FAQs on Applicable ITR Forms for Assessment Year 2018-19

  • Blog|Income Tax|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 7 January, 2021

Recent Posts

Blog, News, Income Tax

No TDS on Payments to Credit Guarantee Fund Trust for MSEs Referred in Section 10(46B) | CBDT

Blog

Assessee to Pursue Pending Proceedings Before Appellate Authority Instead of Filing Writ Petition | HC

Latest from Taxmann

Q1. Which form should I fill up to file my income-tax return for the assessment year 2018-19? 

ITR Forms Applicable for AY 2018-19: Click here to know about the ITR Forms applicable for a class of taxpayer or type of income.

Q2. I have some unexplained income. Whether I can choose ITR-1 to file my income-tax return?

Taxpayers having unexplained income cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4 on basis of criteria given in FAQ No. 1.

Q3. I have received dividend income of Rs. 15 lakhs from an Indian Company. Whether I can choose ITR-1 to file my income tax return?

Taxpayers who have received dividend income above Rs. 10 lakhs during the relevant previous year cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4 on basis of criteria given in FAQ No. 1.

Q4. Whether all taxpayers who are earning income only from salary can choose ITR-1 for filing income-tax returns?

Yes, all taxpayers who are earning income only from salary can choose ITR-1 for filing tax returns. However, salaried taxpayers cannot choose ITR-1 in following cases:
 
a) His salary income exceeds Rs. 50 lakhs
 
b) His salary income is earned from outside India
 
c) He is Non-resident or Not-Ordinarily Resident in India
 
d) He has any assets located outside India
 
He has signing authority in any account located outside India.

Q5. Whether individuals are required to mention details of assets and liabilities in ITR 1 Sahaj?

Individuals/HUFs are required to furnish details of assets and liabilities only when their income exceeds Rs. 50 lakhs. The Schedule AL wherein the details of assets and liabilities are to be furnished is available only in ITR-2, ITR-3 and ITR-4. Thus, the individual or HUF who has to report the details of assets and liabilities has to opt for filing of return in ITR 2, ITR 3 or ITR 4 on basis of criteria given in FAQ No. 1.

Q6. My income is Rs 60 lakhs. What type of details of assets and liabilities I need to mention in income-tax return?

During 2016, the Govt. had introduced new Schedule AL in income-tax returns requiring individuals/HUFs to declare the value of assets and liabilities if their total income exceeds Rs. 50 lakhs. If taxpayer is required to provide information in this Schedule, he shall provide the details of cost of immovable property, jewellery, vehicles, shares, bank and cash balance, etc. Further, taxpayer is also required to disclose address of immovable property and description of movable assets.     
 
Related Articles:
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied