In the last week of May 2020, CBDT has notified new Income Tax Return Forms for AY 2020-21-(i.e. FY 2019-20). Some of the salient features/changes of these forms are:
- Every year, CBDT notifies the new ITR Forms to be in line with the amendment in the relevant Finance Act i.e. Finance Act 2019 in relation to FY 2019-20 ITRs.
- Generally, CBDT notifies these forms in the month of April 2019, however, in current year due to Corona Virus, it has been delayed. And now, finally the forms have been notified.
- In March 2020, due to lockdown, Govt has issued relaxations provisions for making the tax saving investments etc upto June 30, 2020 (i.e. After March 31, 2020). For the same, provisions have been provided in the new ITR forms to disclose the period of investment.
- One page simplified ITR Form-1(Sahaj) has been provided for Individuals having income upto Rs 50 lakh (income from salary/one house property/interest income).
- Non-business ITR can be filed in ITR 1 or ITR 2 as it was earlier. Also, Non-Residents are not allowed to file ITR in ITR 1 and they will have to file the ITR 2.
- For rented property, assessee need to provide PAN/Aadhaar along with Name of tenant.
- All bank account details need to be provided in the ITR form.
- Disclosure requirement have been provided where assessee is supposed to file ITR under certain conditions i.e. Deposit in bank >1 Crore Rs, Electricity Exps > Rs 1 Lakh in a year, Foreign Travel Exps > Rs 2 Lakh.
- Similar to earlier year form, Non-residents have to provide details of their India stay in last FY and 4 preceding FYs.