The Income Tax Department has notified new income tax return forms giving details of the income for the financial year 2019-2020. The government has also made it necessary to file income tax returns for those who got electricity bill of more than one lakh rupees in the last financial year, deposited more than one crore rupees in their current account or those of the year. Spent more than two lakh rupees in foreign travel.
The Central Board of Direct Taxes (CBDT) has filed Sahaj (ITR-1) form, ITR-2, to be filed in the assessment year 2020-21 for filing returns for the previous financial year (income from April 1, 2019 to March 31, 2020). , ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 forms and ITR-V forms.
It is mandatory to give information about big expenses
In the new income tax return form, it has been made mandatory for the taxpayers to give information about some major expenses during the year. It will be mandatory to give information related to high transactions such as deposits of more than one crore rupees in a person's current account, expenses of two lakh rupees or more on travel abroad or electricity consumption bills of more than one lakh rupees during the year. With this, joint owners of a residential property can file returns by filling the ITR-1 Sahaj form.
CBDT has also created new columns in ITR-1,2,3 and four forms. In these columns, the taxpayer has been asked to deposit more than one crore rupees in the current account, two lakh rupees or more on foreign travel during the financial year and one lakh rupees or more on electricity bill. If the answer to any of these questions is 'yes' then it is mandatory for the individual or entity to file income tax returns for 2019-20. CBDT is the apex body making rules related to income tax.
Due to the Covid-19 crisis, the government has amended the income tax return form for the financial year 2019-20 to make taxpayers avail various exemptions given for filing income tax returns. Schedule-DI has also been added to the new income tax return form. Under this, the taxpayer will have to give separate information about the investment or grant made in tax-saving schemes between April 1, 2020 and June 30, 2020. Taxpayers will get the benefit of this only in the income tax of 2019-20.
Last date for filing income tax return is 30 November 2020
Sircar has made several concessions in the deadline for filing returns under the Income Tax Act-1961. For this, the Government has brought the Taxation and Other Acts (Relief from certain provisions) Ordinance - 2020. The government has already extended the last date for filing income tax returns for the financial year 2019-20 to 30 November 2020. Not only this, the government has also extended the last date for filing tax audit report by one month.
Accordingly, the last investment date for exemption to be taken under Section 80C (Life Insurance, Public Provident Fund, National Savings Letter etc.), 80D (Health Insurance) and 80G (Donation) etc. has been extended to 30 June 2020. is. That is, the benefit of tax exemption on investments made till 30 June 2020 can be found in the income of the previous financial year. In order to avail the investment rebate for the financial year 2019-20 in the new form, separate information will be required to be made about the investment made in the first quarter of 2020-21.
They will not get the benefit of simple form benefits
Shailesh Kumar, director of Nangia Anderson Consulting, said that simple forms like ITR-1, ITR-2 and ITR-4 would not benefit individual taxpayers who are directors in a company or who invested in shares of unlisted companies is. Amit Maheshwari, partner at AKM Global Tax, said that now co-owners of residential properties and high-spending taxpayers will also be able to file income tax returns with a simple and easy form. These are relatively simple to fill, which is a major relief step for the taxpayers.
Currently, individual and non-corporate income tax payers do not have to submit tax audit reports. They have to file their income tax return by 31 July. Corporate taxpayers have to submit their tax audit report by 31 October and file the return. This includes companies with their affiliates, directors of companies and companies recognized for tax audits. For all these, the date of filing of income tax returns has been extended till 30 November. No further changes have been announced in this.
PM Modi: 'Work has been done to strengthen the judicial system in the last eight years' said PM Modi
Prime Minister Narendra Modi reached Vigyan Bhawan today to attend the inaugural session of the first All India District Legal Services Authority conference. Chief Justice of Supreme Court NV Raman
Before the release of Rishi Kapoor's last film, stars gave the tribute, danced to the song 'Om Shanti Om'
Rishi Kapoor is not in this world but he will always be in the hearts of fans through his films. Rishi Kapoor's last film 'Sharmaji Namkeen' is about to release. His health had deteriorated during the
UP Legislature Session: CM Yogi again lashed out at SP, said – these people raised the mafia
On the size of the budget presented for the financial year 2023-24, UP Chief Minister Yogi Adityanath said that this budget reflects the development of the state's economy in the last six years. He
Space Day: 'India will also build its own space station', said PM Modi in his address on National Space Day
On the occasion of National Space Day, a special program was organized at Bharat Mandapam in New Delhi. During this, Indian astronaut Shubhanshu Shukla, along with other astronauts going on the
Petrol Diesel Price: Oil companies released the prices of petrol and diesel, know how much the prices were today
Even today, there has been no increase in the prices of petrol and diesel by the oil companies. In Delhi, a liter of petrol is getting Rs 105.41 per liter while diesel is getting Rs 96.67 per liter.
Way to avoid bankruptcy: The government of Pakistan will sell government companies and assets, and cabinet approval for a new bill
The Pakistan cabinet has approved a bill. Under this, now the government will be able to sell government assets. According to the ordinance, Pakistan will sell its oil and gas companies to the United
The condition of the child injured in the stampede during the screening of Pushpa-2 is critical, doctors put him on ventilator support.
The condition of the child injured in the firing at Hyderabad's Sandhya theatre on December 4 ahead of the premiere show of Pushpa 2 remains critical and he has been put on ventilator support.
Violent demonstrations in many places in Bangladesh after the attack on Hindu temples
Violent clashes broke out between protesters and police in the capital Dhaka and Noakhali on Friday following attacks on Durga Puja pandals and temples in Bangladesh.
Former coach Ravi Shastri's big claim - Jasprit Bumrah, team can win the World Cup even if Ravindra Jadeja is not there, a chance to find a new champion
Former Team India head coach Ravi Shastri believes that despite the absence of star players Jasprit Bumrah and Ravindra Jadeja in the team, India has enough depth to win the T20 World Cup in
Anant-Radhika Pre-Wedding: Pre-wedding preparations in Jamnagar, Rs 1000 crore will be spent on the wedding; A new record will be made
Anant Ambani, the younger son of the country's richest businessman Mukesh Ambani, is soon going to tie the knot with Radhika Merchant. The pre-wedding functions of both will be held in Jamnagar,
