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Sunday, June 7, 2020

Changes in ITR rules, know this before filing tax return:

Changes in ITR rules

ITR-1 Sahej form Changes, Know what new information needs to be filled

There has been some change in the ITR-1 Sahaj form issued for assessment year 2020-21 and some new information has been sought in it. This time many changes have been made to fill the income tax return. This time some ITR forms have been changed. Along with this, it has been made mandatory to give separate information about the investment for the first quarter of the financial year 2020-21.

 

The Income Tax Department has released the Income Tax Return Forms for the financial year 2019-20 ie assessment year 2020-21. The Income Tax Department has notified the return form ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7 and ITR-V. But this time, little change has been made in ITR-1 Sahaj form and some new information has been sought in it. You will have to fill this form accordingly. This form is available on the income tax department website.

 

You will have to fill the details of your salary, pension income. You have to give information about the income or loss from a house property. Information about income from family pension and income from other sources has to be given.

 

Let's see what made changes are as follows;

 

1. If there is income from domestic companies in the form of dividend, then it comes under the tax net. Therefore, you will not be able to fill ITR through ITR-1 i.e. Sahaj Form.

 

2. If there is a joint ownership in the house property, then ITR-1 cannot fill ITR through Sahaj or ITR-4.

 

3. Taxpayer will have to give information about current account deposit, foreign travel and electricity bill. Under this, if you have deposited more than one crore rupees in one or more current account in a bank or co-operative bank, then it has to be given information.

 

4. If you have spent two lakh rupees or more on foreign travel in the financial year 2019-20, then it has to be given information. Also, if you have given electricity bill of one lakh rupees or more, then it will also have to be mentioned in the form.

 

Due to the extraordinary situation arising from the coronavirus, this time the investment period has been extended to give exemption on many tax savings instruments. Now such investment made till June 30 will get tax exemption and there will be space for referring it. These include exemptions under 80C such as rebate on investments made on LIC, PPF and NSC. Deductions will be earned on investments made under 80D (Mediclaim) and 80G (donation). Therefore, take advantage of the provisions made due to this change in the new form.

 

Under this, investments in LIC, PPF, and National Savings Certificate are included. These are exempted under 80C. Health insurance and donation get tax exemption under 80D and 80G respectively. In this, the period for taking advantage of tax rebate has also been extended to 30 June 2020.

 

In order to take advantage of the investment rebate for the financial year 2019-20 in the new form, separate information has to be given about the investment made in the first quarter of 2020-21.

 

Pre-validation of bank account required for income tax refund, do this work from home; 

For pre-validation of bank account, it is necessary that your PAN is linked to the bank account. 

The time has come to file income tax returns. If the Income Tax Department has taken more tax from you and you need to get a refund, you must get your bank account valid beforehand. Central processing center of income tax i.e. CPC will send you the refund in this account. You can also pre-validate your bank account online. The Income Tax Department has uploaded a video on its own and has given information about how you can validate your bank account sitting at home. Let us see how you can execute the bank-account re-validation required for income tax refund.

 

1. First of all, log on to Income Tax India's income tax filing website (http://www.incometaxindiaefiling.gov.in). Open it with user ID. User ID will be your PAN number. 

2. After login, go to profile settings and choose the option of pre-validate your bank account here. 

3. If you have another bank account already valid, then it will appear on the screen. If there is no account valid and you want refund in it, then click Add. 

4. Add click will open a new page. In this, you will have to fill the bank account number, IFSC, bank name, mobile number, bank branch name, email ID. Fill the same mobile number that you use in transaction with the bank. 

5. Now you click on Pre Validate. On the screen, the message of submitting pre valid bank account request will come. Its status will come on your mail and on SMS. You can check the status by going to the profile settings option in the income tax e-filing website. 

For pre-validation of bank account, it is necessary that your PAN is linked to the bank account. Without this, the refund will not come in your bank account.


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