New forms for financial year 2018-19 have been released by Income tax department and as expected do contains new features and informations to be fed .In this post we will try to explain the details asked for and their impact of changes in form 1 and form 2
ITR -1 (SAHEJ)
Now only super senior citizen can file paper return as against previous year where there was a separate category of assessee having income below five lakhs
Now while filing “Income from House property” the nature of property is to be declared as against previous year where there was no such option which means now that you have to disclose the true nature of house property at the beginning
Also details of rent in arrears if any are to be provided as against previous year where there was no such option impact being that real income is to be declared.
“Income from other sources” head now requires interest income breakup and details of “any other income” if any impact being that now capital formation from showing misc income will not be possible else the department may initiate sec 68 or in worst cases sec 115BBE
Please find form below:
The form now asks for details of residence in India which means that the department has all information regarding your overseas visits that may be cross checked with the entries in your passport.
If the person has shares in unlisted company the details are to be filled which again means that the intention is to keep a check on income being generated through shell companies and also to prevent hardship to genuine taxpayers
If any immoveable property has been sold the details of buyer to be provided for meaning that now the buyer will be automatically tracked in case he/she/it is not filing the return or not declaring investments
If the person holds DIN it has to be provided for which is for the check on inactive entities.
Please find form below