New Disclosures required in Income Tax Return
Updated: Jul 15, 2020
New disclosures needed to be made when filing new ITR forms:-
Passport: Individual are required 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.
Foreign Travel: If you have spent more than INR 2,00,000 during the Financial Year than a disclosure of the actual amount spent has to be made.
Electricity Consumption: If your electricity bill exceeds INR 1,00,000 in aggregate during the Financial year then disclosure of the actual amount spent has to be made.
House Ownership: Individual taxpayers who are own a house property jointly cannot file ITR -1 & ITR-4 now.
Cash Deposits: If you have deposited more than INR 1 crore cash in a bank account during the Financial Year then while filing ITR-4 SUGAM it is compulsory to declare the actual amount deposited
Details of investment: Details of investments qualifying for deduction under chapter VI A (Section 80C) made during the period from 1st April 2020 to 31st July 2020