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.
Supreme Court bluntly on 'Rewari culture', only SC will decide free gift
The discussion about Revdi culture has been in full swing in the country for a long time. In this episode, the Supreme Court said on Wednesday that the Supreme Court will decide what is the definition
US Report: India upset with US report on religious freedom, said- vote bank politics in international relations
India Slams on US Report: Expressing strong objection to the allegations leveled against India in the US State Department's report on International Religious Freedom, there has been a sharp reaction
GATE Result 2022: GATE 2022 results will be released on this date, will be able to download like this
GATE Result 2022: The GATE 2022 result can be released soon by IIT Kharagpur. It will be released on the official website of the institute. All the candidates who appeared for this exam will be able
Not just Corona, eight other viruses have come with people from abroad
Corona virus alone has not come to India from other countries of the world including China. Those who have returned to India from abroad have 8 more respiratory viruses. This is revealed in a study of
Affordable fitness bands will also keep an eye on your health, sleep, and stress level see details
Nowadays everyone wants to keep themselves fit. Due to the corona epidemic, people are taking full care of their health and health. In such a situation, if you are also alert about fitness and want to
Bombay High Court: Demand for Z plus security to Poonawalla, summoned reply from Uddhav government on a plea
The Bombay High Court on Thursday directed the Maharashtra government to respond to a plea seeking Z Plus protection for Adar Poonawala, the CEO of Serum Institute of India (SII), which is producing
WPL Points Table : UP Warriors beat these teams by qualifying, know the full playoff schedule here
WPL 2023 Playoff Teams and Schedule. The picture of the playoffs of the first season of the Women's Premier League has become clear. In the match played between Gujarat Giants and UP Warriors on March
Russia Ukraine News: India said in UNSC - safe passage not yet made for Indians trapped in Sumi
Efforts are on by the government to bring back the Indians trapped in Ukraine. Every day many flights are returning home with Indian citizens. Prime Minister Narendra Modi on Monday held talks with
COVID 19 India: Corona cases are decreasing rapidly in the country, Health Ministry told how relief came in the third wave
After the third wave of the coronavirus, the situation is now under control. All the states have also started gradually removing the restrictions imposed regarding Corona. Now information has been
Salman said - I did not receive threats: told Bandra police - I have no enmity with anyone; don't know any Lawrence or goldie
Mumbai Police has registered a case in the name of an unknown person in connection with the threatening letter received by Bollywood superstar Salman Khan. Now the police have recorded Salman's