The Income Tax Department issues changes in the New ITR Forms for F.Y. 2019-20 (A.Y. 2020-21).
A taxpayer uses Income Tax Return forms to report their annual income to the Income Tax Department.
Earlier, the ITD had released ITR 1 and ITR 4 for FY 2019-20 in January, 2020. Changes introduced in the initial release are rolled back. Meaning, you no longer need to enter the following details like:
- Passport Details
- TAN of employer
- Tenant Details
Check out all the ITR changes, announced by the ITD in January 2020 that are no longer applicable.
What Changed in the New ITR Form for F.Y. 2019-20 (A.Y. 2020-21)?
Changes Applicable to all ITR Forms for FY 2019-20
- Enter the amount of transactions, if you during the financial year
- Deposited amount above INR 1 cr in one or more Current Account
- Spent more than INR 2 Lakh on a foreign trip for yourself or on someone’s behalf (eg: spouse, parents, children, etc.)
- Paid electricity bill above INR 1 Lakh
- Details of Investment
Due to the Covid-19 situation, the Income Tax Department had extended the due date to make tax saving investments under Chapter VIA from 31st March 2020 to 30th June 2020 for FY 2019-20.
You are required to add the amount of investment made during the time the FY 2019-20 and during the Covid-19 extension.
ITR Form Changes for ITR 2 & ITR 3
Usually, when a taxpayer has income from capital gains they file ITR 2, and ITR 3 when they earn income from business and profession.
- The details of investments should be reported under 2 sections Part A and Part B for ITR 2 and ITR 3. Part A for Chapter VIA deductions and Part B for Capital Gains and deductions u/s 10AA.
- Aadhaar Card can be used in place of PAN Card in the following:
- For House Property, when reporting
- Co-owner
- Tenant
- For Capital Gains, when reporting Buyer of the Asset
- When TDS is deducted as per Form 16 A (TDS deduction under for 26Q / 27Q for professionals) or Form 16B (Form 26QB for sale of property) / 16 C (Form 26QC for Payment on rent)
- For House Property, when reporting
What are the types of ITR forms?
ITR 1 (Sahaj)
It is the simplest income tax return form. It can be filed by:
- Indian Resident (check your Residential status as per Income Tax)
- Salaried Individuals
- Individuals earning income from 1 house property (eg: Rent)
- Individuals earning income from other sources like savings account interest, Fixed Deposit interest, etc.
- Income is less than INR 50 lakh for the financial year
ITR 2
Individuals or HUFs who do not have any business and professional income can file ITR-2 .
4. In Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s)], the taxpayer can add Aadhar Card of Deductor instead of PAN/TAN.
ITR-3
ITR 3 is filed by Individuals and HUFs having income from the business & profession and in case tax audit is applicable.
ITR 4 (Sugam)
Taxpayers who have opted for the presumptive taxation scheme can file for ITR 4, including:
- Indian Residents- Individuals, HUFs and firms (other than LLPs) (check your Residential status as per Income Tax)
- Businesses and Professionals under the presumptive taxation scheme
- Income is less than INR 50 lakh for the financial year
The PDFs for the New ITR Forms for F.Y. 2019-20 have been released, ITD usually release schemas/utilities few days/weeks after launching forms.
Stay tuned!
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