1️⃣ Income Tax:*
“Income Tax Changes” – Announced by CBDT:*
*. Income Tax New disclosures asked in the new ITR forms 1to7 are:
?
1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.*
♥
*2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.*
♥
*3. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.*
♥
*4. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.*
♥
*5. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.*
♥
*6. Investment details:
TDS UNDER SECTION 194N-NEW CHANGES
The Govt.of India through Finance Act 2019 had introduced a new section 194N in the Income Tax Act 1961, to provide for levy of Tax Deduction at Source (TDS) @ 2% on Cash payments in excess of One Crore Rupees in aggregate made during the year, by a Banking Company or cooperative Bank or post office, to any person from one or more accounts maintained with it by the recipient. This came into effect from 1st September 2019.
?
There were certain changes made