Income Tax Department has released new Income Tax Return Forms for AY 2019-2020 and these form required more details about the income as compared to previous years to reduce the tax evading
Below are some major changes have been introduced in ITR Forms for 2019-20.
ITR-1 (Sahaj) | Applicable for:
Changes in the new form
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ITR- 2 | Applicable for: Individuals and HUFs not having income from profits and gains of business or profession. Changes in the new form:
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 need to give additional information. |
Person above 80 can file paper returns.
| ITR-3 | Applicable for: Individuals and HUFs having income from profits and gains of business or profession. Changes in the form:
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ITR-4 (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:
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| ITR-5 | Applicable for: Persons other than-
Changes in the new form:
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| ITR-6 | Applicable for: Companies other than those claiming exemption under Section 11 of the Income Tax Act. Changes in the new form:
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| 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 |
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