Some changes have also been made in the new Income Tax Return Form (ITR Forms) issued by the Central Board of Direct Taxes (CBDT). Previously, if the husband and wife lived in a jointly bought house or flat, then they could not file returns through ITR-1 and 4. After the change, such a couple can fill returns from both these forms.
new Delhi. The Central Board of Direct Taxes (CBDT) has issued new ITR Form-1 to 7 for filing Income Tax Return (ITR) sometime back. Of these, ITR Form-1 and 4 (Form-1 and 4) are currently available for filing online returns. When ITR-1 and 4 were issued in January 2020, it was said that if a couple has a house or flat with a joint name, they cannot file returns from these forms. Now this restriction has been lifted. According to the new rule, if a couple has only one house with a joint name and their total annual income is up to Rs 50 lakh, then they can fill the returns with these forms.
Those with two or more residential properties will have to fill this form
According to the CBDT, people whose income is more than 50 lakh and have income from more than one house property, then they cannot fill ITR through Form-1 and 4. In fact, nowadays, if husband and wife are working, then it is common practice to buy more than one house in joint name. With this, the couple can avail tax exemption on home loan. There is an exemption under Section 80C on the payment of the principal of the home loan. A discount of up to Rs 1.5 lakh can be taken on this. Apart from this, relief of up to 2 lakh rupees can be given on interest. Now, a couple owning more than one house or flat will have to file ITR through Form-2.
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Who can file money through Form-2, Income Tax Return Those people can file returns through ITR-2 form, the annual income is more than Rs 50 lakh. Apart from this, persons with income above Rs 5,000 annually from agriculture income can also use Form-2 for filing ITR. At the same time, the individual taxpayer who earns income from a house or flat will also have to file the return through Form-2 instead of ITR Form-1 or 4. Apart from this, people earning from business or property abroad also have to fill returns from this form. The details of income from Capital Gains, Horse RFace, Lottery will also have to be reported through ITR-2.
CBDT issued Form-16 as well as Form-26AS
CBDT has released Form-26AS (Form-26AS) in addition to Form-16. The revised Form-26AS will contain complete information about the taxpayer’s property and share transactions. Information regarding pending or completed procedures related to certain transactions, payment of taxes and demand-refund in a financial year has been included with TDS-TCS. The income tax department will give details of how many properties you bought in a year, how many transactions were made from your various bank accounts, how many FDs were made, how much money was invested in the stock market and how much you invested in mutual funds. You can take this form from your bank.
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