Income Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20
Income Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20. No changes to the ITR-1 or Sahaj for the salaried class by The tax department. In the new ITR forms, some sections in ITR-2,ITR-3,ITR-5, ITR-6 and ITR-7 have been rationalized. The Individuals, firms and Companies are need to file returns for the income earned in the previous year 2018-19
Income Tax Return
The ITR-1 or Sahaj is to be filed by the individuals having a total income of up to Rs 50 lakh. The Taxable income coming from Salary or one House Property, Income from Other Sources (Interest etc), and the Agricultural Income up to Rs 5,000 are considered.
ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession.
ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.
The ITR-4 or Sugam is filed by individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
Major changes in New ITR Forms
The Taxpayers who need to file the ITR-3 and ITR-6 (companies) are bound to disclose information regarding turnover/gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
For Landlords: The Landlords are required to quote the PAN card of the tenant for TDS relief. They also need to list the period of occupancy by the Tenant. This change will apply to individuals who have Income from rent and file ITR-2.
Income from Donations: The Persons/ organizations which are getting money in the form of donation would have to give details of the name of donors, their address and PAN.
Agricultural Income: The Taxpayers who have an agricultural income need to file ITR-2 with details of the and, the name of the district when he owns the land and the PIN. They will also have to share details of the ownership of the land, whether it is irrigated or dependent on rainwater.
The investors and company directors have been stopped from filing ITR with Sahaj and Sugam forms.
The Taxpayers would are required share details of money in Foreign Accounts, Equities and Bonds in ITR-6, .
ITR Due Date
The due date of filing Income Tax Return (ITR) is July 31 for those who are not required to get their accounts audited.