There are a few new things the Income Tax Department would like to know about you. Read on to know more.
Yes, you read it right. According to the new income tax return forms released by the Central Board of Direct Taxes (CBDT), the Income Tax department will need to know a few more details about you. These new details that you need to disclose include some key information about your business and finances.
We’re sure you want to know everything about these new columns that you’re required to fill. We’ll cover each of these in detail, but for starters, these categories include Sahaj (ITR1), Form ITR-2, Form ITR-3, Form Sugam -ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V.
Additional Reading: What You Should Know About The New Income Tax Return Forms
Why Do They Need This Extra Information?
This might have been the first question that came to your mind after reading the heading of this article. Well, the main aim of collecting extra information from taxpayers is to keep a check on tax evasion. They plan on doing that by taking this extra information and matching direct and indirect tax numbers.
Additional Reading: How To Fill New Income Tax Return (ITR) Form – 1
So, What Are These New Things?
Now that we have a better understanding of this, we can finally throw some light on the seven new things the Income Tax department wants to know about you. Here we go:
Specific Salary Details
You are required to disclose some specific details about your salary in the new Sahaj form. All your specific salary details will be filled in separate fields and in a breakup format.
For instance, allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under section 16 will have to be filled in separately. You must have already provided these details in Form 16, but you now need to mention them in the Sahaj form to make deductions clearer.
Income From Property Details
You will now also be required to fill in some specific details about your property in the new Sahaj form. These details will include—house gross rent, annual value, tax paid to the authorities, interest payable on borrowed capital, and the chargeable income under house property.
GST Registration Number & Turnover
If the Income Tax Department believes that you have an income from business and profession, you will have to furnish their GST registration number and its turnover. The main aim of doing this is to check tax evasion by comparing direct and indirect tax numbers.
Additional Reading: Everything You Need To Know About Your GST Number
NRI Tax Returns
If you are an NRI, you’ll no longer be required to fill the ITR-1 form. Instead, you’ll have to fill the ITR-2 form, which is more detailed. Apart from this, you’ll also be asked to submit the details of one foreign bank account for refunds.
Registration Number Of Your Chartered Accountant’s Firm
You might also be asked to submit the details of your Chartered Accountant’s firm, like its registration number for example.
Income From Property For Businesses
All businesses will now have to declare their income from property as well.
All firms will now be required to furnish the Aadhaar details of their partners or members. Likewise, for a trust, the Aadhaar numbers of related functionaries will have to be provided.
Additional Reading: Want To Check If Your Bank Account Is Linked to Aadhaar? Follow These Steps
Ready to furnish these details? Don’t forget to invest in the right places to avoid unnecessary tax. We have a lot of investment options for you to choose from.