The number of changes notified in the Income Tax Return Forms for the FY 2018-19 is probably the highest in the recent times .
Several changes have been made in the forms seeking additional details, which will help in automatically validating or cross-checking the income and other details that the tax authorities may have from other sources .

ITR-1 form is meant for residents that have an income of up to Rs 50 lakh from salary, one house property and sources such as interest income etc. But this year onwards this ITR form cannot be used by an individual who is either a director of a company or has invested in unlisted equity shares .

If an individual reports capital gains from transfer of immovable property in income-tax return, it is now mandatory for him to furnish details of the buyer including name, PAN, percentage share, amount, and so on.

As per the latest rule, assesses who are required to file ITR-3 and ITR-6 (companies) will also have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax. Last year, it was applicable only for those assessees filing ITR-4.

While ITR-3 is required to be filed by individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession, ITR-6 is meant for the companies other than those claiming exemption under Section 11 of the Income Tax Act.

The new forms have changed the reporting mechanism, which is now in sync with the columns of Form 16 (TDS Certificate issued by the employer). Now, an individual must mention his gross salary and then the amount of exempt allowances, perquisites and profit in lieu of salary shall be deducted or added to arrive at the taxable figure .

Further, the new ITR forms seek separate reporting of all deductions that are allowed under Section 16, which include standard deduction, entertainment allowance and professional tax.

In new ITR forms, besides specifying the residential status — resident, resident but not ordinarily resident, or non-resident — the assessee is now required to provide additional information with respect to his residential status, such as, the number of days stayed in India, and jurisdiction of his residence and tax identification number in case he is a non-resident.

The tax department has also increased the scope of foreign assets. Besides foreign bank accounts, details of foreign depository accounts are also required.