Attention Income Tax Payers ! Are you aware of these 4 changes in Income Tax Return

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The last date for filing Income Tax Return (ITR) for the assessment year 2019-20 is July 31, 2019.

After the refund is determined, it is processed by the tax department. It can be checked online either through the income tax e-filing portal or through the NSDL website.

ITR filing required various documents which is why it is important that taxpayers file the return ahead of the deadline so that they have enough time to gather all the required documents and details.

Filing ITRs on deadline often leads to error which is why it is advised that taxpayers file their returns ahead of the deadline.

The Central Board of Direct Taxes (CBDT) issues the income tax return forms every year and the forms can be easily downloaded online. It may be noted that filers have to be very careful while filing their returns as several changes have been introduced this year in several forms.

Here are a few changes you should be aware of before filing your ITR

1. Form 16: The revised Form 16 needs details of income from house property or any remuneration from other employees.

It will also include details of any deduction with respect to tax-saving schemes, allowances received by the employee and income from other sources.

The revised Form 16 will also seek details of deductions with respect to interest earned on deposits in saving account, discount or surcharge.

In the revised Form 16, the employer is now required to give details  of tax deductions claimed by the employee from his Gross salary under section 80C to section 80U of the Income Tax Act. 

 

2. ITR-1: This form cannot be used by the individual who is a director of the company or has invested in unlisted equity shares.

Resident individuals who have a total income up to Rs 50 lakh from salary, one house property and from other sources like income from the interest, etc.

This form has an option of the standard deduction.

For the financial year 2018-19, the maximum amount of standard deduction claimed by an individual is Rs 50,000.

3. ITR-2: 

It is used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Sahaj or ITR-1 and

also who is not earning any income under the head ‘profits or gains of business or profession’.

In this form an individual will be required to mention residency details like ‘you were in India for 182 days or more during the previous year [section 6(1)(a)] or

you were in India for 60 days or more during the previous year, and

have been in India for 365 days or more within the 4 preceding years [section (6)(1)(c)] [where Explanation 1 is not applicable].

 

4. ITR-4: 

Only taxpayers above the age of 80 years filing ITR-1 or ITR-4 are eligible for paper filing facility.

Taxpayers with income of up to Rs 5 lakh and seeking a refund are not allowed to file their ITR in the paper format starting FY 2018-19.

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