The Central Board of Direct Taxes (CBDT) has notified Income Tax return (ITR) forms for the assessment year of 2020-21. The income earned during the financial year 2019-20 has to be assessed in the assessment year 2020-21.
In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes has come out with Income-tax Rules, 2020, which shall come into force with effect from from the date of publication in the Official Gazette. i.e 29th May 2020.
Form ITR-1 or Sahaj: [For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand] [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
Form ITR-2: [For Individuals and HUFs not having income from profits and gains of business or profession]
Form ITR-3: [For individuals and HUFs having income from profits and gains of business or profession]
Form ITR-4 or Sugam: [For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE] [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
Form ITR-5: [For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
Form ITR-6: [For Companies other than companies claiming exemption under section 11]
Form ITR-7: [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only]
Some of the new disclosures asked in the new ITR forms are:
1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
3. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.
4. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
5. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
6. Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.
For every assessment year, the last date for filing tax returns is July 31, However, this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.