The new Income Tax Return Forms have been changed currently. According to the new forms, the citizen should give extra details, for example, days of residency in India, holdings in unlisted shares and particulars of the buyer(s) of property in case of capital gains earned through a trader on the sale of immovable property.
What are the changes made in ITR-1 form?
ITR-1 form is applicable towards the resident, aside from the director of an organization or the holders of unlisted equity shares. Total earning should not surpass Rs 50 lakh. An extra row has been given for claiming a standard deduction of Rs 40,000 for Financial Year 2018-19. The citizen who is a taxpayer in India is additionally requisite towards furnishing deduction particulars, like interest income from the savings account, bank deposits, income tax refund, family pension income, and others, under ‘Income from other sources’ column of new ITR-1. When there are allowances, exempted from income tax partially or completely, at that point their sum ought to be mentioned individually in ITR-1.
What are the changes made in ITR-2 form?
The citizens and Hindu Undivided Families (HUFs) who don't have earnings from profits and gains from business or job could file their income tax return Form ITR-2.
According to the recently informed ITR-2 form, citizens who are a taxpayer in India would be required towards specifying their residential status of the Financial Year 2018-19. An individual could be considered as a resident, ordinary resident or non-resident in the financial year for income tax reasons. Thorough information with respect to days present in India should be given towards satisfying residential status. Furthermore, in the section for 80G, the sum should be segregated into money and different modes of contribution.
What are the changes made in ITR-4 form?
The taxpayers with a cumulative earning of up to Rs 50 lakh and the individuals who are Resident, or Ordinarily resident of India could file the form ITR-4. The directors or the individuals who held unlisted equity shares at any time amid the financial year 2018-19 could no longer file an income tax return with the form ITR-4; they need to file the income tax return form 3.
The citizens having a business of plying, hiring and leasing products carriages and have selected presumptive taxation scheme (Section 44AE) would currently need to give particulars, for example, registration no. of goods carriage, whether owned/leased/hired, tonnage capacity of goods carriage (in MT), etc., in the new ITR-4.
Also along with these new changes, taxpayers over the age of 80 years filing ITR-1 or ITR-4 are qualified for paper filing facility. Every other person should compulsorily file their ITR online. Likewise, taxpayers with income up to Rs 5 lakh and looking for a refund are not permitted towards filing their ITR in the paper format starting returns for Financial Year 2018-19.
Who can file ITR?
It is compulsory towards filing online the ITR for every one of the registered taxpayers, with the exception of the individuals who are above 80 years of age and don't have any earning from business or job.
Every one of the taxpayers is compulsorily required towards filing their ITR online, with the exception of the individuals who are above 80 years of age who have the alternative of filing the ITR in paper format also.
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The due dates for filing the ITR?
The due dates for filing the ITR for individual taxpayers for the financial year 2018-19 is 31 July 2019. If the taxpayer has an income from business or job which is liable to a tax auditor is a working member of a firm whose accounts are required to be audited, the due date for filing the income tax return Form is 30 September 2019.
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