Changes in New ITR Forms for A.Y. 2018-2019

•  New ITR Forms requires detailed calculation of Income from Salary. The assessee may get these information from Form-16 issued by the employer.

•  Non resident assessee shall not be able to filed the ITR-1. A Non resident assessee will have to choose other form ITR-2 or ITR-3 to file the return of Income tax for A.Y. 2018-2019

• For A.Y. 2018-219 an individual or an HUF, who is a partner in a firm shall be required to file his ITR in form ITR-3. (Last Year they have option to file ITR-2)

• New ITR form allow non-resident to furnish details of any one foreign Bank A/c for the purpose of Income tax Refund. ( In Previous years we have option only for Indian bank to received Income tax Refund)

• A very good change done by income tax department in ITR-4. That is, those assessee file ITR-4 requires to provide the aggregate turnover reported by him in GST return. If any difference is found in turnover reported in GST return and ITR, presumptive taxpayers can expect a notice from deptt. to explain the mismatch in turnover. 

• In New ITR-4 more reporting will be required. In the form details of 14 financial particulars of business seeks from assessee as given below

Here Sundry creditors, Inventories, sundry debtors and Cash in hand are mandatory filed and all other are required if available.