New ITR forms: How the changes will affect you when you file your returns

The income tax department has released the ITR forms for income tax return filing for the Financial Year 2017-18

The income tax department has released the ITR forms for income tax return filing for the Financial Year (FY) 2017-18. Even though only the PDF version has been issued, very soon we can expect the excel utility/ schema/ instructions for respective forms so that e-filing can begin. 
 

Here are some of the significant changes that have been introduced in the ITR forms this year for the Assessment Year (AY) 2018-19

ITR 1:

• Similar to AY 2017-18, a one-page simplified ITR Form-1 (Sahaj) has been notified for AY 2018-19 however with certain modifications.
• ITR-1, for AY 2018-19 can be filed only by a