New ITR Forms for AY 2020-21 ( FY 2019-20 ) | New Income Tax Return form 1 to 7 2020-21 Notified

Abhinay Rai | 2020-06-01 11:13:05 | Articles| 12

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

Latest updates 

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.

Press release 

 

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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Author Bio

Name: Abhinay Rai

Mobile: 9818893285

Conpany: TaxCaller India LLP

Location: Ghaziabad, Uttar Pradesh-201017

Qualification: B.Com, M.Com, LLB

Member Since: 2020-01-18 10:52:11 | Total Posts: 9

Abhinay Rai is an indian lawyer specializes in commercial and taxation law. The Founder of Indian tax preparation company TaxCaller. having Professional Experience More than 8+ years in the field of Taxation Law. Rai was born on 2 January 1994 in the Lucknow city, India. He had completed his college from islamia college of commerce, deendayal upadhyay university gorakhpur in the year of 2013. LLB from CCS university.

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BIKAS BISWAS 2020-08-01 13:33:56
Sir, I have retired on 31/10/2019 from Govt. Service. I have drawn my Monthly Salary upto Oct. 2019 and pension for the rest of the months for the FY 2019-20. In addition I have drawn GPF, Gratuity, Leave Salary and Group Insurance. Now, 1) What are the inclusions in my Salary as defined in Sec. 17(1) 2) What are the exemptions from Salary U/S 10 3) Is GPF included in Salary or It is to be shown separately as EXEMPT INCOME in ITR1 4) What will be my category…..Is it “Govt. Employee” or “Pensioner”?

Rehan 2020-07-21 10:04:23
I want GST service, company registration.