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ITR forms 1 and 2: Do you know the new norms?

Yatheendradas C.k. at 09:59 PM - Aug 08, 2019 ( ) Views: 82

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ITR forms 1 and 2: Do you know the new norms?
Published: August 5, 2019 3:42:42 AM  The Financial Express
Changes in income tax return forms that you should be aware of as you file returns for FY2018-19

By Kumar Dinesh

The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year’s returns, keeping the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards. Apart from that, there are other changes as well in the ITR forms which you should be careful about while filing your return for FY 2018-19.

The changes in ITR forms 1 & 2 that you should be aware of :

Online ITR filing is mandatory: All individuals except for super senior citizens) will be required to file their ITRs online. The ITR-1 for FY 2018-19 cannot be filed in paper format by taxpayers with income below `5 lakh with no refund.

Complete details of buyer to whom you have sold property: If you have sold a property in FY 2018-19, then while filing ITR-2, you will be required to provide complete details of the buyer to whom you have sold the property.

Property-wise details of rent arrears: While filing ITR-1/ITR-2 as applicable, if there are any rent arrears received in FY 2018-19 then you have to report them property-wise as received.

Specifying the type of house property: While providing details of your one house property in ITR-1, you are required to specify whether the house is—‘Self Occupied’, ‘Let-out’ or ‘Deemed Let-out.’ Investment details in unlisted companies: If you are holding shares in an unlisted company, you are required to disclose the details of your holdings in ITR-2. The details required are extensive – name of the company, PAN of the company, number and cost of acquisition at the beginning of the year, number of shares, face value, issue price (or purchase price) and date of purchase of shares acquired during the year, number and sale consideration of shares transferred during the year, number and cost of acquisition of shares held at the end of the previous year.

Reporting of salary details gets easier in ITR-1: This year providing details of your salary income will be easier as the details required are in sync with the information available in Form-1.

Full disclosure of interest income: Along with providing full break-up of salary income, taxpayers will be required to specify the full bifurcation details of the interest income or any other income received by them.

Residential status: The new ITR-2 form asks individuals not only to specify the residential status as resident, resident but not ordinarily resident or non-resident, but also to provide additional information with respect to his residential status, such as, number of days of stay in India, jurisdiction of his residence and tax identification number in case he is a non-resident.

Mention of DIN number: If you are a director of a company, then you will be required to specify your DIN (Director Identification Number) in ITR-2 or 3 whichever is applicable. Along with this you will also be required to provide information – name of company, PAN, whether shares are listed or unlisted.

(The writer is a chartered accountant. Source: Tax Guru)

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