ITR Forms FY 2018-19 (AY 2019-20) – Key Changes
Income Tax Return Filing for FY 2018-19 has been due for filing. Considering the need of same, the CBDT has notified new ITR forms vide Notification dated April 1, 2019.
As per the requirement of Govt as well changes in the law, the New ITR forms have been amended. Following are some changes/additional information, which has been sought in these ITR Forms:
Directorship: Directors (in Indian Companies), who were allowed to file ITR 1 also earlier, cannot file their ITR in ITR 1 now. Directors need to file their ITR in ITR 2 or ITR 3. As per the new ITR forms, they need to provide certain additional details i.e. DIN, Company details where they are directors etc.
Residential Status (Along With No of Days Stay In India): Detailed information has been sought in the new ITR forms in relation to Residential status of the assessee. In case of NRIs/PIOs following additional information is required:
- Country of Residence
- Tax ID of the country of residence
- Number of days spent in India in last FY
- Number of days spent in India in 4 FY preceding to last FY
GST Data: Information of GST returns have to be submitted i.e. Turnover/Gross Receipts etc.
Shareholding Details of Unlisted Companies: Details have been required for the shares held by assessee in a private limited/unlisted company.
Agriculture Income Related Data: If agriculture income exceeds Rs 5 Lakh then assessee need to provide various information in relation to same and agriculture land etc.
Salary Income Related Data: In case of Salaried Employee, detailed information, in relation to Salary income and deductions claimed under that head, needs to be provided in the ITR form.
Capital Gains on Equity Shares or Mutual Funds: As per new section 112A, Tax @ 10% (without indexation) shall be levied if Long Term Capital Gains From Equity Shares or Equity Oriented Mutual Funds exceed Rs 1 Lakh in FY 2018-19. For the same, relevant effects and columns have been provided in the new ITR forms.
Sale of Immovable Property: PAN/TAN of Buyer need to be deducted in case of sale of immovable property information.
Electronic Filing of ITR Only: Now, manual filing of ITR is restricted to super senior citizen only ie person aging 80 years or more in FY 2018-19 (that too for ITR 1 & 4 only). All others categories assessees will have to file their ITR through electronic mode only.
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Usefulness Of Above Information
Above information can be helpful to various assessees including NRIs, Expatriates and Other Non-Residents in relation to their various doubts about new ITR Forms such as:
- I am an NRI, I am an Overseas Citizen of India (OCI), I am an Expatriate. I need to know what are the provisions of new ITR Forms in relation to NRI/OCI/Expatriate ITR in India?
- What are the key changes in ITR Forms notified for FY 2018-19 ITRs.
- What does new ITR Forms provide for NRIs, OCIs?
- What are the new information sought by the ITR forms 2018-19 in relation to NRIs, Expatriates, OCIs, Salaried Employees?
- I need a CA Firm in Delhi/Mumbai in India for filing my ITR as per the new ITR forms 2018-19 requirement?
- Chartered Accountant (CA) Services for new ITR forms for NRI Tax ITR?
- Chartered Accountant (CA) Services for ITR Form FY 2018-19 for Expatriate Tax ITR?
- I am NRI. I sold and immovable property in India. What are the new requirements to be submitted as per the new ITR forms (ITR Form FY 2018-19)?
- What are the new requirements for capital gain income on shares or mutual funds?
- What are the additional information required by ITR forms FY 2018-19 for Residential Status for NRIs/OCIs/Others?