The Central Board of Direct Taxes (CBDT) has notified the new income tax return forms (ITR) for assessment year (AY) 2018-19. While some amendments have been made in ITR Form -1 (Sahaj), ITR Form-2 has also been rationalised. While in the previous Sahaj form, only details of income from salary or pension along with income from one house property and other income were to be filled, the current Sahaj form asks for a break-up of income from each source. Other ITR formsITR Form-2 can now be filed by individuals and Hindu Undivided Family (HUF) having income under any head other than business or profession. Individuals and HUFs having income under the head business or profession shall file ITR Form-3 or ITR Form-4 (in presumptive income cases).

Source: Mint April 10, 2018 11:48 UTC