​Key ITR changes for Financial Year 2019-20

1) New forms require a separate table to disclose tax-saving investments made between 1 April 2020 and 30 June 2020 for use in FY 2019-20. Deductions under Chapter-VI of the Income Tax Act covering Sections 80C (LIC, PPF, etc.), 80D (Mediclaim) and 80 G (donations) will now be allowed for expenditure until 30 June.

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2) Taxpayers with taxable income as a dividend from domestic companies can not file an ITR-1 form



3) Those with house ownership can not file ITR-1 or ITR-4



4) Taxpayers must answer the following questions: deposits in current accounts, foreign travel and electricity bills in all ITR forms



A) "Have you deposited amounts exceeding Rs. 1 Crore in one or more current accounts in the previous year? ”



B) "Have you incurred expenditure exceeding Rs . 2 lakhs for travel to a foreign country for yourself or any other person? ”



C) "Have you incurred expenditure on electricity consumption exceeding Rs. 1 lakh in the previous year? ”



5) If the taxpayer has a Passport number to disclose. To be furnished in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, other ITR forms will make it mandatory as and when notified.



6) Providing a tenant's PAN / Aadhaar No. is mandatory if tax is deducted under section 194-IB. And TAN provision is mandatory if tax is deducted under section 194-I. Under Section 194I, a person (other than individuals and Hindu Undivided Family) paying rent is liable for source tax deduction. The tax can be deducted at source if the total amount of rent to be received or paid in a particular financial year exceeds Rs 2,40,000.



Under Section 194-IB of the Income Tax Act, 1961, the tenant is required to deduct TDS if the following conditions are met.



-- The tenant is either an individual or HUF whose aggregate turnover / total sales / gross income from the business or occupation does not exceed the monetary limit specified in clause 44AB (a) or (b).



In other words, the tenant, being an individual or HUF, is not liable to be audited.



-- The tenant pays the 'resident' any rent income. Section 194-IB does not cover non-resident payment.



-- Rent payment exceeds INR 50,000 per month or part of the previous year.



If you've rented a property, please provide your tenant 's name and Aadhaar or PAN details, if available.



7) PAN is optional in ITR-4 if Aadhar number is provided. In section 44AD, in addition to electronic clearance, a new clause added electronic mode and reduced presumptive income from 8% to 6%.



8) For presumptive income from goods carriages, section 44AE removes the celling of the maximum row and adds a new validation "Number of vehicles should not exceed 10 vehicles at any time during the year."



9) Government Employee Details Form 1. Government employees were bifurcated in state, central government and a new type as "NA" added to the list.



10) PAN is optional in ITR-4 if Aadhar number is provided. In section 44AD, in addition to electronic clearance, a new clause added electronic mode and reduced presumptive income from 8% to 6%.



11) Form ITR-6 provides a new drop-down tool to opt for a 22% concessional tax scheme offered to corporations or new companies under section 115BAA or 115BAB



12) The new ITR forms 3, 5 and 6 seek details of the assessee 's choice to pay additional income tax in the event of non-repatriation within the prescribed time limit.



13) Details of Notice / Order DIN Number and date to be provided by taxpayers who have replied or received notice in Section, including the date of such notice or order.



Due to the lockdown, the due dates for filing all ITRs for 2019-20 are extended from 31 July 2020 to 30 November 2020, providing enough time for taxpayers to compile data.



Thank you.
1) New forms require a separate table to disclose tax-saving investments made between 1 April 2020 and 30 June 2020 for use in FY 2019-20. Deductions under Chapter-VI of the Income Tax Act covering Sections 80C (LIC, PPF, etc.), 80D (Mediclaim) and 80 G (donations) will now be allowed for expenditure until 30 June.



2) Taxpayers with taxable income as a dividend from domestic companies can not file an ITR-1 form



3) Those with house ownership can not file ITR-1 or ITR-4



4) Taxpayers must answer the following questions: deposits in current accounts, foreign travel and electricity bills in all ITR forms



A) "Have you deposited amounts exceeding Rs. 1 Crore in one or more current accounts in the previous year? ”



B) "Have you incurred expenditure exceeding Rs . 2 lakhs for travel to a foreign country for yourself or any other person? ”



C) "Have you incurred expenditure on electricity consumption exceeding Rs. 1 lakh in the previous year? ”



5) If the taxpayer has a Passport number to disclose. To be furnished in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, other ITR forms will make it mandatory as and when notified.



6) Providing a tenant's PAN / Aadhaar No. is mandatory if tax is deducted under section 194-IB. And TAN provision is mandatory if tax is deducted under section 194-I. Under Section 194I, a person (other than individuals and Hindu Undivided Family) paying rent is liable for source tax deduction. The tax can be deducted at source if the total amount of rent to be received or paid in a particular financial year exceeds Rs 2,40,000.



Under Section 194-IB of the Income Tax Act, 1961, the tenant is required to deduct TDS if the following conditions are met.



-- The tenant is either an individual or HUF whose aggregate turnover / total sales / gross income from the business or occupation does not exceed the monetary limit specified in clause 44AB (a) or (b).



In other words, the tenant, being an individual or HUF, is not liable to be audited.



-- The tenant pays the 'resident' any rent income. Section 194-IB does not cover non-resident payment.



-- Rent payment exceeds INR 50,000 per month or part of the previous year.



If you've rented a property, please provide your tenant 's name and Aadhaar or PAN details, if available.



7) PAN is optional in ITR-4 if Aadhar number is provided. In section 44AD, in addition to electronic clearance, a new clause added electronic mode and reduced presumptive income from 8% to 6%.



8) For presumptive income from goods carriages, section 44AE removes the celling of the maximum row and adds a new validation "Number of vehicles should not exceed 10 vehicles at any time during the year."



9) Government Employee Details Form 1. Government employees were bifurcated in state, central government and a new type as "NA" added to the list.



10) PAN is optional in ITR-4 if Aadhar number is provided. In section 44AD, in addition to electronic clearance, a new clause added electronic mode and reduced presumptive income from 8% to 6%.



11) Form ITR-6 provides a new drop-down tool to opt for a 22% concessional tax scheme offered to corporations or new companies under section 115BAA or 115BAB



12) The new ITR forms 3, 5 and 6 seek details of the assessee 's choice to pay additional income tax in the event of non-repatriation within the prescribed time limit.



13) Details of Notice / Order DIN Number and date to be provided by taxpayers who have replied or received notice in Section, including the date of such notice or order.



Due to the lockdown, the due dates for filing all ITRs for 2019-20 are extended from 31 July 2020 to 30 November 2020, providing enough time for taxpayers to compile data.



Thank you.