• HDFC
• 14 Jun 2019
• e-Tax

HDFC, Tester

This year Department of Income tax has taken several measures to tighten up the filing structure,asking for more and detailed disclosures relating to your income and taxes. Department of Income Tax wants you to disclose each and every detail and hence is tightening the screws for any kind of tax evasion methods.

 

It is more imperative now for a tax payer to prepare and file tax return in a very correct and right manner so that he is not slapped with any notice or penalties.

 

Checklist for filing your Income Tax Return

1. Online filing of ITR mandatory
   

   All individuals (except for super senior citizens) will be required to file their ITRs electronically. The ITR-1 for FY 2018-19 cannot be filed in paper format by the taxpayers having income below Rs 5lakh with no refund.
   
   

2. Complete details of buyer to whom you have sold property

   If you have sold a property in FY 2018-19, then while filing ITR-2, you will be required to provide complete details of the buyer to whom you have sold the property
   
   

3. Property wise details of rent arrears 

   "While filing ITR-1 or ITR-2 as applicable, if there are any rent arrears that are received by you in FY 2018-19 then you have to report them property wise as received. Remember, if an individual has one house property which is let out during FY 2018-19, then the rent received is required to be reported in ITR-1. 
   
   

4. Specifying the type of house property
   While providing details of your one house property in ITR-1, you are required to specify whether the house is - 'Self Occupied', 'Let-out' or 'Deemed Let-out.' In the previous year's ITR-1, there was no such option of 'Deemed Let-out' in ITR-1. 
   
   

5. Investment details in unlisted companies
   If you are holding shares in an unlisted company then, you are required to disclose the details of your complete holdings in ITR-2. 
   
   

6. Reporting of salary details gets easier in ITR-1

   This year providing detailed break up of your salary income will be easier as the details required are in sync with the information available in Form-16. In lastyear’s return form taxpayers were required to provide the break-up of salary details - the information required was not in sync with information available in Form-16.
   
   

7. Full disclosure of interest income

   In last year’s tax return only the total amount of interest received was to be provided in the income tax form. This year taxpayers will be required to specify the full details of the interest income or any other income received by them. Income from other sources head in ITR-1 has been updated to provide details of the source from where interest or any other income is received.
   
   

8. Residential status

   The new ITR-2 form asks individuals not only to specify the residential status as resident, or non-resident, but also to provide additional information with respect to his residential status, such as, number of days of stay in India, If NRI then to specify the tax identification number where he is currently residing etc.
   
   

9. Mention of DIN number

   If you are Director of a company, then you will be required to specify your DIN (Director Identification Number) in ITR-2 or 3 whichever is applicable. Along with this you will also be required to provide information - name of company, PAN, whether shares are listed or unlisted.
   
   

10. Since last year – Long term gains are taxable in selling of equity shares

    You would need to declare your profit and loss from trading of securities comprehensively from this year’s tax return. If you have made long term capital gains by selling of equity shares – it would be taxable under Grand Fathering Concept and cannot be taken under exempted income or be ignored with. Please ensure to share your trading details with your CA if your income do fall in this category.

 

Please ensure while filing of income tax return you are disclosing each and every detail of your income and taxes along with deductions – along with filing the tax return in right form based on your income nature. Also complete the filing process by e-verifying return.

 

Do you wish to file your tax return through a CA – File your Tax Returns