New ITR Forms Changes for Financial year 2019-20

CBDT has issued new ITR form for Financial year 2019-20. There are few additional disclosures which a taxpayer needs to make as compared to last year.

Following additional disclosures has been made applicable for Assessment Year 2020-21 in new ITR Forms

1. Deductions Details from 01/04/2020 to 30/06/2020:

In march 2020, FM has given some relaxation to do investment for tax saving of Financial Year 2019-20. FM said that you can take benefit of deduction if you have made investment in the period of 01/04/2020 to 30/06/2020. In New ITR forms Deductions details for the period of 01/04/2020 to 30/06/2020 has been added.

2. Tenant’s Name, Pan or Aadhar Number:

In ITR 1, If the house property income is given for rent then name & Pan or Aadhar number of tenants is to be given in ITR 1 & 4.

3. Passport Information in ITR’s:

There is one question is added in general information that If you have a valid Indian Passport, if yes then you have to provide passport number.

4. Nature of Employment in ITR 1:

In ITR 1, Nature of Employment has been moved from General information to Salary Schedule as it is more appropriate there. In ITR 2 it was asked in Salary schedule only.

5. House ownership:

Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.

These are the new details added in respective ITR forms.

6. Mandatory Online ITR filing for all ITR’s:

It is mandatory to file the income tax returns online for all the registered taxpayers, except for those who are above 80 years of age and do not have any income from business or profession.

Following additional disclosure have been inserted for Form ITR-1 Sahaj  In case the assessee is filing Return of Income under Seventh proviso to Section 139(1) and was otherwise not required to file Return of Income-

1. Amount Deposited exceeds 1 Crore:

If you have deposited an amount or aggregate of amounts exceeding Rs 1 crore in one or more current account during the previous year? If yes, the amount has to be reported in ITR forms.

2. Travel in Foreign Country Exceeds 2 lakhs:

If you have spent an amount or aggregate of the amount exceeding Rs 2 lakh for travel to a foreign country for himself/herself or for any other person? If yes, the amount has to be reported in the ITR forms.

3. Electricity Bill Exceeds 1 Lakhs:

If you have incurred an expenditure exceeding Rs 1 lakh on the consumption of electricity during the previous year? If yes, the amount has to be reported in the ITR forms.

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