InvestorQ : I heard some new ITR forms have been notified. What are these?
Priyanka Singh made post

I heard some new ITR forms have been notified. What are these?

Answer
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seema Upadhyaya answered.
1 year ago


Yes. The Central Board of Direct Taxes (CBDT) today notified new income tax return forms for the last financial year 2018-19. These new forms ask for more information from the tax payer vis-à-vis the previous year.

The new details to be furnished by the tax payers are:

- Number of days of residency in India

- Holding of unlisted shares

- Mandatory quoting of PAN of tenant in case of TDS

The ITR-1 form will be applicable to resident individuals who only have total income up to Rs 50 lakh from salary, one house property and sources such as interest income etc. Please note, this ITR form cannot be used by an individual who is either a director of a company or has invested in unlisted equity shares, as per the notified form.

ITR -1, as per the forms notified by the CBDT, comes with the option of standard deduction. Hence, while filing ITR, the maximum amount of standard deduction that can be claimed is Rs 40,000 for FY 2018-19.