The Income-tax Department has notified ITR Forms for 2018-19 (A.Y 2019-20). The forms introduced seek more details as compared to previous years. Below is a list of changes brought in ITR Forms in simplified form including additional details required under each category of taxpayer.
In case of Individuals/HUFs not having BUSINESS INCOME
SALARY INCOME
1. • Name of employer
• Type of employment- whether, Govt, PSU, Private or Pension?
• Address of Employer with Pin code
• TAN of employer (mandatory)
• Monthly breakup detail of salary
PLEASE NOTE: Standard deduction of Rs. 40,000/- from salary income available from this year onwards
INCOME FROM HOUSE PROPERTY
2. In case the property is let out during the year –
• Name of the tenant
• PAN of the tenant (if tax deducted u/s 194-IB)
• TAN of the tenant (if tax deducted u/s 194-I)
INCOME FROM CAPITAL GAIN
3. In case you have sold any immovable property during the year 2018-19,
• Name of Buyer
• PAN of buyer (if the tax is deducted u/s 194-IA)
• Percentage share (if more than one buyer)
• Amount
• Address of property
• Pin code
• Fair Market Value as on 01.04.2001 (in case property is purchased before 01.04.2001)
• Stamp Duty Value as on date of sale
4. In case of sale of shares (purchased before 31.01.2018)
• Date of purchase
• Cost of acquisition
• Whether STT is paid or not?
• Whether shares sold are listed or not?
• Date of sale
• Sale consideration
• Fair market value as on 31.01.2018 (in case the share is held for more than one year)
DEDUCTION U/S 80C, 80D, 80G ETC.
5. In case of donations made under section 80G or 80GGA,
• Name and address of done
• PAN of done
• Amount of donation in cash (not in excess of Rs. 2000/-)
• Amount of donation in cheque
• Relevant clause under which deduction is claimed
PLEASE NOTE:
1. Get your return of income filed within due date else no deduction u/s 80C (LIC, PPF, tuition fees etc.),80D (Mediclaim), 80TTA (interest on savings bank account), 80G (donations), 80IA, 80IAB, 80IB,80IC,80ID will be available.
2. Deduction u/s 80TTB available to senior citizens upto Rs. 50,000/- on interest earned from deposits with banks. (Rs. 10,000 for other individuals u/s 8oTTA)
OTHER DETAILS REQUIRED
6. Details about Residential status
• No. of days you were in India in FY 2018-19
7. Details about Agriculture Income (In case your agricultural income exceeds Rs. 5,00,000/-)
• Name of district along with pin code in which agricultural land is located
• Measurement of agricultural land in Acre
• Whether the agricultural land is owned or held on lease?
• Whether the agricultural land is irrigated or rain-fed?
In case of Individuals / HUFs having BUSINESS INCOME including PARTNERSHIP FIRMS & COMPANIES
8. GST Details
• GSTIN No.
• Annual Turnover as per the GST return
9. Partnership Firm Details
• Name of the firm
• PAN No. of firm
• Whether the firm is liable for tax audit?
• Whether the firm is liable for transfer pricing audit?
• Profit sharing ratio in firm
• Share of profit from firm
• Capital balance as on 31st March 2019 in the firm
10. Directorship details
• Name of Company in which you are director
• PAN No. of Company
• Whether shares of the company are listed or unlisted?
• Your DIN No.
11. Shareholding Details (In case you held unlisted equity share at any time during FY 2018-19)
Shareholding Details in ITR
In case of Individuals/HUFs /Firms and Companies required to furnish Profit & Loss Account and Balance Sheet
12. In case you are required to furnish P&L account and Balance sheet for the year, you need to furnish your P&L account in 3 parts-
• Manufacturing account
• Trading account
• Profit & Loss account
13. In case there of bad debts of more than Rs. 1 lakh in respect of a debtor
• Name of the debtor
• Address of the debtor
• PAN of the debtor
14. In case of income from speculative activities,
• Turnover from speculative activities
• Gross Profit
• Expenditure
• Net Income from speculative activities
15. In case of audit under any other Act like, Companies Act or GST Act
• Relevant Act under which audit required
• Date of furnishing of audit report
FOR COMPANIES ONLY
16. Reporting of Shareholding and Assets and Liabilities by unlisted companies as per Annexure SH-1/2 and AL-1/2 of the ITR Forms