- ITR-1 form is applicable to resident individuals but directors of a company or the holders of unlisted equity shares cannot use it.
- ITR-1 cannot be used by individuals whose total income exceeds Rs. 20,00,000.
- The assessee has to include the claim of Rs. 40,0000 in the row provided for standard deduction
- The form asks for more details on income sources, exemptions that are taken and allowances being claimed.
- Individuals and Hindu Undivided Families (HUFs) who do not have income from profits and gains from business or profession can file their returns with ITR-2 form.
- The form asks for details on residential status.
- If you hold shares or had held shares of an unlisted company, then you have to give details such as name of the company, company PAN, number of shares acquired and/or currently owned by you, number of shares sold by you etc.
- Individuals who have more than one house property have to file their returns using ITR-2.
- Individuals who have sold house property have to furnish buyer details in the ITR form.
- If the individual claims deduction for donations given, then he has to give details of donation such as mode of donation and amount for each mode.
Individuals with income from business or profession have to file the ITR-3 form.
All details and disclosures expected to be provided in ITR-2 are applicable for ITR-3 as well.
- ITR-4 is applicable to individuals, Hindu Undivided Families and firms except limited liability partnerships who have a total income of up to Rs. 50,00,000, and those who want to file their ITR under the presumptive taxation scheme.
- It cannot be used by non-resident persons, non-resident HUFs and non-residents partnership firms.
Additional details are asked for in the ITR forms of AY 2019-20 such as -
- House Property buyer/tenant information
- Long-Term capital gains related information
- Perquisites, profit in lieu of salary, allowances, deductions for entertainment allowance, professional tax and standard deduction have to be mentioned separately in case of salaried employees.
- NRIs who are filing taxes have to give information on country of residence, Tax ID in the resident country and details of foreign bank accounts, foreign debt and foreign equity.
- If a person has agricultural income above Rs. 5,00,000, details of the land have to be disclosed in the ITR form.