Changes in Income tax forms

Changes in income tax  for the financial year 2018-19 (AY 2019-2020).


1. There should be no gender bar this time

2. Super senior citizens can fill paper returns but there incomes should not  be above 5 lakh and there should not be any refunds . Paper returns only for ITR 1and  ITR 4.

3. ITR 1 will be fill as per new forms 16
  With the details of exempted items allowed in section 10.

4. Residential status:
If you say you are a resident of India then you have to choose between two options
(a). you're in India for more than 182 days or more during the pervious year as per section 6(1)(a).
(b). you are in India for 160 days or more during the previous year and have been in India for 365 days or more within the preceding year as per (6)(1)(c).

(i) if you are a non resident then
You have to provide
a.country of resident
b.Tax identification number.

5. Directorship
The taxpayers has to disclose his/her directorship if has any in that particular period in unlisted company. They need to provide

• Name of the company
• Pan of the company
• Director identification number

6. Partnership  details

 If the taxpayers is a partner or was a partner in that period then he has to disclose the firm name and firm pan number.

7. unlisted companies and startups has to provide the information of shareholders anlong with it's details of assets and liability with it's purpose.

8. Company wise information regarding holding off unlisted equity share at any period of time during the relevant financial year is to be provide in the following wise

• Name and pan of the company
• Opening balance (no of shares and cost of acquisitionheld at the beginning of the year)
• Shares acquired during the year(no of share,date of subscription and purchase,face value per share, issue price per share of fresh issue, purchase price per share)
• Shares transferred during the year (no of share and sale consideration)
• Closing balance (no of shares and cost of acquisition held at the end of the previous year)

9.other sources

Income for other sources is to be shown separately as per it's income head.

 For example if I have income from family pension then I choose family pension from drop down list head and shows my income 

there.

10.profit and loss account is segregated into manufacturing account

Trading account

Profile and loss account and you have to gives details as per the accounts head those who maintain regular books of account.

11.income under 44AE for goods and carriages

Taxpayers having income under this has to show

• Registration number
• Weather it is leased/hired or being owned
• Tonnage capacity of goods carriage in term of MT
• No of months it owned/ hired/leased by the taxpayer
• amount per month (income)

12.those who have not maintain there books of account has to shows there business/profession code in nature of business code segment/page.

13. Name of business is now complusory
For 44AD and 44ADA (business And profession income)

14.immovable property

If there is any transfer of immovable property  then you have to shows these details

•  Buyer name
• Pan of the buyer
• Share percentage
• Amount
• Address of the property
• Pincode of the address place where the property belongs

15.GST
There is a separate segment for GST  where you have to show your GST number along with GST turnover for that particular period.

16. TDS

Now you have to provide the gross amount on which TDS being cut out along with the sources/propose  from which is cut out.

17 TAN of tenant to be reported if TDS deducted on rent income

18. Agriculture income

If  you  have agriculture income more than 5000 and more than 500000
Then you have to show

• Name of the district along with pin code in which your agriculture land located
• Measurement of  agriculture land in acre
• Wheather agriculture land is owned or held on lease
• Wheather agriculture land is irrigated or rain -fed.

19.foreign  asset

You have to give the full disclosure of foreign assets

• Foreign depository account
• Foreign custodian account
• Equity and debt interest
• Overseas cash value insurance contract or annuity contact.

20. 80TTB

Deduction under 80TTB is for senior and super senior citizen and they are allowed up to RS 50000 on bank ,postal, FD interest.