CBDT notifies Income tax teturn 1 to 7 Form: Sahaj- ITR-1, Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7 for Financial Year 2019-20 (AY 2020-21) These forms were notified on January 3, 2020
CBDT provide relaxation in the eligibility conditions for the filing of ITR-1 and ITR-4 for the ( FY 2019-20 ) Assessment year 2020-21.
CBDT released important provisions:
1. A taxpayer who is a co-owner of a house property can file ITR-1 and ITR-4 to report the income from the house property in Assessment year 2020-21, if they meet the other conditions.
2. The ITR-1 form for assessment year 2020-21 is valid for peoples/individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh in electricity or foreign travel, respectively.
A. ITR- 1
1. A person with a carry-forward loss under the head of House Property Income can not longer use ITR-1 to file their tax returns for FY 2019-20 onwards.
2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-1.
3. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information .
4. A new disclosure has been added to Part A - Overview of ITR-1 Here, a taxpayer will have to disclose whether he has a valid Indian passport. then shall have to provide passport number
5. A separate column has been inserted in "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).
B. ITR- 4
1. A person with a carry-forward loss under the head of House Property Income can not use ITR-4 to file their tax return for the financial year 2019-20, ( AY -2020-21 ) onwards
2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-4.
4. Additional information required by the income tax department from taxpayers using ITR-4 in financial year 2019-20 (AY 220-21) are as follows:
to. Has the taxpayer deposited an amount or a total of amounts exceeding Rs 1 crore in one or more in current accounts during the previous year. If yes, the amount must be reported.
Has the taxpayer spent an amount or a total of the amount that exceeds Rs 2 lakh to travel to a foreign country for himself or for anyone else? If yes, the amount must be reported.
C. Has the taxpayer incurred more than Rs 1 lakh in electricity consumption during the previous year. If yes, the amount must be reported.
5. In case a representative files the ITR-4, the representative's Aadhaar number must be provided on the ITR-4 from financial year 2019-20 (AY 2020-21 ) onwards.
6. Taxpayers using ITR-4 must also disclose the following additional information in Part A- General Information:
If the taxpayer is a partner in a company? If yes, you must provide the name and PAN of the company.
Details of the company's partners, such as name, address, percentage of participation in the company, PAN, adhaar number, interest rate on capital and remuneration paid / payable.
7. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information for financial year 2019-20 onwards
8. The "Business Financial Details" section of ITR-4 has been replaced by "Cash Details and Bank Transactions Related to Presumptive Business". In this tab, the taxpayer must enter the opening balance of cash and bank (aggregate of all bank accounts), receipts during the year and payments or withdrawals made in the previous year.
9. A separate column has been also inserted in ITR -4 "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).
> Taxpayers should be careful about these new disclosure requirements, before submitting their ITR and selecting an appropriate ITR form
> The online portal used by taxpayers to file income tax returns will be updated with the modified forms. The due date of all income tax returns for financial year 2019-20 was extended to November 30 2020 from July 31 and October 31. The tax audit period also extended by one month to October 31.
> Filing online income tax returns is mandatory for all registered taxpayers, except those who are over 80 years of age and have no income from business or professions.
> Effective April 1, 2017, if you do not file your income tax return by the due date, there will be penalty up to Rs 10,000 under Section 234F.
What is ITR E filing?ITR E-filing is submitting your income tax returns online on Income tax website. There are two option to file your income tax returns. The traditional way is the offline form, where you go to the Income Tax Department office to physically file your income returns. The other way is when you E-file or an electronic file over the Internet. In recent years, electronic filing has become popular because it's easier, requires no document printing, and can be done for free.
Person Required to File Income Tax ReturnIt is mandatory to file income tax returns in India if any of the following conditions apply to you (according to the Income Tax Law):1. Earn or received income other than salary, such as house property2. If you want to claim a refund form department's income tax.3. Earn or have invested in foreign assets.4. If you want to apply for visa or loan applications.5. Company or business, irrespective of profit or loss.6. If your gross annual income more than-
Particulars Amount For individuals age below 60 years Rs 2.5 Lakh For individuals age above 60 years Rs 3.0 Lakh For individuals age above 80 years Rs 5.0Lakh
Difference Between Assessment Year and Financial YearThe financial year is the period from April 1 to March 31. The assessment year is the next year that income is taxable.For example, if your financial year is from April 1, 2019 to March 31, 2020, then it is known as FY 2019-20. The assessment year of the income earned during this period would begin after the end of the financial year, that is, from April 1, 2020 to March 31, 2021. (AY 2020-21)
Have Electronic filing Income tax returns Started for 2019E filing income tax returns for the 2019-20 assessment year, which is the 2018-19 financial year has begun. The Income Tax Department will launch the new ITR forms after March 31 and electronic filing will be allowed on its website as well as on the TaxCaller Portal. We will include all changes in the new ITR forms to make it easier for you to file your returns electronically. ITR 1 and ITR 4 are now live.
How Much Tax I Have to PayDo you want to check how much income tax you are considering paying or see how the deductions affect the income tax you owe? know your income tax liability for the last 2 financial years for using the income tax calculator
What Can I File Multiple Income Tax Returns ElectronicallyIf you want to file multile income tax returns you ned not worry about it just go on TaxCaller Portal send your documents for electronically filing multiple tax returns. You can electronically file your icome tax returns for the current and prior years with the help of axcaller experts from the same login on TaxCaller Portal. You can even suggest for electronically filing of income tax returns to your friends and family from your account on TaxCaller Portal
I have a Form 16, How do I Electronically file my Income Tax Return2. TaxCaller experts will prepares your ITR within 15 minuts.3. Login your account Check your tax summary.4. Experts will electronically file your tax return to receive the recognition number.5. E-verify your income tax return through aadhaar OTP
I Don't have a form 162. Declare investments made under Section 80C.3. TaxCaller experts will preparare the ITR form relevant to you.4. Login your account Check your tax summary.5. Experts will electronically file your tax return to receive the recognition number.6. E-verify your income tax return through aadhaar OTP
How to Reset Your Income Tax Login PasswordSo, did you lose access to your income tax department login account because you don't have the password and are afraid of being able to present or access it againDon't worry because TaxCaller Team can help you.You can reset your password from the Income Tax Department by sending an email to firstname.lastname@example.org with the following details:1. PAN2. Name of the PAN holder3. Date of birth.4. Name of the father5. Registered PAN addressIt is recommended to link your PAN with Aadhaar and mention it in your income tax returns. If you have applied for Aadhaar, you can mention the registration number on your income tax returns.
What is The Deadline to File Incoem Tax Returns ElectronicallyThe last date to file electronic income tax returns for the 2018-19 financial year is July 31, 2019 date also extended to august 31, 2019. You can file your income tax returns electronically anytime before that, but it's always best to file electronically early to avoid trouble, penalty and heavy website traffic in the last month.Start filing your income tax returns electronically on Income Tax websiteYou can also take help of TaxCaller experts for filing your income tax returns
Should I File ITR If I Earned Less Taxable IncomeYes, it is advisable to electronically file your income tax returns even if you are paying taxes. A zero return filing will come in handy when you need to get your tax refund or apply for a loan or visa.
How to Check the Status of ITR-VAfter you successfully submit your income tax return, you receive an acknowledgment from the IT department called ITR-V or Tax Return Verification. You will receive an email with your registered email ID from the Income Tax Department containing the ITR-V.