Income Tax Return Filing: Key Changes in ITR-1 and ITR-2 Forms

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The income tax department has notified new Income Tax Return (ITR) forms for assessment year 2019-2020. Some changes have been made for Financial Year 2018-19 and onwards in ITR forms 1 and 2. These are the important changes that you need to know about:

  • Online Filing ITR mandatory
Paper filing is now only allowed for those who are above the age of 80 years. all others are required to e-file their returns.

  • Property Transactions
For all those who have sold a property in the financial year and are filing ITR-2, they are required to provide complete details of buyer to whom they have sold the property. If there is any rent arrear received in the financial year, you need to report them property wise. Also, one need to specifiy whether the house is self occupied, let out or deemed let out.

  • Aadhaar Number Mandatory
Aadhaar number has been made mandatory to quote in all the form.  Any ITR filed without mention of Aadhaar number will not be processed.

  • Details for Agricultural Income Exemption
For all those who are claiming income tax exemption on agricultural income are now required to provide additional details. These include nature of farmland, size of farmland, location, nature of land holding etc.

income tax return filing



  • Interest Income Disclosures
You need to specify the complete bifurcation details of the interest income or other income received by you. ITR-1 has been updated to include details of source from where interest is earned.

  • Residential Status
The new ITR-2 form requires you to specify the residential status as resident, resident but not ordinarily resident or non-resident in addition to details like number of days of stay in India, tax identification number etc. in case of non-resident.

  • DIN Number
The directors of any listed or unlisted company are required to mention Direction Identification Number (DIN), PAN etc, while filing ITR-2 form.

Feel free to ask us your queries in the comments!

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