ITR filing: 6 key changes in ITR-1 you need to know
January 6, 2020The income tax department has notified the income tax return (ITR) forms for FY 2019-20 on January 3, 2020.
, ET Online|
Updated: Jan 07, 2020, 01.02 PM IST
http://www.ecoti.in/yvPWHZ25
Effectively, the government will now be able to link the passport number and PAN
of all those who are filing ITR 1 for current financial year. This is
because the income tax return form 1 notified for financial year 2019-20
requires the filer to mandatorily mention passport number if any and of
course the form cannot be filed without mentioning PAN. Therefore, at
the back-end the government database for all ITR-1 filers who possess passports will have both pieces of information together i.e. PAN and passport number.
Here's a list of the 6 key changes, including the one mentioned above, introduced in the ITR1 for financial year 2019-20.
- Passport details
Chartered
Accountant, Naveen Wadhwa, DGM, Taxmann.com says, "It is a possibility
that passport details are asked to check if you have travelled to a
foreign country in FY 2019-20 or the income declared by you matches with
your ability to incur the expenses of foreign travel on yourself or any
other person."
Last
year in July 2019 Budget, it was announced that those who have incurred
expenses of Rs 2 lakh or more for foreign travel either on himself or
any other person, will have to mandatorily file ITR.
- TAN of your employer
From
this year, those filing ITR1 will have to provide the Tax Deduction
Account number (TAN) of the employer, mandatory if tax is deducted.
Other details required are name, nature, address of the employer.
According
to the notified form, these details will be pre-filled automatically,
once TAN of the employer is filled by the taxpayer in ITR-1. You can
find the employer's TAN details in your Form-16.
It is mandatory for your employer to give you Form-16 if tax is deducted.
- PAN or Aadhaar details of your tenant
Wadhwa
says, "It is yet to be seen whether ITR-1 form utility will allow the
taxpayers to file the tax return without providing tenant details in
case of let-out of property. The field has been introduced and it
appears that it will be mandatory in new ITR-1 and ITR-4."
- Eligibility criteria for ITR- 1 reduced
Archit
Gupta, Founder and CEO, ClearTax says, "The ITR-1 for FY 2019-20 cannot
be used by an individual having one house property in a joint
ownership."
Last year, ITR-1 allowed the taxpayer to file return using ITR-1 if they owned one joint house property.
Similarly,
this year as well, the ITR-1 cannot be used by an individual who is
either director in a company, or has invested in unlisted equity shares.
As
mentioned above ITR-1 cannot be used by individuals who have incurred
expenses of Rs 2 lakh or more for travel to foreign country either on
himself or any other person. Added to this, individuals who have
deposited more than Rs 1 crore in one or more current accounts or/and
paid electricity bill of more than Rs 1 lakh, too cannot use ITR-1.
- Complete address of your house
Wadhwa
says, "It is now mandatory that you have to provide the complete
address of your house irrespective of whether it is - self-occupied,
deemed to let-out or let-out. Earlier, these details were asked only in
ITR-2 and ITR-3."
Provide details of unrealised rent
If during FY 2019-20, you have not received the rent which was due to you, then such details are also required to be provided.
Wadhwa says, "Taxpayer
eligible to file ITR-1 is required to provide the rent which was due but
not received in FY 2019-20. Such information was earlier asked only in
ITR-2 and ITR-3."
If during FY 2019-20, you have not received the rent which was due to you, then such details are also required to be provided.
1 comment:
The above discussed information about income tax is very useful and interesting. Income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments
Income Tax Filing in Chennai
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