The requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.
NRIs can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.
GSTIN number now has to be mentioned in ITR-4 filled by businesses and professionals claiming presumptive income. They also have to quote gross receipts as per GST returns.
The partners in firms will now have to file ITR-3 instead of ITR-2.
All the ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
An Individual of the age of 80 years or more at any time during the previous year (or)
An Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
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NRIs can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.
GSTIN number now has to be mentioned in ITR-4 filled by businesses and professionals claiming presumptive income. They also have to quote gross receipts as per GST returns.
The partners in firms will now have to file ITR-3 instead of ITR-2.
All the ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
An Individual of the age of 80 years or more at any time during the previous year (or)
An Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
Image 1. Image2
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