Income Tax department has released the New Income tax forms for the Financial year 2018-19 assessment year 2019-20 vide notification 32/2019 .However the E-filing of this forms is yet to be started on Income tax india Efiling site. At present this forms have only academic interest and to consume changes proposed in it. as the most of the persons are required to file return through online mode only.
Not many major changes has been introduced in this forms except few which are required due to change in laws from last year like addition of column for standard deduction for salaried persons which has been reintroduced from financial year 2018-19. Furthermore details has been sought regarding foreign assets.
- Form No.:[ITR-1 SAHAJ 2019-20 PDF]
- 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
- Form No.:[ITR-2 2019-20 PDF]
- For Individuals and HUFs not having income from profits and gains of business or profession
- Form No.:[ITR-3 2019-20 PDF]
- For individuals and HUFs having income from profits and gains of business or profession
- Form No.:[ITR-4 Sugam 2019-20 PDF]
- 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
- Form No.:[ITR-5 2019-20 PDF]
- For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
- Form No.:[ITR-6 2019-20 PDF]
- For Companies other than companies claiming exemption under section 11
- Form No.:[ITR-7 2019-20 PDF]
- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
- Form No.:[Acknowledgement 2019-20 PDF]
New ITR forms: What has changed
In the new ITR forms, those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
Some interesting changes include:
- For landlords: For TDS relief, landlords will have to quote the PAN card of the tenant. They will also have to list the period of stay of the tenant. This will apply to individuals who earn from rent and file ITR-2.
- Those getting money in the form of donation would have to give details of the name of donors, their address and PAN.
- Taxpayers having an agricultural income need to file ITR-2 with details of the and, the name of the district when he owns the land and the PIN. They will also have to share details of the ownership of the land, whether it is irrigated or dependent on rainwater.
- The tax department has stopped investors and company directors from filing ITR with Sahaj and Sugam forms.
- In ITR-6, taxpayers would have to share details of money in foreign accounts, equities and bonds.
The last date of filing Income Tax Return (ITR) is July 31 for those who are not required to get their accounts audited.
SUB- SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
New Delhi, the 1st day of April, 2019
G.S.R. 279(E).– In exercise of the powers conferred by section 139 read with section 295 of the
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following
rules further to amend the Income-tax Rules, 1962, namely:-
1. Short title and commencement.__ (1) These rules may be called the Income-tax (Second Amendment) Rules, 2019.
(2) They shall come into force with effect from the 1st day of April, 2019.
2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−
(a) in sub-rule (1),-
(I) in the opening portion, for the figures “2018”, the figures “2019” shall be substituted;
(II) in clause (a), in the proviso, after item (IC), the following items shall be inserted, namely:__
“(ID) has claimed deduction under section 57, other than deduction claimed under clause (iia) thereof;
(IE) is a director in any company;
(IF) has held any unlisted equity share at any time during the previous year;
(IG) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;”;
(III) in clause (ca), __
(i) in the opening portion, for the words “a Hindu undivided family or a firm, other than a limited liability partnership firm,”, the words “a Hindu undivided family, who is a resident other than not ordinarily resident, or a firm, other than limited liability partnership firm, which is a resident” shall be substituted;
(ii) in the proviso, for item (I), the following items shall be substituted, namely:__
“(I) has assets (including financial interest in any entity) located outside India;
(IB) has income from any source outside India;
(IC) has income to be apportioned in accordance with provisions of section 5A;
(ID) is a director in any company;
(IE) has held any unlisted equity share at any time during the previous year;
(IF) has total income, exceeding fifty lakh rupees;
(IG) owns more than one house property, the income of which is chargeable under the head “Income from house property”;
(IH) has any brought forward loss or loss to be carried forward under any head of income;
(IJ) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;”;
(IV) in clause (g), the words, brackets, figures and letters “or sub-section (4E) or sub-section (4F)” shall be omitted;
(b) in sub-rule (3), in the Table, in column (i), against the entries at serial number 1, in column (iii), for item (b), the following item shall be substituted, namely:__
“(b) Where total income assessable under the Act during the previous year of a person, being an individual of the age of eighty years or more at any time during the previous year, and who furnishes the return in Form number SAHAJ (ITR-1) or Form number SUGAM (ITR-4).”;
(c) in sub-rule (5), for the figures “2017”, the figures “2018” shall be substituted.
3. In the principal rules, in Appendix II, for Forms “Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V”, the following Forms shall, respectively, be substituted, namely;-
[Notification No. 32/2019/ F.No.370142/1/2019-TPL]
Saurabh Gupta) Under Secretary to the Government of India
Saurabh Gupta) Under Secretary to the Government of India
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended by the Income-tax (First Amendment) Rules, 2019, vide notification number G.S.R. No. 76(E), dated 30th January, 2019.