Income tax department has already notified the income tax return (ITR) for the financial year 2019. These are different from the previous year’s return forms. This year taxpayers will have to provide information related to residential status in India,holding of unlisted shares and quoting of the permanent account number (PAN) of the tenant in case of tax deducted at source (TDS), among others.
These changes have been made by keeping in mind the Budget 2018 changes in the income tax laws for the financial year 2019 and onwards. All the resident individuals who have only a total income up to Rs 50 lakh from salary, one house property and from other sources are required to file ITR-1. Whereas an individual or a Hindu Undivided Family (HUF) who is not eligible to file Sahaj or ITR-1 and not earning any income under the head ‘profits or gains of business or profession’ have to file ITR-2 form.
Changes in ITR form 1 and 2 that you should know-
1. All the individuals except super senior citizens are required to file their income tax return (ITR) electronically. The individuals who have their income below Rs 5 lakh with no refund cannot file their ITR-1 form for the financial year 2019. Therefore, it is mandatory to file it online.
2. If you have sold your property in the previous financial year i.e. 2018-19, then while filing the ITR-1 form you are required provide the details of the buyer to whom you have sold your property. it is also mandatory to deduct the tax deductible at source (TDS) if the sale value is above Rs 50,00,000.
3. ITR-1 cannot be used by the individual who is a director of the company or has invested in unlisted equity shares, according to the notified form. This form has an option of the standard deduction
4. While filing ITR-1 form and mentioning details of the house property, you are required to mention if the house is self-occupied, let-out or deemed let out. However, there was no such option of deemed let-out in ITR 1 in previous year’s ITR-1 form.
5. You are required to disclose the details of your holdings in an unlisted company in ITR-2 form. The details include name and permanent account number (PAN) of the company, number of shares, face value, issue price or purchase price and date of purchase of shares made during the year, number and sale consideration of shares transferred during the year, number and cost of acquisition of shares held at the the beginning and the end of the previous year……….Read More>>