ITR-1 – General guidelines for filing ITR-1 for AY 2019-20
For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).
Amendments in ITR-1 for AY 2019-20
- As per New ITR forms reporting of salary is required to be given on Gross basis. An individual has to mention his gross salary and then the amount of exempt allowances, perquisites and profit in lieu of salary shall be deducted or added to arrive at the taxable figure of salary income. Pensioner option now available under Nature of employment. Standard Deduction also is available against Pension Income.
- From AY 2019-20, it is mandatory for an assessee to specify the nature of income taxable under the head income from other sources and the deductions claimed in respect of family pension in accordance with Section 57.
- ITR-1 has also introduced certain additional disclosure requirement towards income from house property wherein taxpayers are required to specify whether the house was self-occupied during the year or was let out on rent.
ITR-2- General guidelines for filing ITR-2 for AY 2019-20
This form is for Individuals and HUFs who is not eligible to file ITR-1 and not having income from profits and gains of business or profession.
Amendments in ITR-2 for AY 2019-20
- A new table has been inserted in new ITR forms to seek the additional details such as Name & PAN of the Company , Opening balance, Shares acquired during the year, Shares transferred during the year, Closing balance & Representative assesse in respect of unlisted equity shares held at any time during the previous year by an assessee.
- If assessee reports capital gain, from transfer of an immovable property, in income-tax return, it would be mandatory for him to furnish the information about the buyer like name, PAN, Percentage share, Amount, Address of the Property, Pin code.
- Non resident tax payer has to specify the conditions based on which residential status is determined apart from specifying residential status. Non resident are also required to mention their country of residence alongwith TIN.
- TAN of employer, mandatory if taxes are deducted.
- Pensioner option now available under Nature of employment. Standard Deduction also is available against Pension Income.
ITR-3- General guidelines for filing ITR-3 for AY 2019-20
This form is for individuals and HUFs having income from profits and gains of business or profession
Amendments in ITR-3 for AY 2019-20
- A new table has been inserted in new ITR forms to seek the additional details in respect of unlisted equity shares held at any time during the previous year by an assessee.
- Income from salary to be reported on Gross basis. Pensioner option now available under Nature of employment. Standard Deduction also is available against Pension Income.
- There are also certain additional disclosure requirement towards income from house property.
- The new form ITR-3 bifurcates the existing profit and loss account into trading account, manufacturing account and profit and loss account which will be applicable for taxpayers who have income from business or profession, etc.
- TAN of employer, mandatory if taxes are deducted.
ITR-4 –General guidelines for filing ITR-4 for AY 2019-20
This form is for Individuals (who is resident and Ordinary Resident), HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE ,i.e Presumptive Taxation(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).
Amendments ITR-4 for AY 2019-20
- From AY 2019-20, it is mandatory for an assessee to specify the nature of income taxable under the head income from other sources and the deductions claimed in respect of family pension in accordance with Section 57.
- Income from salary to be reported on Gross basis. Pensioner option now available under Nature of employment. Standard Deduction also is available against Pension Income.
Chart on Applicability of ITR Form 1 to ITR 4 for Assessment Year 2019-20
INDIVIDUAL AND HUF
(✘ it means if a person falls in those nature of income cannot file return using such ITR form)
| Nature of Income | ITR 1* (Sahaj | ITR 2
|
ITR 3
|
ITR 4
|
| SALARY INCOME | ||||
| Income from salary/pension (for ordinarily resident person) | ✔ | ✔ | ✔ | ✔ |
| Income from salary/pension (for not ordinarily resident and non-resident person | ✘ | ✔ | ✔ | ✘ |
| Any individual who is a Director in any company | ✘ | ✔ | ✔ | ✘ |
| INCOME FROM HOUSE PROPERTY | ||||
| Income or loss from one house property (excluding brought forward losses and losses to be carried forward) | ✔ | ✔ | ✔ | ✔ |
| Individual has brought forward loss or losses to be carried forward under the head House Property | ✘ | ✔ | ✔ | ✘ |
| Income or loss from more than one house property | ✘ | ✔ | ✔ | ✘ |
| INCOME FROM BUSINESS AND PROFESSION | ||||
| Income from business or profession | ✘ | ✘ | ✔ | ✘ |
| Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for person resident in India) | ✘ | ✘ | ✘ | ✔ |
| Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for not ordinarily resident and non-resident person) | ✘ | ✘ | ✔ | ✘ |
| INCOME FROM CAPITAL GAINS | ||||
| Taxpayer has held unlisted equity shares at any time during the previous year. | ✘ | ✔ | ✔ | ✘ |
| Capital gains/loss on sale of investments/property | ✘ | ✔ | ✔ | ✘ |
| INCOME FROM OTHER SOURCES | ||||
| Family Pension (for ordinarily resident person) | ✔ | ✔ | ✔ | ✔ |
| Family Pension (for not ordinarily resident and non-resident) | ✘ | ✔ | ✔ | ✘ |
| Income from other sources (other than income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head) | ✔ | ✔ | ✔ | ✔ |
| Income from other sources (including income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head) | ✘ | ✔ | ✔ | ✘ |
| Dividend income exceeding Rs. 10 lacs taxable u/s115BBDA | ✘ | ✔ | ✔ | ✘ |
| Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under Section 115BBE | ✘ | ✔ | ✔ | ✘ |
| Person claiming deduction under Section 57 from income taxable under the head ‘Other Sources’ (other than deduction allowed from family pension) | ✘ | ✔ | ✔ | ✘ |
| DEDUCTIONS | ||||
| Person claiming deduction under Section 80QQB or 80RRB in respect of royalty from patent or books | ✘ | ✔ | ✔ | ✘ |
| Person claiming deduction under section 10AA or Part-C of Chapter VI-A | ✘ | ✘ | ✔ | ✘ |
| TOTAL INCOME | ||||
| Agricultural income exceeding Rs. 5,000 | ✘ | ✔ | ✔ | ✘ |
| Total income exceeding Rs. 50 lakhs | ✘ | ✔ | ✔ | ✘ |
| Assessee has any brought forward losses or losses to be carried forward under any head of income | ✘ | ✔ | ✔ | ✘ |
| COMPUTATION OF TAX LIABILITY | ||||
| If an individual is taxable in respect of an income but TDS in respect of such income has been deducted in hands of any other person (clubbing of income,etc) | ✘ | ✔ | ✔ | ✘ |
| Claiming relief of tax under sections 90, 90A or 91 | ✘ | ✔ | ✔ | ✘ |
| OTHERS | ||||
| Assessee has:
■ Income from foreign sources ■ Foreign Assets including financial interest in any foreign entity ■ Signing authority in any account outside India |
✘ | ✔ | ✔ | ✘ |
| * ITR-1 can be filed only by an Individual only who is ordinarily resident in India. ITR-4 can be filed only by an Individual or HUF who is ordinarily resident in India and by a firm (other than LLP) resident in India | ||||
Author Bio
If salaried person sold the property during the 2018-19 , in ITR 1 where he should mention the transaction of sold of property and the value is below 50 lakhs and also brought the house on the same year which is around 12 lakhs.
Please advice for the above query.