New ITR forms notified, big changes in picture, resedential details to GST details.

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CBDT vide notification No. 32/2019 dt. 01-04-2019 notifies ITR forms

  • ITR 1 (SAHAJ): For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]
    [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
  •  ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession
  •  ITR 3: For individuals and HUFs having income from profits and gains of business or Profession
  • ITR 4 (SUGAM): For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]
    [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
  • ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  • ITR 6: For Companies other than companies claiming exemption under section 11
  •  ITR 7 : For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)
  •                                                                               No Copyright Claim

Only very senior citizen (i.e. above 80 years) filling ITR 1 and ITR 4 will be entitled to file physical returns and all other Individuals will have to file their ITR electronically.

 Additional details to be furnished in new ITR Forms

  1. Assessee who are filing ITR 2 or ITR 3 have to provide history of their stay in India* to determine residential status for income tax purposes.
  2. In case rental income from house property on which tax has been deducted, the details of TAN/PAN of the          tenant for claiming the credit for the tax deducted by the tenant has to be given.
  3. In case any tax has been deducted by the buyer in respect of sale of any immovable property then have to mandatorily furnish the details of the PAN of the buyer for claiming the TDS credit.
  4.  Assessee having business or profession with GST registration are now needed to furnish GST Revenue, GSTIN (GST Number). This disclosure is extended to ITR Forms from 3-6.

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