Taxpayers now can get back to work as CBDT on Saturday i.e. 29th May’2020 has notified the Income Tax Return forms for Financial Year 2019-2020 i.e. Assessment Year 2020-2021.
Due to covid-19 pandemic the CBDT deffered the release of these forms this year, generally these forms are released by CBDT in April first week. Though forms has been notified but CBDT has not updated the utility/functionality of the portal to file the Income tax returns for FY 2019-2020 yet. CBDT has already notified the ITR-1 & ITR-4 earlier this year in January’2020. Now in May’2020 all the ITR forms from ITR-1 to ITR-7 has been notified by the CBDT.
Few Major Changes in ITR forms for FY 2019-20 are as follows:
- Investment Details: An additional disclosure for investments qualifying for deductions under Income Tax made during the period 01.04.2020 to 30.06.2020 need to be made in ITR forms.
- Consumption of Electricity: If a taxpayer has consumed electricity in aggregate for FY 2019-20 for more than INR 1 lakhs should have to disclose the same in Income Tax form.
- Travel Abroad: If a taxpayer have spent more than INR 2 Lakhs in travelling abroad then the same needs to be disclosed in Income Tax Return forms.
- Cash Deposit: If a taxpayer have deposited in cash an amount exceeding INR 1 Crore the same is compulsorily required to be disclosed in ITR forms.
- Passport Number: In general information part a new entry has been added wherein Taxpayer has to enter whether he/she holds a valid Passport and If Yes then one has to fill in his/her Passport Number.
- Joint Owners of House Property: Those taxpayers who are joint owners of any House Property couldn’t file ITR-1 or ITR-4 and has to go for filing detailed forms such as ITR-3.
From above updations it is very much clear that Income Tax authorities want to tap those taxpayers who somehow manages to hide their Incomes from Tax authorities.
Taxpayers should also note that the due dates for filing Income Tax Returns for FY 2019-20 i.e. AY 2020-21 has already been extended by CBDT as per below table:
Notification No 31/2020/F. No. 370142/32/2019-TPL can be download from below mentioned link :
Click here to download the notification
Thanks.
Piyush Jain
(Chartered Accountant, B.Com(H))
Founder (TaxMistri.com)
(Disclaimer: The views are personal and only for education purpose. we don’t endorse anything over here. Reader should conduct and rely upon their own examination and analysis. I further can not be held responsible for any mistakes or errors in the article. Kindly consult a tax expert before making any interpretitions)
