10 changes to know before ITR 1 filing in 2019

The last date to file your income tax. attract a penal interest of 1 percent each month. ameet patel, partner at Manohar Chowdhry & Associates, “Advance preparation needed before actually starting.

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Income Tax return filing: Here are all the changes in ITR form for FY 2019-20 Income Tax return filing: You have two months left to file income tax returns for FY 2019-20. This means it is important to keep a tab on your investments and be aware of all the changes made by the Income Tax department recently.

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It is mandatory to file income tax return if your taxable income before any deduction. for PAN from July 1 this year. There has been a new rule regarding dividends. “Any person who receives.

While the deadline for filing the return remains the same at 31 July, one of the biggest change is the introduction of late filing fees of Rs 5,000 (if the return is filed by 31 December) or Rs 10,000 (if filed after 31 December).

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Overall there are 28 key changes in new ITR forms in comparison to last year. We have identified top 10 changes which would impact an individual taxpayer, which are as follows: 1. ITR-1 is the simplest form of income-tax return to be filed by an individual taxpayer who earns income from salary/pension, from one house property and from other.

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For example, more than 85 lakh taxpayers have filed returns in ITR-1 till date. However, this year, the changes made to Form 16 and extension in filing TDS returns have ensured that several.

For example, for FY2017-18, CBDT has notified a one-page simplified income tax return (ITR) Form-1 (Sahaj. covered u/s 10(23C)(iiiab), (iiiac), (iiiad) & (iiiae) has been removed). New ITR-7.

However, this year, the changes made to Form 16 and extension in filing TDS returns have ensured that several employees received Form 16, as late as July 10, 2019.