ITR-1: As the Income Tax Department has released the updated utility of ITR – 1 for Financial Year 2019-20, such updated utility now requires the few additional disclosures by the taxpayers. For the smooth filing of income tax return, here’s a list of the 5 key changes to be made in the ITR1 for the financial year 2019-20.
Read More: New ITR Forms notified for AY 2020-21: Additional details to be disclosed
- Passport number
From FY 2019-20, taxpayers will have to disclose their passport number (if they have one) in ITR-1. The reason behind such disclosure could be that the passport details would reveal if you have traveled to a foreign country in FY 2019-20 or the income declared by you matches your ability to incur the expenses of foreign travel on yourself or any other person.
Another change is that the individuals who have spent Rs 2 lakh or more on foreign travel expenses are not eligible to file ITR- 1.
- Employer’s TAN number
Up to FY 2018-19, while filing ITR -1, a taxpayer had to choose only the nature of employment, i.e., Government, PSU, Pensioners, or Others from the specified list. However, from FY 2019-20, you are required to fill the detailed information of your employer, which includes Tax Deduction Account Number (TAN) of the employer, mandatory if tax is deducted, name, nature, address of the employer.
According to the notified form, these details will be pre-filled automatically, once TAN of the employer is filled by the taxpayer in ITR-1. You can find the employer’s TAN details in your Form-16. It is mandatory for your employer to give you Form-16 if tax is deducted.
- PAN or Aadhaar details of your tenant
If the taxpayer has rented out a property, then the name and Aadhaar or PAN details of your tenant are mandatorily required to be filled in ITR -1 from FY 2019-20.
However, in case of let-out of property, it is yet to be checked whether ITR-1 form utility will allow the taxpayers to file the tax return without providing tenant details as required in case of the rented property.
- Detailed address of your house
You will now have to provide the complete address of your house property in ITR-1, irrespective of whether it is – self-occupied, deemed to let-out or let-out. Till last year, these details were asked only in ITR-2 and ITR-3.
- Provide details of unrealized rent
If during FY 2019-20, you have rent due but not received, then such details are also required to be provided. Such information was earlier asked only in ITR-2 and ITR-3.