ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified
CBDT notifies Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for Assessment Year 2020-21 i.e. financial Year 2019-20. Notification No. 31/2020-Income Tax Dated: 29th May, 2020
6 key changes in ITR forms for the AY 2020-2021:
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.
6 key changes in ITR forms for the AY 2020-2021:
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.
Viewed by 265
I am Joint owner of our house transferred to me , my brother and two sisters after our mother 's demise . I don't have any other property. I am a pensioner and have been filing ITR 1 As per notification mentioned by you, If I can't fill ITR1 then which form we shall be filling to file our returns . My brother and my sisters are also retired Govt employees and have been filing their IT returns with ITR1 .
Jun 01
I hope they have made provision to upload shares or mutual funds capital gains staements from recognised brokers instead of filing individually .SIPs are killing in this respect
May 31
Brokers only provide indicative statement of capitla gains. Individual i required to calculate the actual gains
May 31
Thanks for sharing the information. I see that these forms are in PDF Format. Are they available inexcell format?
May 31
