New income tax return forms have been issued for the last financial year 2018-19. There have been many major changes this time in income tax return form compared to last year. In this case, taxpayers will have to give more information in the income tax return form this time than before. The new information sought from the taxpayers in the form includes the number of days of residence in India, the holding of unlisted shares and the tenant’s PAN when TDS is included.
The Income Tax Return Form issued by CBDT is mainly of two types. The ITR-1 form will be for those people whose total income is up to Rs 50 lakhs. This ITR can not be used by someone who is the director of a company. Apart from this, this form is also not useful for the person who has invested in unlisted equity shares.
In this form, only information related to salaries, a house property and interest is to be disclosed. Standard deduction in the ITR-1 form will also be the option. While filing the ITR in the financial year 2018-19, you can claim a maximum deduction of Rs 40,000 for standard deduction. In the new fiscal year, the maximum limit for standard deduction has been increased to 50 thousand rupees.
If talking about ITR-2 form, then it is for those people and undivided Hindu families (HUFs) who do not have any profits or benefits from a business or profession. In this form you will have to provide housing information in the financial year 2018-19. In easy language, you will have to tell where you were living in the previous financial year. The last date for filing ITR for F.Y 2018-19 without penalty is 31st July 2019.