New ITR Forms with New Mandatory Disclosures

The new ITR forms require assesses to furnish details if their cash deposits exceed Rs 1 crore or if they have spent over Rs 2 lakh on foreign travel or their electricity bill is Rs 1 lakh or more in the fiscal, in case they are not otherwise required to file income tax returns. The form, earlier issued on January 3, 2020, had sought detailed information with respect to salary income as well as house property income such as tenant details. These details are no longer being sought in the new form. The ITR 1 also now captures information on whether the taxpayer has cash deposits exceeding Rs 1 crore, expenditure on foreign travel exceeding Rs 2 lakh or electricity expenses exceeding Rs 1 lakh since these trigger tax filing requirements even where the taxpayer does not have taxable income. The new ITR form for corporate taxpayer provides the option for the company to opt for a low tax rate without any exemption.