The new forms -Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam -ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V have been notified for Financial year 2017-18 or assessment year 2018-19.
Like last year, CBDT has been quick of the mark in releasing these forms right at the start of the assessment year to enable people to start filing their returns as soon as possible.
It is noteworthy that this is the first time there will be a penalty leviable for income tax returns filed after the due date which is normally July 1 i.e. ITRs for FY17-18 are due to be filed by July 1, 2018 as per current rules.
The notification, dated April 3, 2018, had made certain amendments in the income tax rules relating to these forms.
ITR 1 is the basic income tax return form. Last year it was meant to be used for individuals with income from salary/pension, one house property and other sources upto Rs 50 lakh.