The income tax department has already notified Income Tax Return forms for the year ending 31st March 2019 i.e. Assessment Year 2019-20, the major changes for Individuals are as under:-
In order to keep check on issue of shares by a closely held companies and investment made therein by shareholders, a new table has been inserted in new ITR forms to seek the following details in respect of unlisted equity shares held at any time during the previous year by an assessee:
Now, from Assessment Year 2019-20, an individual has to mention his gross salary and then the amount of exempt allowances, perquisites and profit in lieu of salary shall be deducted or added to arrive at the taxable figure of salary income. Further, the new ITR forms seek separate reporting of all deductions allowable under Section 16, namely:
It is mandatory for the assessee to furnish the PAN of buyer in ITR form if tax has been deduced under section 194-IA or PAN is quoted by buyer in the registration documents.
PAN is otherwise a mandatory document to buy or sell an immovable property if the stamp duty value or the sales consideration exceeds Rs. 10 lakhs.
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