Simplified New Income Tax Return (ITR) Forms for AY 2017-18 (corresponding to FY/ PY 2016-17) notified by CBDT, along with Excel Utility (last updated on 26 Oct. 2017) and Instructions for E-Filing
The CBDT has notified new income tax return (ITR) forms and ITR-V Acknowledgement for Assessment Year (AY) 2017-18 for simplified e-filing w.e.f. 1 Apr. 2017.
The Income Tax (4th Amendment) Rules 2017 notified for new ITR Forms for AY 2017-18 specially takes care of the convenience of the salaried class assessees (ease of filing) with income upto Rs. 50 Lac p.a., in line with the Budget 2017 proposals. Salaried Individuals with interest income can now file their ITR using simplified ITR-1 Sahaj, which has been modified after removing/ clubbing of many rows/ columns to make this form ‘SAHAJ’ in real terms.
It may be noted that from 1 Jul. 2017 onwards, it would be mandatory for taxpayers to provide the Aadhaar number at the time of filing the ITR, as per Budget 2017 proposals, along with PAN and other personal information. The information on taxes paid and TDS will be auto-filled in the ITR form by the software used at the e-filing website of Income Tax Deptt.
New ITR Forms/ Excel Utility notified/ enabled by CBDT for AY 2017-18 (Download pdf copy)
CBDT has notified new simplified ITR Forms for AY 2017-18, i.e. Form ITR 1 Sahaj, ITR 2, ITR 3, ITR 4 Sugam, ITR 5, ITR 6, ITR 7 and Acknowledgement Form ITR-V. All these ITR Forms are now available/ enabled at e-Filing portal with Instructions and Excel Utility (last updated on 26 Oct. 2017), as under:
1. ITR-1 Sahaj
Form ITR-1 is meant for Individuals having Income from Salaries, one house property, other sources (Interest, etc.) and having total income upto Rs.50 lakh.
This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE) .
In case income of another person is to be clubbed (like spouse, minor child, etc.) with the income of the assessee, Form ITR-1 can be used only if the income being clubbed falls into the above income categories.
Further, it may be noted that ITR-1 should not be used by an individual whose total income for the assessment year 2017-18 exceeds Rs.50 lakh or includes,-
(a) Income from more than one house property; or
(b) Income from winnings from lottery or income from Race horses; or
(c) Income taxable under section 115BBDA; or
(d) Income of the nature referred to in section 115BBE; or
(e) Income under the head “Capital Gains” e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(f) Agricultural income in excess of ₹5,000; or
(g) Income from Business or Profession; or
(h) Loss under the head ‘Income from other sources’; or
(i) Person claiming relief under section 90 and/or 91; or
(j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
(k) Any resident having income from any source outside India.
Form ITR-2 is meant for Individuals and HUFs not carrying out business or profession under any proprietorship. This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
Further, ITR-2 should not be used by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession under any proprietorship.
For individuals and HUFs having income from a proprietary business or profession.
4. ITR-4 Sugam
For presumptive income from Business & Profession
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
For Companies other than companies claiming exemption under section 11
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).
For Instructions on how to fill and e file the ITR, please download and unzip the relevant file.
CBDT Notification on New Simplified ITR Forms (AY 2017-18)
The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1 (Sahaj). This ITR Form-1 (Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property/ other income (interest etc.). Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.
Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
(i) an individual of the age of 80 years or more at any time during the previous year; or
(ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.
S.O.1006(E).– In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2017. (2) They shall come into force with effect from the 1st day of April, 2017. …contd… (please refer attachment for complete text).
Note: Please visit E-filing website of Income Tax Deptt for all update Forms/ Excel Utilities/ Schema, etc., as under: