New Income Tax Return form for AY 2019-20: Here’s what salaried, individuals, companies should know

New Income Tax Return form for AY 2019-20: Here’s what salaried, individuals, companies should know

Income Tax Return Form 2019-20: The Income Tax department has notified new I-T return forms for individuals and companies for the assessment year 2019-20. The tax department has made no changes to the ITR-1 or Sahaj, which is filled by the salaried class. In the new forms, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised. Individuals, firms and companies need to file returns for the income earned in 2018-19 during the course of the current fiscal.

Who files ITR-1

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The ITR-1 is filed by individuals having a total income of up to Rs 50 lakh. The income coming from salary, one house property, other sources (like interest), and agricultural income up to Rs 5,000 are considered.

Who files ITR-2

ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession.

Who files ITR-3

ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.

Who files ITR-4 (Sugam)

The ITR-4 or Sugam is filed by individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.

New ITR forms: What has changed 

In the new ITR forms, those filing 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.

Some interesting changes include:

– For landlords: For TDS relief, landlords will have to quote the PAN card of the tenant. They will also have to list the period of stay of the tenant. This will apply to individuals who earn from rent and file ITR-2.

– Those getting money in the form of donation would have to give details of the name of donors, their address and PAN.

– Taxpayers having an agricultural income need to file ITR-2 with details of the and, the name of the district when he owns the land and the PIN. They will also have to share details of the ownership of the land, whether it is irrigated or dependent on rainwater.

– The tax department has stopped investors and company directors from filing ITR with Sahaj and Sugam forms.

– In ITR-6, taxpayers would have to share details of money in foreign accounts, equities and bonds.

ITR last date

The last date of filing Income Tax Return (ITR) is July 31 for those who are not required to get their accounts audited.

Source:- zeebiz

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