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New ITR Forms notified for AY 2020-21: Additional details to be disclosed

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For Assessment Year 2020-21, the Central Board of Direct Taxes (CBDT) has notified two Income Tax return (ITR) forms i.e. ITR forms ITR-1 and ITR-4. This proactive step has been taken by CBDT as several taxpayers face issues at the last moment of filing ITR when CBDT releases the updated ITR utilities just before the due date of ITR.
Naveen Wadhwa, DGM at Taxmann informs taxpayers that “Usually, the Income-tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice the Dept. has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January,”
When is required to file ITR – 1 (Sahaj)?

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  • Resident individuals (other than not ordinarily resident) having total income up to Rs.50 lakh and
  • Resident individuals having Income from Salaries, one house property (single ownership), interest income, Family pension income etc. and agricultural income up to Rs.5,000 is required to File ITR – 1.
  • Individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’ or has to furnish return under 7th provison to section 139(1) of the Income Tax Act are not eligible to file ITR – 1.

New disclosures to be made in updated ITR- 1 utility:-

  • If you have a valid Indian passport, then the passport number has to be provided.

When is required to file ITR – 4 (Sugam)?

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  • Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh, one house property (single ownership), having income from business and profession which is computed under sections 44AD, 44ADA or 44AE or Interest Income, Family pension, etc. and agricultural income up to Rs.5,000 are required to file ITR – 4.
  • An individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’ are not eligible to file ITR – 4.

New disclosures to be made in updated ITR- 4 utility:-

  • If you have deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year, then the amount has to be disclosed.
  • If you have incurred expenditure for travel to a foreign country for yourself or for any other person, having the amount or aggregate of the amount exceeding Rs. 2 lakhs, then the amount has to be disclosed.
  • If you have incurred an expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on the consumption of electricity during the previous year, then the amount has to be disclosed.

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