Income Tax Return Filling : You Must Need To Know 6 Key Changes In ITR 1

January 10, 2020
AIATInstitute

According to the notification, two major changes in the ITR forms have been effected. First, an individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house property.

Secondly, ITR-1 form is not valid for those individuals who have deposited more than Rs 1 crore in bank account or have incurred Rs 2 lakh or Rs 1 lakh on foreign travel or electricity respectively, it said.

Such taxpayers will have to use different forms, which will be notified in due course.

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