New ITR Forms by CBDT for A.Y. 2017-18 (F.Y. 2016-17)

The ongoing months – June to September is the harbinger of income tax filing season. Taxpayer needs to furnish the particulars of their income to IT Authority.

This time CBDT has revamped the ITR Forms. Board has also showed up with comparatively lesser number of ITR Forms. Some key points are as under:-

  1. A new field has been inserted in all ITR Forms to report the amount of cash deposited during the demonetization period of November 9 to December 30, 2016. However you need to report this if the cash deposit during the period exceeds Rs 2 Lacs.
  2. Some incomes are taxed at special rates. The ITR forms have introduced columns to declare these.
  3. As per Section 115BBE, any unexplained income or investment attracts special tax of 60% (plus surcharge and cess, as applicable) irrespective of the tax slab. This can now be shown in the newly inserted column under ‘Schedule OS’ . If tax payer has unexplained income then he/she cannot file ITR 1.
  4. As per Section 115BBDA dividend income of more than Rs 10 lacs from domestic companies are taxable at the rate of 10%. The same can be reported in newly inserted column under ‘Schedule OS’ . If tax payer has dividend income above Rs 10 Lacs (as explained above) he/she cannot file ITR 1.
  5. As per Section 115BBF, royalty received for patent developed and registered in India is taxed at 10%. The same can be reported in newly inserted column under ‘Schedule OS’
  6. Section 80EE gives additional tax exemption of Rs 50,000 for payment of interest on housing loan to first time home buyers provided the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017,  the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees & the value of residential house property does not exceed fifty lakh rupees. This is over and above the tax exemption of Rs 2 lacs u/s 24(b). A new field has been introduced in Schedule VI-A to claim this deduction.
  7. Last year the income tax department had introduced new section to declare the values of assets and liabilities of individuals with income of more than Rs 50 lacs. This year the ITR form asks for more detailed information like address of immovable property. [ITR 2, 3 & 4]

The brief particulars of new ITRs for F.Y. 2016-17 (i.e., for A.Y. 2017-18) are given below:-

  1. ITR-1-SAHAJ: - For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lacs.

The form has done away with the long list of deductions and only included the most common deductions under section 80C, 80D, 80G and 80TTA. If the tax payer wants to claim tax benefit under other sections he can do so by mentioning relevant section in column titled “Any Other”.

Some new columns have been introduced to report dividend income (u/s Section 10(34)) and exempted long term capital gains (u/s Section 10(38)).

  1. ITR-2 (Old ITR 2, ITR 2A & ITR 3):- For Individuals and HUFs not carrying out business or profession under any proprietorship.
  2. ITR-3 (Old ITR 4):- For individuals and HUFs having income from a proprietary business or profession.
  3. ITR-4-SUGAM (Old ITR-4S(SUGAM)):- For Presumptive Income from Business & Profession (Sections 44AD, 44ADA & 44AE).
  4. ITR-5 :- For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  5. ITR-6 :- For Companies other than companies claiming exemption under section 11.
  6. ITR-7 :- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
  7. Acknowledgement :- Acknowledgement in ITR-V.

For help in your Income Tax filing, please feel free to contact us at 9330560978, 033-40015813, Our team will be privileged to serve you. Thank You!

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