CBDT notifies ITR forms for Financial year 2017-18

• The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Financial Year 2017-18.
• For Financial  Year 2016-17, a one page simplified ITR Form-1(Sahaj) was notified.  For Financial year 2017-18 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.).
• Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.
• ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases)
• In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Financial year 2016-17 has been done away with from Financial Year 2017-18.
• 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 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.
• It is apparent that the new ITR Forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions. This year the ITR forms seek lot of new information from taxpayers who opted for presumptive taxation scheme, in respect of capital gains from unlisted shares, transactions with registered and unregistered suppliers under GST, so on and so forth.
• This year, the ITR 6 introduces a new Schedule for Ind AS Compliant companies wherein they shall be required to disclose the balance sheet and profit & loss account in the same format as prescribed under Division II of Schedule III to the Companies Act, 2013 (i.e., Ind AS Financial Statements).
• Further, the Finance Act, 2017 inserted new sub-sections (2A) to (2C) in Section 115JB with effect from Financial Year 2017-18. The new provisions require Ind AS compliant companies to make additional adjustments to the book profit for all items credited and/or debited to “Other Comprehensive Income” and all other items specified therein. The form ITR 6 now incorporates the necessary changes to enable the Ind AS Compliant companies to calculate the book profit in accordance with new provision.

Fees for late filing of return [Section 234F]

If assessee does not furnish the return of income on the due dates prescribed under Section 139(1). The amount of such late filing fees shall be:

1. Rs. 5,000 if return is furnished after the due date but before December 31 of the assessment year [Rs. 1,000 if total income is up to Rs. 5 lakhs].
2. Rs. 10,000, in any other case. 

Transfer of TDS Credit to Other Person 

ITR forms introduce new columns in TDS Schedule which would allow Dept. to easily correlate the PAN, amount of income and TDS thereon as disclosed by both the parties in their respective return of income. It would make it convenient for the assessee to claim the credit of tax deducted in name of another person.

Details of business transactions with registered and unregistered suppliers under GST 

A new Schedule has been inserted in ITR 6 which requires every company, who is not required to get its accounts audited under Section 44AB, to provide following details in respect of all transactions entered into during the year with a registered or unregistered supplier under GST:

1. Transactions in exempt goods or services
2. Transactions with composite suppliers
3. Transaction with registered entities and total sum paid to them
4. Transaction with unregistered entities 

Hope this alert is timely and useful. Kindly let us know for anything in this regard. In case of any clarifications, kindly contact Ms. Manjula – Mobile No: 9740854009 and E- Mail ID: [email protected]

 

Best Regards Vishnu Daya Tax Alert

Vishnu Daya & Co., Chartered Accountants,GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram,Bangalore-560003.

Office: +91-80-23312779 | +91-80-23560633 [email protected]

Cell: +91-9880715963 | Fax: +91-80-23313725

Website: www.vishnudaya.com

Thank you for considering the environmental impact of printing emails.