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.
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