New Income Tax Return Forms for 2018-19 Explained for all taxpayers

The one-page form is for salaried taxpayers with income of up to Rs 50 lakh and one house property.
Earlier, an individual was required to provide gross salary details, besides income from other sources, including one house property, if any. The Sahaj form from this year will require a break-up of income from all sources.

The Sahaj form has five columns, wherein you will have to fill details of salary received, excluding allowances. In the second column, you will have to fill in the details of allowances that are not exempt from tax. In the third column give a detailed break up of perquisites, including accommodation and car or driver, among others. In the fourth and fifth columns, you will be required to mention the amount related to profit in lieu of salary and deductions under Section 16, which include standard deductions, professional tax and entertainment allowance. The taxpayer also has to disclose the amount of interest earned from bank deposits. Under Section 80TTA, interest income of up to Rs 10,000 from bank accounts is exempted from tax.

The new form will require you to fill up whether you own a house and whether it is self-occupied or let out.
If let-out, the breakup of the gross rent has to be disclosed, with tax paid to local authorities, and the annual value of property in the third column. A standard deduction of 30% on the annual value and interest paid on home loan has to be mentioned in the fourth and fifth columns, respectively. The sixth column will have the details of annual gross value minus the standard deduction and interest on home loan.

It is for Individuals and Hindu Undivided Families with income from any other source, barring business or profession. Taxpayers who have income from pension, house property, capital gains on sale of investments and property, lottery, horse racing or any other legal gambling, foreign assets or income, and agricultural income of more than Rs 5,000. Under this form, taxpayers will now have to give the PAN of their tenants.

This form is applicable to individuals and Hindu Undivided Families earning a living from designated businesses or professions. The income may include earnings from property, salary or pension, besides other sources.
A taxpayer has to fill in details about the business or job along with the balance sheet as of March 31, 2018. A profit and loss statement will also be required. Other details will include quantitative details in case of audit under Section 44AB. Details of advance tax, TDS and self assessment tax will have to be filled in.

This form is for those who have income from proprietary business or are a profession. The taxpayer must opt for presumptive income and pay accordingly. It will be applicable to the professionals whose total gross receipts does not exceed Rs 50 lakhs in a financial year. The tax rate will calculated at 50% of the total gross receipts for the year. From this year, the taxpayers will now have to furnish their GST registration number and the turnover.

This one page document will be mailed to you by the Income Tax department when you file your returns online without using a digital signature. The I-T Department sends this document to verify the authenticity of your e-filing. You have to sign the copy of the Form and mail it to the I-T Department CPC, Bangalore to complete the filing process.