New ITR Forms

The Income-tax (IT) department on Sunday said in a tweet that CBDT notified ITR forms 1 to 7 for AY 2020-21. These forms will include income and investment details for FY 2019-20 through an order dated May 29.

Some of the new disclosures asked in the new ITR forms 1 to 7 are:

1.House ownership:

Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR 4.

2. Passport:

Taxpayer needs to disclose the Passport number, if held. 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:

While filing ITR 4-Sugam, Taxpayer has to make compulsory disclosure of 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.

Leave a Reply

Your email address will not be published. Required fields are marked *