New ITR forms decoded: Know the changes and how to file returns with ease

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The new Income Tax Return (ITR) forms were notified recently. As per the new forms, the taxpayer will have to provide additional details such as days of residency in India, holdings in unlisted shares and details of the buyer(s) of property in case of capital gains earned by a seller on the sale of immovable property.

Changes in ITR-1 form
ITR-1 form is applicable to resident individuals, except for the director of a company or the holders of unlisted equity shares. Total income must not exceed Rs 50 lakh. An additional row has been provided for claiming a standard deduction of Rs 40,000 for FY 2018-19.

The taxpayer is also required to furnish income-wise details, like interest income from savings account, bank deposits, income tax refund, family pension income and others, under ‘Income from other sources’ column of new ITR-1. If there are allowances, exempted from tax partially or fully, then their amount should be mentioned separately in ITR-1.

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