The New Form of ITR Issued, The Information of PAN of The Tenant Will Also Be Given

The New Form of ITR Issued, The Information of PAN of The Tenant Will Also Be Given.

New Delhi. The Income Tax Department has notified the new ITR Forms. More information has been sought in new farms than last year. The tenant, for example, has to show PAN number in return. A holding of unlisted shares will also have to be declared.

The New Form of ITR Issued, The Information of PAN of The Tenant Will Also Be Given

ITR-1 form

The ITR-1 form will be applicable only to those citizens whose total income is up to Rs 50 lakhs. This is income from salaries, house properties, and interest. This ITR form cannot be used by any person who is a director of a company or has invested in unlisted equity shares.

You will also have to give detailed information about the income from other sources in this financial year. Please tell that before that you had to tell the amount of the total income of the second source only. Generally, the income from other sources is interest from a bank account, fixed deposit, etc.

Just like last year, you have information about the breakup of your salaries such as salary, additions, additional facilities, and profits. You will also need to provide additional information about the facilities you have received from your company. If you also get any house rent such as house rent which gives little or no discount in tax, their information will also be given to ITR-1. The form has been created with the option of the standard deduction. While filing returns, you can claim a maximum of 40,000 rupees for the standard deduction in the financial year 2018-19.

ITR-2 form

ITR-2 form is for those people and undivided Hindu families (HUFs) who do not have any profits from any business or profession. In ITR-2 you will have to provide information related to your residence whether you were resident in the financial year 2018-19 or not. Or were ordinary resident and were non-resident.

You will need to tell that in this financial year [section 6 (1) (a)] you were living in India for 182 days or more, or you lived for 60 days or more or 365 days in the country. Or have been staying for 4 consecutive years under section (6) (1) (c)]. If you have shares of an unlisted company, then you have to give this information in ITR-2. This information will require the company, the PAN, the number of shares and the shares you bought or sold.

Electronic filing

The facility of paper filing is now available for people above 80 years and then ITR-1 or ITR-4, available for them. Everyone else has to do the electronic filing. Earlier, those who earn income up to Rs 5 lakh or refunds can file in the paper form, but now that will not be possible.

Now most ITR forms are e-files only. ITR-4 is for those whose total income is up to Rs 50 lakh and they are getting income from a business and profession. Their income sections are computed under 44AD, 44ADA or 44AE.