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

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).

Notes

> 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. 

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