Every Year the Central Board of Direct Taxes notifies ITR Forms for the taxpayers. These forms are updated every year, in order to make ITR filing an easy task for the citizens of India. Here are some of the major updates in ITR Forms for the Assessment Year 2019-20: –
- ITR-1 will no longer be applicable to the individual taxpayer who is the director of a company or has investments in unlisted equity shares or has income on which TDS (Tax Deducted at Source) has been deducted in another person’s hands.
- ITR-4 will not be applicable to the individuals or HUFs who are not resident and ordinarily residents, non-resident partnership firms, directors of companies or persons having investment in unlisted equity shares or having more than one house property and so on.
- Now it is mandatory for a taxpayer to provide their contact details and address while filing ITR-1.
- Apart from the salary, salaried employees are supposed to disclose other components of their package like the value of perquisites, profit in lieu of salary, exempt allowances and also deductions for entertainment allowance, professional tax and standard deduction separately.
- Since long-term capital gains on listed equity shares and equity-oriented funds are taxable from 1 April 2018, the respective changes have been added in the ITR forms.
- Until now, if the taxpayer had more than one self-occupied house, they could only consider one as self-occupied, while all others were considered as “deemed to be let out” and they were supposed to pay tax on the potential rent of such property, but now there is a new option to choose your “deemed let out” is available in ITR-1 and ITR-4
- Moreover, the PAN (Permanent Account Number) of the tenant has to be provided in ITR-2 in case TDS is deducted by the tenant.
Well, while efiling ITR you must remember the above-mentioned updates, that are made in the ITR Forms for the A.Y 2019-20.