KEY CHANGES MADE IN THE INCOME TAX POLICIES
Disclosures in the new ITR forms:
Individual taxpayers who are joint owners of house property cannot file ITR-1 or ITR-4.
Those who are filing ITR-4 Sugam, it has been made compulsory to declare the amount deposited as cash in the bank account, if such amount exceeds Rs.1 crore during the financial year.
Passport number to be disclosed if held by the taxpayer. The same is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam.
Disclosure of actual amount spent during the year, if the amount exceeds Rs 2 lakh on travelling abroad.
If the electricity bill is more than Rs. 1 lakh in aggregate, the same shall be disclosed.
Details of investment qualifying for deduction to be disclosed while filing ITR if made during the period from April 1, 2020, to June 30, 2020
CHANGES MADE IN FORM 26AS:
Major Changes made in Form 26AS:
New Form 26AS released by CBDT dated has the following changes made:
The form contains information related to Mobile number, e-mail id, Adhaar, and taxpayer number.
The information furnished in the form is not a one time update. There will be updates regularly within 3 months from the end of the month in which such information is received.
New form 26AS will also provide information in respect of "Specified financial transactions" which includes the following:
The Finance Ministry has also proposed new measures to ensure better compliance by expanding the scope of Reporting of following Transactions and reporting the same in New Form 26AS:
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