The Income Tax department came out early with its list of changes. Here is a list of 5 key changes that were introduced in ITR-1 for financial year 2019-20.
One new addition to Form ITR-1 is that taxpayers will have to provide their passport number if they own a passport. In the previous budget in July 2019, it was announced that individuals having incurred an expense of Rs 2 lakh or more on foreign travel for themselves or others, will have to mandatorily file ITR. It is possible that the passport details need to be furnished to check about an individual’s travels to a foreign country in 2019 -20.
TAN of your employer
For FY 2019-20, taxpayers will be asked for detailed information on their employers. Those filing ITR-1 will have to give the Tax Deduction Account (TAN) number of their employer. TAN is mandatory if tax is being deducted. Your employer’s TAN details in your Form 16.
PAN or Aadhaar details of your tenant
A new field has been included in the new ITR-1 and ITR-4 forms for this year and so far, it appears to be mandatory. If you have given a property out on rent, then you are required to provide the name and Aadhaar or PAN details of your tenant, if they are available.
Complete house address
Taxpayers will have to provide the complete address of their house property in Form ITR-1 regardless of whether it is self-occupied, deemed to let-out or let-out. Previously, these details only had to be furnished in ITR-2 and ITR-3.
The revised rules prescribe that individuals covered under Section 139(1) cannot file ITR-1 if they:
- Deposit an amount exceeding Rs 1 crore in current accounts maintained with a bank or a co-operative bank.
- Incur expenditure of Rs 2 lakh or more on foreign travels.
- Spend more than Rs 1 lakh on electricity.
Gear up with all the changes and keep your documents ready for filing income tax return for FY 2019-20!