All the new details required in income tax return forms for FY18-19
The ITR forms for the assessment year 2019-20 are out. Know the changes you need to watch out for.
While the last date for filing income tax returns is 31 July, the changes and penal clauses for late filing mean one should start the process as soon as possible. Read on to understand the revisions in ITR 1 and 2 – the forms most relevant for individual, salaried taxpayers as well as pensioners. While ITR 1 and ITR 4 are already available on incometaxindiaefiling.gov.in for online filing, the others will be uploaded in due course.
- New look ITR 1
This apart, the form asks taxpayers to specify the nature of income from other sources. Until last year, you only needed to mention the figure. You will also have to furnish details of any exempt income and the clause under which the tax benefit is allowed. This includes HRA claimed during the year.
- More disclosures
Non-resident taxpayers will have to report their overseas residency information along with taxpayer identification number. “Overseas Citizens of India (OCI) or Persons of Indian Origin (PIO) selecting residential status as ‘non-resident’ in India are required to report the actual number of days in the relevant financial year and also in the last four financial years immediately preceding the year,” says Kuldip Kumar, Partner, PwC.
- House buyer’s information
Changes in ITR forms relevant to salaried taxpayers
ITR 1 (Sahaj)
- You are an ordinarily resident invidividual with income from salary, pension and interest of up to Rs 50 lakh, agricultural income of up to Rs 5,000, and own one house.
- You are a director in a company or have invested in unlisted shares; or have capital gains/losses to declare.
- You are a salaried individual or a pensioner who cannot use ITR 1.
- You draw income from any business or profession.
- Restrictions on use of ITR 1
- Disclosure of unlisted shares
ITR 1 (Sahaj)
- Furnish details of exempt income like HRA and specify nature of income from other sources.
- Field for standard deduction and exemption on interest from bank and post office deposits under Section 80TTB introduced.
- Detailed information on number of days spent in and out of India to determine residential status.
- Disclosure of information on unlisted shares.
- Disclosure of house buyers, details in case you have sold a property.
- Furnish details related to agricultural income including ownership, size, location and address and status on irrigation.
- Agricultural income