The all new Income Tax Return Forms for AY 2019-20 have been released. The ITR forms ITR-1 and ITR-4 have also been made available for e-filing.
The forms introduced this year seek more details about the income as compared to previous years.
Here's a list of all the changes that have been introduced in ITR Forms for 2019-20.
ITR-1
Also called - Sahaj
Applicable for:
- Individuals having total income of up to Rs 50 lakh
- Having income from salaries
- One house property
- Other sources (like interest), and
- Agricultural income up to Rs 5,000.
Changes in the new form
Cannot be used for an individual who is director of company, has investment in unlisted equity shares
Details about the allowances exempt u/s 10
Details about Income from other sources
Pensioners added in the Nature of employment
ITR- 2
Applicable for:
Individuals and HUFs not having income from profits and gains of business or profession.
Changes in the new form:
Comprehensive details about Residential status.
More details about Directorship
Schedule E1: Details of exempt of income
Persons who are claiming Exemption of Agriculture Income and there Agriculture Income Exceeds Rs. 5,00,000 now will have to give additional disclosure
ITR-3
Applicable for:
Individuals and HUFs having income from profits and gains of business or profession.
Changes in the form:
Details about the partnership firm
Can be used to declare the income calculated under presumptive scheme
Introduction of GST Schedule which was earlier limited ITR 4 only
Comprehensive details about Residential status.
More details about Directorship
ITR-4
Also called- Sugam
Applicable for:
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.
Change in the new form:
Not applicable for individual who is either a director in a company or has invested in unlisted equity shares
Financial particulars of the business has to be provided up to 31st March 2019
ITR-5
Applicable for:
Persons other than-
Individual
HUF
Company
Person filing form ITR-7
Changes in the new form:
More details about start-ups
ITR-6
Applicable for:
Companies other than those claiming exemption under Section 11 of the Income Tax Act.
Changes in the new form:
More details about start-ups
Introduction of GST Schedule which was earlier limited ITR 4 only
Schedule SH-2: Details about Start up
Schedules
Schedule HP: Income from House Property
Furnish TAN of Tenant where tax is deducted under section 194-I
Schedule 80G: Deductions
Bifurcation of the donations made in cash and otherwise
Schedule FA in ITR form- 5/6/7
Complete disclosure on foreign assets
Lastly, one of the major changes is that now persons above 80 years of age can file paper returns.
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