Shocks in newly notified ITRs for AY 19-20

Shocks in ITRs for AY 19-20
.
ITR-1 NOT APPLICABLE for  Residents who are :

1) Co Directors

2) Holder of Unlisted Equity shares in 2018-19.

3) Those claiming deduction from Income from Other Sources u/s  57 (other than family  pension)


4)Person assessable for income of any other person where TDS has been deducted in hands of other person.

ITR-4 Sugam NOT APPLICABLE for :

1) Firm which is Not Resident.

2) HUF which is NOT ordinarily Resident.

3) Resident, other than not ordinarily resident  who is :

a. Director in any company;
b. Has held any unlisted equity share at any time during 18-19.
c. Has total income, exceeding Rs. 50 lacs.
d. Owns more than one house property.
e. Has any brought forward loss or loss to be carried forward under any head of income;
f. Is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee.

Paper Returns

Paper Return can be filed ONLY by persons of 80 years or more filing ITR-1 or 4. All other individuals to file ITRs electronically. Earlier individuals having income upto 5 lacs filing ITR1 or 4 could file paper returns.

New ITR forms for AY 2019 20 notified pdf print copy released ..

1. Requires reporting of GP in case of business
2. Restrict filing of ITR 4 to residents only
3. ITR 4 cannot be filed by director in a company
4. ITR 4 cannot be filed by person holding unlisted shares
5  ITR 4 cannot be filed by person holding more than two house properties
6 . ITR 4 cannot be filed by person carrying over any losses or bringing forward any losses
7. ITR 7 cannot be filed by persons specified under section 139(4E) and 139(4F)

Detailed query on residential status as per section 6

Directors to furnish directorship details