| Changes in ITR-1· Details of Government Employees are required in ITR Form 1 which have been bifurcated in State, Central Government and NA. Changes in ITR-2· Separate schedule for reporting of Income from sale of equity share on which STT is paid u/s 112A has been inserted in which detailed description of sale is required.Changes in ITR-4· PAN number is made optional if Aadhar number is provided. In section 44AD, one new clause added as the electronic mode in addition to electronic clearance and reduced the presumptive income from 8% to 6%.· In section 44AE for presumptive income from goods carriages, the celling of maximum row is removed and a new validation “Number of vehicles should not exceed 10 vehicles at any time during the year” is added.· The assessee has to report in the ITR if his turnover is more than Rs. 1 crore but less than Rs. 5 crores during previous year and he is not opting any presumptive income section 44AE/44B/44BB/44AD/44ADA/44BBA/ 44BBB of the Act.· If assessee has received more than 5% of total amount in cash or incurred more than 5% total expenditure in cash he has to report it in his ITR.Changes in ITR-6· Option has been provided to the assesseee by way of dropdown list to opt for new taxation regime u/s 115BA/115BAA/115BAB of the Act.· While preparing schedule of house property in the ITR, the assessee can provide Aadhaar of the tenant or co-owner of the house property, if they don’t possess PAN.· From AY 2020-21 onwards, assessee has to disclose the accumulated balance of Recognised Provident Fund taxable u/s 111 of the Act. | A new schedule has been inserted wherein details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020 are to be disclosed. Changes in ITR-5· The new ITR Forms 5 seeks details pertaining to assessee’s choice of paying additional income tax in case of non-repatriation of primary adjustment within the prescribed time limit.· Separate schedule for reporting of Income from sale of equity share on which STT is paid u/s 112A has been inserted in which detailed description of sale is required.· Under Schedule Carry forward of losses, Loss distributed among the unit holder details have to be furnished.· New Schedule has been inserted under which details of Tax on secondary adjustments as per section 92CE(2A) has to be furnished.Changes in ITR-7· Following four columns have been added in which the assessee has to provide the details of registration under the Act:a) Whether application for registration is made as per new provisions.b) Section under which registration is applied.c) Date on which application for registration as per new provisions has been made.d) Section of exemption opted for under the new provisions.· While preparing schedule of house property in the ITR, the assessee can provide Aadhaar of the tenant or co-owner of the house property, if they don’t possess PAN.· The assessee has to disclose if during the previous year:a) He has held any asset located outside India as beneficial owner.b) He has held signing authority in any account located outside India.c) He has earned income from any source outside India. |
