Changes in income tax return form are applicable for filing income tax for assessment year 2019-20.The Income Tax Department has made certain changes to the income tax return forms (ITR Forms).
Seven forms used for filing of income tax returns -ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 - now ask for more information from the assessees.
The changes in income tax return form are applicable for filing income tax for assessment year 2019-20 (financial year 2018-19).
According to tax experts, some sections in the forms have been rationalised and reporting requirements increased.
Individuals and businesses are required to file their income tax returns for the income earned in financial year 2018-19 using these forms.
(: You Need To Furnish These Additional Details In New Income Tax Forms)This time the ITR forms have been changed with two major objectives - to incorporate the changes made by the Finance Act, 2018 and to seek additional disclosures, Naveen Wadhwa of Taxmann told TheIndianSubcontinent.The additional disclosures have been sought by the CBDT in respect of all those incomes which are often subject to tax disputes or which are prone to tax avoidance, he added.ITR-1 can be filed by an Individual only who is ordinarily resident in India.
ITR-4 can be filed only by an Individual or HUF who is ordinarily resident in India and by a firm (other than LLP) resident in India.:Want To Check Your Income Tax Refund Status Here's A Step-By-Step GuideFor Assessment Year 2019-20, every taxpayer is required to file the income tax return electronically except super senior citizens (those aged above 80 years), who can furnishthe returns in a physical mode either using Form ITR-1 or ITR-4.:How Your Income Tax Outgo Is Set To Change Going ForwardThe option available with a taxpayer with an annual income below Rs 5 lakh in the previous year to file the return in physical form has been withdrawn.
It is now mandatory for every taxpayer (except super senior citizen) to file the return only electronically, explained Mr Wadhwa.:Filed Income Tax Return Here's How To Verify It Using AadhaarA person who is a director in a company will not be able to useITR-1 and ITR-4 for filing of return of income and he has to use ITR 2 or ITR 3, as the case may be.
Further, if an individual has been director in a company at any during the previous year, he has to provide name of the company, PAN card, whether shares of the company are listed or unlisted and DIN or director identification number.:Income Tax Department Asked To Maximise Revenue Collection, Boosts Taxpayer BaseThe new ITR forms require the representative assessee to provide the status under which return is being filed.
For example, if the guardian is filing a return in respect of income of a minor, he/she has to specify his/her capacity as guardian.
Further, from Assessment Year 2019-20, a representative assessee will be able to file return in Form ITR-4.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.