Income tax rules for new financial year

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Income tax filing rules and changes that came into effect from April 1.

 

If you are filing your income tax returns then you must know about the new rule that came into effect from April 1 especially if you are filing your income tax returns first time. We know that with every new financial year some changes come also in income tax rules.

As we know that the process of filing income tax returns has already been started and people are collecting their documents to file their income tax returns by July 31 which is a last date of filing income tax returns.

We will discuss about the latest changes in income tax rules which came into effect from April 1 and people should keep these changes in mind while filing income tax returns.

  • Aadhaar is mandatory to file income tax returns:

This year Aadhaar will be mandatory to file your income tax returns and your PAN applications as well. If any individual does not have Aadhaar Number but he had already applied for Aadhaar then he/she can fill enrolment ID of Aadhaar application form in the ITR.

 

checklist of document for income tax

  • Cash deposits during demonetisation:

The taxpayers are required to provide the details of cash deposited in excess of Rs 2 lakh into their bank account during demonetisation in the ITR form

Every taxpayer has to disclose information on cash deposits of Rs 2 lakh or more during demonetisation in the new ITR-1 form called Sahaj.If taxpayer fails to do so then they have to face penalty under section 115BBE.

  • Section 80EE:

Section 80EE allows deductions on home loan interest for first time home buyers. A new field has been provided in new ITR form 2, 3 and 4 under Schedule VI-A deductions to claim home loan interest under Section 80EE.

 

  • Unexplained Income:

As per section 115BBE any unexplained credit or investment attracts tax at 60 %( plus surcharge and cess, as applicable), irrespective of the slab of income.

As per Section 115BBDA the dividend received from domestic company is taxable at rate of 10% if aggregate amount of such dividends exceeds Rs 10 lakh for the New Year.

It may be noted that any taxpayer having dividend income above Rs 10 lakhs and covered under Section 115BBDA cannot opt for ‘ITR-1 Sahaj’.

  • Now taxpayers are required to disclose address of immovable property and description of movable assets in new ITR Forms. Furthur new fields have been introduced in ITR forms for disclose of ‘Interest in the assets of a firm or AOP as a partner or member’. Such members/partners are also required to disclose name, address, PAN of the firm or AOP.

 

  • In new ITR form, new columns have been inserted to show turnover received through digital mode. Columns have been inserted to show presumptive income at 6% and 8%.Now new ITR 4 Form shows an option to avail such presumptive taxation scheme for professionals under Section 44ADA.

 

  • ITR 4 which is now applicable for taxpayer opting for presumptive taxation scheme has a new column under the schedule TDS2 to show the receipts are mentioned in Form 26AS.
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