NEW DELHI, May 31: The Government has notified forms for filing tax returns for income earned in 2019-20 and made it mandatory for people to file ITR in case their deposits in a current account exceed Rs 1 crore or electricity bill in the fiscal is Rs 1 lakh or more.
The Central Board of Direct Taxes (CBDT) on May 30 notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21 (income earned between April 1, 2019 to March 31, 2020).
The new ITR forms require taxpayers to furnish details of specified high-spend transactions, such as deposit of Rs 1 crore or more in a current account, expenditure of Rs 2 lakh or more on foreign travel or spending of Rs 1 lakh or more on consumption of electricity, in case such persons are otherwise not required to income tax returns.
The department has also revised the I-T return forms to allow assessees to avail benefits of various timeline extension granted by the Government following the COVID-19 pandemic.
Accordingly, the new ITR forms also require taxpayers to furnish details of tax saving investments/ donations made during June 2020 for the 2019-20 separately.
The Government has extended various timelines under the Income Tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. (PTI)
Follow our WhatsApp channel
