These TEN changes will appear in the Income Tax Return (ITR) form

These 10 changes will appear in the Income Tax Return (ITR) form

Several changes related to personal finance have been made during the budget. These changes will be reflected in the ITR form when filling the income tax return. Let's know which 10 changes are there.
The Income Tax Department has notified the new Income Tax Return (ITR) form for the assessment year 2019-20. Like the previous year, this year also ITR will have seven forms. ITR-1 and ITR-4 forms are already available on the e-filing portal of the Income Tax Department. Other forms are also expected to be available soon on the portal.
The department updates the ITR forms every year and notifies the new form. Generally, the new forms show the changes made in the taxation tax as per the previous finance bill. In the assessment year 2019-20, you will get 10 changes in the ITR forms, from which you are going to give us the rubric.

INCOME TAX

                                                 

. Suitability of the form

Now the ITR-4 form will not be used by people of companies, people holding shares in unlisted companies and more than one house.

2. Contact Details

If you are going to fill the ITR-1 form, remember that writing Indian address and mobile number has been made compulsory.

. Salary components

Apart from salaries, you also have to disclose its other components. Standard deduction from salaries was implemented from April 1, 2018. These changes will be displayed in the ITR form. Apart from this, the salary employee will have to show deduction, professional tax and standard deduction separately for the value of convicts, profit in leu of salary, exemplify assets and entertainment allowances.

4. House Income

So far, more than one house had to pay tax, but now its rule has changed. Now if you have two houses and the other is empty, then it will also be treated as self-aqueous (within yourself) and you will not have to pay tax on a nominal rent (fictitious rent). For this, ITR-1 and ITR-4 will have to select 'Deemed Late Out' option. Also, if the tenant's TDS is deducted by the landlord then in this situation the tenant's PAN number will also be given.Read: Are the two home owners? Learn what the rules will change on you

5. Capital gains

According to income tax rules, if the value of the property is more than Rs 50 lakh, its buyer has to deduct TDS at one per cent rate. In order to disclose such information by the seller, the ITR form has been modified. Also, long term capital gains on listed equity shares and equity-based mutual funds have become taxable since April 1, hence the amendments related to it will also be seen in the ITR form.

Read: How to Calculate Capital Gains in Income Tax Returns

6. Other sources of income
If you have earned income from interest on the bank savings account, fixed deposits and income tax refund, then you have to give detailed information about this.

7. Housing information

If you go on a foreign trip again and again you may need to give detailed information about it. Now housing related status will not work only with self-declaration. You will also have to give information to the Income Tax Department for the days spent in India and abroad.

8.NRI Details

If any NRI has any source of income in India then he will have to file an Income Tax Return. In the new ITR form, the place of residence, taxpayers identification number, if Indian citizen or citizen of Indian origin, will have to give details of how long India has lived.

9. Foreign Assets

In addition to the foreign bank accounts, details of the Foreign Depository Accounts will also be provided. In the tax return form, information of foreign custodial accounts, foreign equity and debt information, foreign exchange and insurance information will also be given. You can get in trouble if you do not give this information.

10. Other changes

Many more changes have been made in the ITR. If you have given a donation to any charitable institution and you have to give information about the donation amount at the time of return. The person having agricultural income of more than five lakh rupees is given the name of the district, land description, land or rental along with the PIN code and whether it is agricultural or some other details should be given.