New ITR forms for the AY 2020-21 .Some of the new Disclosures in the new ITR Forms 1 to7 :
1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
3. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.
4. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
5. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
6. Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.
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6 key changes in ITR forms for the AY 2020-2021:
1. House ownership
Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
2. Passport
One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
3. Cash deposit
For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.
4. Foreign travel
If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
5. Electricity consumption
If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
6. Investment details
Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.
For every assessment year, the last date for filing tax returns is July 31, However, this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.
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