Income tax assessees are set to come across certain impediments while selecting the income tax return (ITR) forms to be used for assessment year (AY) 2019-20. However, some sections in the forms have been rationalized and reporting requirements has been increased. Individuals and businesses both are liable to file their ITRs for the income earned in financial year 2018-19 using these forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. These seven forms were notified by the Income Tax Department in the last month.
Various changes in the ITR forms for AY 2019-20 are as below:
- If the taxpayer is
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New requirements in ITR
1. Additional disclosure requirements for Ind AS Compliant Companies.
2. Fees for late filing of return [Section 234F].
3. There is a requirement to furnish a break-up of salary. Require more details of house property income.
4. Additional details to be furnished by taxpayers opting for presumptive scheme such as amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him.
5. Transfer of TDS Credit to Other Person.
6. Capital Gains in case of transfer of unquoted … Read more