The
income tax department has already notified the ITR Forms for the financial year 2018-19. These forms are slightly
different from previous years forms. However, the changes have been already
declared by the government so that taxpayers may not face any complexities
while filing ITR. Meanwhile, ITR forms form ITR-1 to ITR-7 has already
available on the website out of which ITR-6 will be out shortly.
Here
are some changes in ITR Forms 1 & 2 that you should know when you file
returns for the AY 2019-20-
Unlike
last year, from this year all individuals apart from super senior citizens
(above the age of 80 years) need to file ITR
returns electronically.
- The eligibility to efile ITR
Forms has become more confined. Now, the individuals who are directors in
one company and have invested in unlisted company are not eligible to file
ITR-1.
- Whereas in ITR-2 Form taxpayers
is required to disclose investments in unlisted equity shares.
- If you have sold a property
(immovable property or capital assets) in FY 2018-19, while filing ITR 2,
you need to provide complete details of the buyer.
- Directors in both listed and
unlisted companies will have to file their tax returns in ITR-2. It will
also be mandatory for them to disclose details like Director
Identification Number (DIN), Permanent Account Number (PAN), equity
holding along with the names of the companies.
- The new ITR Form 2 requires
individuals to disclose the clause of section 6(1) of the Income-tax Act,
1961 under which the residential status of an individual is determined.
- It is now mandatory mention
Aadhaar number while E-filing
ITR in the forms without which the tax returns will not be
processed.
- This year providing details of
your salary income will be easier as the details required are in sync with
the information available in Form-16.
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