New Income Tax Return (ITR) forms for the financial year 2018-19 have been notified. These forms require new details to be filled in by taxpayers. New information required includes the number of days of residency in India, holding of unlisted shares and mandatory quoting of PAN of tenant in case of TDS.
The new details required for ITR-1 are:
1. The ITR-1 form will be applicable to resident individuals only having a total income up to Rs 50 lakh from salary, one house property and from sources such as interest income etc.
2. As per the notified form, this ITR form cannot be used by an individual who is either a director of a company or has invested in unlisted equity shares.
3. ITR-1 comes with an option of standard deduction. While filing ITR, the maximum amount of standard deduction that can be claimed by an individual is Rs 40,000 for the financial year 2018-19, as per the forms notified by the Central Board of Direct Taxes (CBDT).4. In ITR-1, if you are having a house then you will have to specify whether it is self-occupied, let-out or deemed to let-out.
5. This year, you will also be required to provide details of income from other sources. Income from other sources includes interest income from bank account, fixed deposits, etc.
However, similar to last year, the individuals have to provide a break-up of their salary details as salary excluding allowances, perquisites and profits in lieu of salary, reported The Economic Times. The individuals will have to provide additional details of perquisites received by them from their employers and profit in lieu of salary, if any. Any allowances, which are exempted from tax such as certain or full amount of house rent allowance, should also be mentioned in the ITR-1, the report added.
The new details required in ITR-2 are:
1. ITR-2 will be applicable to those individuals and Hindu Undivided Families (HUFs) who do not have income from profits and gains of business or profession.
2. You will be required to provide details of your residency status in ITR-2, which means, whether in the financial year 2018-19 you were a resident, resident but not ordinarily resident or non-resident individual.3. You will have to specify that you were in India for 182 days or more during last year [Section 6 (1) (a)] or you were in India for 60 days or more during last year or that you have been in India for 365 days or more within the 4 preceding years [Section 6 (1) (c)].
4. If you have held shares of an unlisted company, then you will have to provide details like name of the company, PAN, number of shares held or acquired by you, shares sold by you etc, in ITR-2.
(Edited by: Nehal Solanki)