AY 2018-19 Income Tax Return Filing | Which ITR Form should you file?
The Central Board of Direct Taxes has notified the new RTI forms for the AY 2018-19 Income Tax Return (for the 2017-18 fiscal year). To facilitate the filing of inquiries, some sections of the forms have been streamlined.
The new form of ITR in PDF format is made available, while Excel (or) Java Utilities for IS 2018-19 will be available soon on the income tax India e-filing website.
What is Assessment Year (AY) & Financial Year (FY)?
The fiscal year (FY) is the year you earned the income. If you file a return this year, the fiscal year will be 2017-18. For example, if you had an income between April 1, 2017, and March 31, 2018, then 2017-18 will be designated by AF. The assessment year (YY) is the year in which you file returns, that is, 2018-19. The last filing date for the 2017-2018 fiscal year is July 31, 2018 (as of now).
Income Tax Slab Rates for FY 2017-18
The income tax slabs & rates are categorized as below:
- An individual resident under the age of 60 Years.
- Senior Citizen (an Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year).
- Super Senior Citizen (an Individual resident aged 80 years or more at any time in the past year).
New ITR 1 (Sahaj) Form For Year Analysis 2018-19
Direct Tax Central Board (CBDT) has filed a Form of Tax Return Form (Form ITR) for Assessment Year 2018-19. For the Year of Assessment 2017-18, a single page simplified by ITR Form-1 (Sahaj) was notified. This initiative benefits from the 3 crore taxpayers, who have submitted back to their respective Forms. For the Year of Assessment 2018-19 also, one page simplified ITR Form-1 (Sahaj) has been notified.
- This form can be used if you have;
- Salary or Pension Income
- Income from a home owner’s property (excluding cases where loss has been lost from previous years)
- No business income / no Capital gains
- No asset in a foreign country or no income from a source outside India
- Agricultural income which is less than Rs 5,000
- Income from other sources like FD/Shares/NSC etc.,
- No income from lottery or horse racing.TR Form-1 (Sahaj) may be filed by an individual resident other than an unusual resident, earning up to Rs 50 lakh and receiving income from salary, home property / other income (interest etc.).
- Additionally, home-related salary and property components have been rationalized and provide basic salary details (such as those available in Form 16) and income from home property has been reimbursed command.
- Click here to download a new ITR 1 Form for IS 2018-19.
- Please note that NRIs can not file form ITR-1 from IS 2018-19 until the beginning.