New ITR Forms for AY 2019-20 – Which ITR Form you should file?

New ITR Forms for AY 2019-20 (FY 2018-19) is notified. You can download new ITR forms from Income Tax e-filing website. As of now only ITR 1 and ITR 4 is released. Other ITR forms will be notified by the income tax department shortly. This time ITR forms demands certain additional information. You have to provide your residential status, foreign assets detail and other information in the form. Currently this form utility is available in Excel. JAVA utility for AY 2019-20 is yet to be released.

In this post, we will take a look at major changes done in ITR form for AY 2019-20. We will also discuss about Which ITR from you need to use for filing Income Tax Returns. First let’s take a look at Income Tax Slab Applicable for FY 2018-19 (AY 2019-20).

Income Tax Slabs FY 2018-19 (AY 2019-20)

Income Tax Slabs applicable for FY 2018-19 (AY 2019-20) is given below.

Income Tax Slabs 2018-19

Last date of filing income tax return is 31st July, 2019.

New ITR Forms for FY 2018-19 (AY 2019-20) Changes

This year in ITR forms you need to give several additional information. Here is detail information about what changes are made in various ITR forms.

ITR 1 Form Changes

ITR 1 form is used by individual with total income up to 50 Lakh having salary income and single house property.

Interest income breakup

This year ITR 1 Form demands additional information about break up of interest income. You need to provide complete information about interest income under income from other sources. ITR 1 Form contains drop down option. The options under drop down tab are given below.

  • Interest from Saving Account
  • Interest from Deposit (Bank/Post Office/Cooperative Society)
  • Interest from Income Tax Refund
  • Family Pension
  • Any Other

ITR 1 Change

If you have multiple interest income you need to specify all incomes. Earlier form has single consolidated filed for the interest income. It was very difficult by Income Tax department to know whether the person had actually earned Rs.10000 as saving account interest (Section 80 TTA) or not.

The form also demands account number and IFSC code of all accounts. This means it will be very easy by Income tax department to track interest income from saving bank account.

New section of 80TTB is introduced for senior citizen so that they can claim interest earned from saving bank account Rs.50000.

ITR 2 Form Changes

ITR 2 Form is applicable for individual and HUF not having any income from profits and gain of business or profession.

Residency Details

ITR 2 form this time demands residency status of the individual. You have to clearly specify that you were resident or non-resident during previous year. You have to say the number of days spent in India and abroad. Earlier it was limited to only resident status. You also need to provide additional detail such as foreign bank account and foreign asset if any.

Agriculture Income

This time ITR 2 form also demand additional details about agriculture income. Tax payers having agricultural income, who are using ITR-2 Form will have to provide additional details, including land measurement in acres, name of the district along with Pin code in which the land is located, whether it is owned or held on lease, and the quality of land mentioning whether the land is irrigated or rain-fed etc.

The additional detail will help income tax department to stop the tax evasion in the name of agriculture income.

Property Related information

If you have sold any property you need to give additional information such as name of buyer, PAN number of buyers, percentage share, amount, address of property etc. In case property is let out you need to provide Tenant Name, PAN or TAN number.

ITR 3 Form Changes

ITR 3 Form is required to be filled by Individual and HUF having income from profits and gains of business or profession.

GST Detail

For those having business or profession with GST registration are now needed to furnish GST Revenue, GSTIN (GST Number). This disclosure is extended to ITR Forms from 3-6.

Which ITR Form you should file?

Form ITR-1 SAHAJIndividual being a resident (other than not ordinarily resident) having total income up to INR 50 Lakhs having income from salaries, one house property, other sources (Interest etc.) and agricultural income upto INR 5,000.
Form ITR-2Individual and HUF not having income from profits and gains of business or profession.
Form ITR-3Individual and HUF having income from profits and gains of business or profession.
Form ITR-4Individual, HUF and Firm (Other than LLP) being a resident having total income upto INR 50 Lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE.
Form ITR-5Person other than Individual, HUF, company and person filing Form ITR-7.
Form ITR-6Companies other than companies claiming exemption under section 11.
Form ITR-7Persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) only

Conclusion – This time government has tried to connect the dots by gathering more information in ITR such as GSTN, foreign assets, residency status, agriculture income, property details etc.

This will surely help government to fight against tax evasion.

You can download these ITR forms from Income tax e-filing website.

Article by Shitanshu

Hi, I am Shitanshu. By Profession I am Engineer and working in the IT field. I am crazy about money matters and finance and love to research the same. I have written number of article on this blog. If you like my efforts kindly subscribe to this blog and also let your friends know about this website by sharing.

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