assets held in business has been expanded substantially. As against specific details of four items, being inventory, cash in hand, debtors and creditors, the revised ITR-4 requires additional details of capital balance, secured loans, unsecured loans, advances, other liabilities, fixed assets, bank balances, loans and advances, and other assets.
4. ITR-7 additional Discolsure: now provides for mandatory filing of particulars of author, founders, trustees or managers of the trust or institution, as against the optional requirement in past. The information to be provided includes name, address, PAN and Aadhaar number of such persons.

Applicability of ITR Forms for Various Entities:
Category of taxpayers
Sources of income covered
Individuals (resident and ordinarily resident)
Who can file ITR-1
·         Has income from salaries or family pension, or
·         Income from one house property, or
·         Income from other sources
Who cannot file ITR-1
·         Who has an asset or signing authority in any account outside India or earns income from any source outside India, or
·         Who has claimed tax treaty relief and/or unilateral double tax relief, or
·         Has agricultural income above INR 5,000, or
·         Has total income above INR 5m, or
·         Has dividend income exceeding INR  1m attracting super rich dividend tax levy, or
·         Has unexplained credits or investment taxable at 60% under the provisions of the ITL, or
·         Has capital gains or business income, or
·         Income from more than one house property or has brought forward loss or loss to be carried forward under the house property head, or
·         Income from lotteries or horse races or loss under the other sources head
Individuals and HUFs
·         Has income from salaries, or
·         Income from house property, or
·         Capital gains, or
·         Income from other sources
Individuals and HUFs
·         Has income from business or profession
Individuals, HUFs, firms (other than limited liability partnerships (LLPs))
·         Profits and gains from business and professions to which presumptive tax provisions apply
For firms/LLPs/Association of Persons (AOPs)
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
Companies other than those filing ITR-7
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
Persons requiring to furnish return of income in circumstances specifically provided for under the ITL viz., charitable trusts and other institutions, political parties, business trusts etc.
·         Income from house property
·         Capital gains
·         Profits and gains from business and profession
·         Income from other sources
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