ITR 1 Form - Latest Changes for FY 2017-18
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Changes in the ITR 1 Form for FY 2017-18

With the dawn of the new financial year, new changes have been introduced in the income tax return forms. Through these changes, the government has made an effort to simplify the process of tax filing for taxpayers. If we compare the new ITR forms with the last year, we can find several changes in the forms. In this article, we will understand the major changes in the ITR 1 form made by the CBDT.

[ Read: Which ITR to File ]

Changes in ITR 1 Sahaj Form for FY 2017-18

 

Let us compare the new ITR 1 form with the old ITR 1 form to see how they are different from each other. There are 6 major modifications in the form.

1) Break-up of income needed

If you look at “Part B Gross Total Income” of last year’s ITR 1, it only asked for income details under 3 heads which were “Income from Salary or Pension”, “Income from One house property” & “Income from Other Sources”. But the same part of the new ITR 1 form asks for greater details for the first two heads of income.

Old form

Part B of old ITR 1 form

New form

New ITR form Part B 2018

2) New field for late filing fees under section 234F

A new field has been introduced in the new form under “PART D – COMPUTATION OF TAX PAYABLE” to report the amount of late filing fee paid u/s 234F. So, you only need to  fill this field if you file your return late and pay late filing fee.

New form

Part D of ITR 1 form 2018

3) Field for cash deposited during demonetisation period removed

Demonetisation was introduced by the government in the year 2016. Taxpayers who made deposits during demonetisation were asked to provide relevant details in their ITR forms. Old ITR 1 form asked this information under “PART E – OTHER INFORMATION”. This part has been eliminated in the new ITR 1 form.

Old form

Part D of ITR 1 form 2017

New form

Part E of ITR 1 form 2018

4) Field for ‘Amount claimed in the hands of spouse if section 5A is applicable’ is now removed

If you look at the “Schedule – TDS Details of TDS/TCS” of the old ITR 1 form, it has a column where any amount claimed in the hands of spouse was to be mentioned as per the provisions of section 5A of the I-T Act 1961. If you look at the new ITR 1 form, you will see that this part has been eliminated.

Old form

Schedule TDS of ITR 1 form 2017

New form

Schedule TDS of ITR 1 form 2018

5) New field for TRP details

Another field has been added which asks for the details of Tax Return Preparer like his ID no., name & signature. These details will be required only if you get your return prepared from a TRP, so you do not need to worry about this field. The TRP will himself provide these details.

New form

TRP details in ITR 1 form 2018

6) New ITR 1 form not applicable to NR or RNOR

Another important change has been made in the applicability of form ITR 1. The new ITR 1 form is meant for an individual who was a resident other than not ordinarily resident and had income from salary, one house property and other sources (interest etc.) with total income up to Rs 50 lakh in the FY 2017-18. It means that an assessee who is an NR or RNOR will not be able to use this form.

The overall changes made to the old ITR 1 form seems to be a welcome move as it will minimise the compliance burden on the part of the taxpayer. Stay tuned to learn about the changes in other ITR forms. We will update this blog very soon.

Choosing the correct ITR form is only a small part of the tax filing process. To e-file your taxes, you need to assess your tax liability, choose the right ITR form, pay right amount of taxes, claim all applicable tax deductions etc.

How H&R Block can help you?

To get all the steps done right, you can avail Income Tax e-filing services offered by H&R Block where your tax return will be filed by experienced in-house tax experts.

e-File your tax returns with ease and convenience with H&R Block
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7 Comments

  1. R. MOORTHY says:

    Request to send us the Financial year 2017-18 Form 16. Last year this utility helps a lot.

    Thanks and regards

    R. Moorthy

  2. KAILAS KRISHNA AGALE says:

    What are the differences between Financial Year and Assessment Year? Please help.

  3. mridul says:

    What is expected in the empty block:-
    i further declare that i am making this return in my capacity as ________________ and i am also competent to make this return and verity it.
    kindly help and guide

  4. Sundar says:

    Actually My salary is 6,00,000/- and taxable income is 4,50,000/- after all deduction. Tax is ~ 10,000/- for 4.5L.

    I have taken interest free loan from office is 1,00,000/- & now total gross salary is : 7,00,000/-

    My taxble income also increased to 5,50,000/-. Tax deducted from my salary is 17,500/-. (7,500/- extra due to interest free loan.)

    Also i have paid tax 4044/- for interest free loan as per SBI interest rate from my salary.

    EMI per month : 8333.33 – Total 12 EMI’s.

    I have already paid 3 EMI’s last year till march-2018 (~25,000/-). Remain balance is 75,000/-

    Kindly advice how to file ITR to get refund amount 7,500/- for interst free loan amount 1,00,000/-

  5. Ravinder Kaur says:

    My Gross income is 4,85,927. And taxable income is 3,25927 after deductions. I am senior citizen. Whether I is compulsory to fill the IT R for F Y. 2017-18 and AY 2018-19. Kindly advise.

  6. When long term gain from sale of shares are exempted from tax why such col. is added in ITS 2.What type of income on LTCG shares are to be shown in ITR2.

  7. ranganath says:

    I am salaried employee and income is below 5lakh, I wanted to declare my asset (marriage gift in the form of jewels worth of 3lakh). please suggest me on this: 1) which ITR form, 2) which sheet in ITR, 3)maximum amount we can add under gift .

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