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New Disclosures required in Income Tax Return

Updated: Jul 15, 2020

New disclosures needed to be made when filing new ITR forms:-

  1. 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.

  2. 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.

  3. 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.

  4. House Ownership: Individual taxpayers who are own a house property jointly cannot file ITR -1 & ITR-4 now.

  5. 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

  6. 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

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