Master Update

Monthly Archives: July 2020

“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:



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

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