Every Year the Central Board of
Direct Taxes notifies ITR Forms for
the taxpayers. These forms are updated every year, in order to make ITR
filing an easy task for the citizens of India. Here are some of the
major updates in ITR Forms for the Assessment
Year 2019-20: -
·
ITR-1 will no longer be applicable to the
individual taxpayer who is the
director of a company or has investments in unlisted equity shares or has
income on which TDS (Tax Deducted at
Source) has been deducted in another person’s hands.
·
ITR-4 will not be
applicable to the individuals or
HUFs who are not resident and ordinarily residents,
non-resident partnership firms, directors of companies or persons having
investment in unlisted equity shares or having more than one house property and
so on.
·
Now it is mandatory for a taxpayer to provide
their contact details and address while filing ITR-1.
·
Apart from the salary, salaried employees are
supposed to disclose other components of their package like the value of
perquisites, profit in lieu of salary, exempt allowances and also deductions
for entertainment allowance, professional tax and standard deduction
separately.
·
Since long-term capital gains on listed equity
shares and equity-oriented funds are taxable from 1 April 2018, the respective
changes have been added in the ITR forms.
·
Until now, if the taxpayer had more than one
self-occupied house, they could only consider one as self-occupied, while all
others were considered as “deemed to be let out" and they were supposed to
pay tax on the potential rent of such property, but now there is a new option
to choose your “deemed let out" is available in ITR-1 and ITR-4
·
Moreover, the PAN (Permanent Account Number) of
the tenant has to be provided in ITR-2 in case TDS is deducted by the tenant.
Well, while efiling ITR you must
remember the above-mentioned updates, that are made in the ITR Forms for the
A.Y 2019-20.
For more details about efiling
of income tax return visit @ www.allindiaitr.com
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