As we have entered into the New financial year i.e. 2019-20, the Govt. has released new ITR Forms for return filing for FY 2018-19.
Till date, Income tax department has released ITR 1 and ITR 4 forms (available on Income tax portal for filing).
Here, we will discuss the changes in Form ITR-1 as compared to the last year.
Major changes in the form –
This year Govt. has inserted a few more columns in the form to check evasion and eliminate loopholes.
1. There shall be a separate column for standard deduction upto Rs.40000/- for salaried individuals.
2. Income from other sources shall be bifurcated in detailed manner.
For example- If Assessee has earned interest income then it has to be bifurcated into details like interest from saving bank account or post office or FDs or unsecured loans etc etc.
3. New section inserted for senior citizens – Sec 80TTB – which allows senior citizen to get deduction from interest income upto Rs. 50000/-.
4. Assessee has to furnish details of exempt income like HRA.
5. One cannot file his/her return in ITR 1 if
-his/her income from salary, pension and interest exceeds Rs. 50 lakhs or
– agricultural income exceeds Rs.5000/- or
– he owns more than one house property or
-he/she is a director in any company or
– have invested in unlisted shares or
– have capital income or losses.
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