New income tax (I-T) norms have been formulated by the I-T department for the current financial year or assessment year (AY) of 2019-20. The department retained the previous fiscal's norms of releasing seven ITRs of which three — ITR-1 and ITR-4 for AY 2019 — are already available. The remaining are expected to be available soon.
ITR forms are renewed every year and the new forms reflect the changes made in tax provisions, as per the previous finance bill.
The last date of filing income tax return (ITR) is July 31 for those who are not required to get their accounts audited.
Here's are the details required while filling in the forms: Specification of forms For ITR-1, individuals with an income of up to Rs 50 lakh from salary, one house property, interest income, among others and also with an agricultural income up to Rs 5,000 can file return using this form.
Individuals, Hindu Undivided Families (HUFs) and companies, apart from limited liability partnerships, having a total income of up to Rs 50 lakh, can use ITR-4 to fill their forms.
ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.
For ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
The individual is required to disclose each and every source of their income, apart from their salary.
Details to be disclosed Contact: If the individual comes under the ITR-1 form criteria, they are expected to mention their Indian address and mobile number. House Income: An individual is allowed to consider only one self-occupied house and the others will be levied with tax as there is a possibility that the individual can rent the property. In the interim Budget, this norm was relaxed. If the individual has more than two self-occupied houses, then only he or she will be obliged to pay the tax. However, this norm will come to force only in the next AY. Capital gains: A property buyer is required to deduct TDS at the rate of one percent if the value of the property exceeds Rs 50 lakh. Other income sources: If the individual has earned an interest income, which is under the income-tax head “other sources", all the details of the income source are required to be filled in. Residential status: The individual will be considered a tax resident if he or she is in the country for at least 182 days or more in a fiscal, or more than 365 days in the previous four financial years. Foreign assets: The centre has introduced many provisions in terms of foreign assets. The provisions are based on if the individual is a resident of India to foreign assets, income tax will be charged. Charity: If the individual has donated to charitable institutions, the amount is required to be disclosed and the mode of the donation, that is if donation made via cash or other payment modes. Senior citizen: If a senior citizen is receiving an interest income and claiming deduction under Section 80TTB, it is required to be disclosed. Agricultural income: If an individual is receiving more than Rs 5 lakh as agricultural income, the taxpayer is required to disclose the district name with PIN code, measurement of the land, mention whether the land is owned or leased and if it is irrigated or rain-fed, among other details. NRIs
For Non-resident Indians (NRIs), the norms require these individuals to file their returns in India, if they have any income sources in the country. If they do have income sources in India, the NRIs will be required to disclose their country of residence, taxpayers’ identification number, the number of days of stay in India in case of they are Indian citizens or persons of Indian origin.
(With inputs from PTI)