FAQs on Applicable ITR Forms for Assessment Year 2018-19

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  • By Taxmann
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  • Last Updated on 7 January, 2021

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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.     
 
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