Key changes in ITR-2 form for F.Y. 2018-19

0
153
changes in itr form 2

As Income Tax Return filing is around the corner, the government authority is continuously notifying certain changes in the ITR forms. However, ITR-1 and ITR-4 form changes have been already announced. Whereas changes in the ITR-2 Form are also out for the assessment year 2019-20. These forms require new particulars or details to be filled in by taxpayers.  The new forms contain several additional disclosures, residential status and other requirements as compare to the previous year’s forms. Hence, before proceeding further, you should be careful about ITR filing for the financial year 2018-19.

Get a complete detail of the buyer to whom you have sold a property-

The foremost thing to keep in mind is if you’ve sold a property in the financial year 2018-19, then before filing ITR-2, you will have to mention the complete details of the buyer like buyer’s name, PAN, transaction price and the address of the property. The buyer information has to be provided irrespective whether the capital gains generated are of a long term or short term in nature.

Disclose your Investment details of unlisted companies-

As per the latest forms, if any individuals are holding directorships in unlisted companies shall not be eligible to file the Sahaj ITR-1. Therefore, you are required to disclose all the details of your investments in form ITR-2 for the assessment year 2019-20.

Residential Status in India for Individuals-

According to the newly introduced form ITR-2, individuals are required to provide their details of the residential status. Earlier, only residential status i.e resident or non-resident or Not Ordinarily Resident was to be provided. However, the after-tax authority has made certain changes, the taxpayers need to specify that they were in India for 182 days or more or stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year.

Who is eligible to file ITR 2?

If a taxpayer does not originate any income under the head Profits and Gains from Business and Profession, then its compulsory for him to file ITR Form 2. Thus, an individual having income from any of the following sources during the assessment year is eligible to file ITR Form 2:

  • You are a salaried individual or a pensioner
  • Income from Foreign Assets
  • Income from Capital Gains
  • Agricultural income exceeding Rs 5 lakh is now to be reported separately
  • Income from other sources such as winnings from lottery or other legal gambling, etc.
  • If the residential status of the individual/HUF is either Resident Non-Ordinarily Resident and Non-Resident

LEAVE A REPLY

Please enter your comment!
Please enter your name here