In the new Income Tax Return Form, the taxpayer will have to mention his/her tenant’s PAN, while providing the details of the Income from House Property. This detail was optional till last financial year. This is the government trick to combat tax evasion to ensure that more and more taxpayers pay Income Tax and file their Income Tax Returns(ITR Form) honestly.
New ITR Form For HRA
Here are some of the changes in the new ITR Forms and how they will impact the taxpayers: –
- Similar to last year, Form ITR-1 (Sahaj) can be filled by individual taxpayers who have Income from salaries, one house property, other sources (interest etc.), but whose income is less than Rs 50 lakh. This is a simple form but can be used only by an Ordinary Resident in India. By removing Non-Resident and Not Ordinarily Resident taxpayers from the scope of ITR-1, the government has made sure that all the returns filed under ITR-1 are simple and it will have the same scope.
- The new ITR-1 seeks additional details on various heads of income like ‘Income from Salaries’ and ‘Income from House Property‘ which were not required to be furnished in the last financial year. Taxpayers would now be required to provide the breakup of salary, for example allowances, value of perquisites, deduction of professional tax etc, and details of income from house property such as gross rent received, tax paid on property, interest payable etc. This will provide a broader picture of how income from these heads are computed.
- The new ITR-2 form can be used by individuals and Hindu Undivided Families (HUFs) who do not earn any kind of income from business or profession, unlike last financial year where information regarding partnership firm was supposed to be furnished in ITR-2 itself. The recent change has separated the taxpayers with any kind of income from business or profession, who will now file either ITR-3 Form or ITR-4-Sugam Form, which requires extensive details to be furnished.Fake Watches
New ITR Form For HRA
