Income Tax Returns can be filed for FY 2019-20 as ITR forms has been notified by CBDT. CBDT Issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms on 30 May 2020. The Income Tax Department had issued ITR 1 & ITR 4 in first week of April, however the forms were withdrawn considering the changes required to be incorporated due to Covid-19 Pandemic. The new disclosure requirements which are specified in the ITR form issued by CBDT are as under: –
Investment details which qualifies for deduction under chapter VIA along with the bifurcation of investment made during the period from April 1, 2020 to June 30, 2020. The Income Department had passed the ordinance on 31th March 2020 in which relaxation was given to assesee for making investment till 30th June 2020 to avail the benefit of deduction in FY 2019-20.
- Tax Payers are required to answer the following questions
a) “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?”
b) “Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?”
c) “Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?”
- Passport number is required to be disclosed if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. It is possible that it will be made mandatory for other ITR forms as when it will be notified.
- Details in case of in case of non-repatriation of primary adjustment within the prescribed time details in relation to assessee’s choice of paying additional income tax limit is included in the new ITR Forms 3, 5 and 6 seek.
ITR Form Applicability and Minor Changes
ITR 1 form : Also known as Sahaj, this one is mainly for salaried individuals earning upto ₹50 lakh annually.
Note: – Taxpayers having taxable income as dividend from domestic companies are not eligible to file ITR-1 form or taxpayer having joint ownership of house property cannot file ITR 1 or ITR 4
ITR 2 form: For individuals and HUFs not having income from profits and gains of business or profession.
ITR 3 form: For individuals and HUFs having income from profits and gains of business or profession.
ITR 4 form: Also known as Sugam, it is meant for individuals, HUFs and firms (other than LLP) having total income upto ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Individuals who are either director in a company or have invested in unlisted equity shares are barred from using this form to file ITR.
Note : – Taxpayers with joint ownership of a house property cannot file ITR-4. In ITR-4, PAN number is made optional if Aadhar number is provided. In section 44AD, one new clause added as the electronic mode in addition to electronic clearance and reduced the presumptive income from 8% to 6%.
ITR 5 form: For persons other than individual, HUF, company and person filing ITR 7 form.
ITR 6 form: For companies other than companies claiming exemption under section 11.
Note: – For Companies ITR 6 provide a new drop down utility to opt for concessional tax regime of 22% offered to new corporates or companies.
ITR 7 form: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.