New ITR Forms Notified for the Financial Year 2019-20 (AY 2020-21)

CBDT grants relaxation in eligibility conditions for filing of ITR-1 and ITR-4 for Assessment Year 2020-21.

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Here are the rolled back provisions released by the CBDT:

1. A taxpayer who co-owns a house property is allowed to file ITR-1 and ITR-4 to report the income from the house property in the AY 2020-21, if he/she meets the other conditions.

2. ITR-1 form for AY 2020-21 is valid for individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh on electricity or foreign travel, respectively.

The Central Board of Direct Taxes (CBDT) has notified the ITR forms – ITR-1 and ITR-4 for the assessment year (AY) 2020-21. These forms were notified on the 3rd of January 2020. This time the board has been very prompt in releasing the forms. It will help the taxpayers to be ready with all the requisite information and file their income tax returns with ease for FY 2019-20.

Here, in this article, we will discuss changes to ITR forms relevant for FY 2019-20 (AY 2020-21):

1. ITR-1

1. An individual with a brought forward/carry forward loss under the head ‘Income from house property’ can no longer use ITR-1 to file his/her income tax returns.

2. In case the house property is rented out, the taxpayer will have to provide the name and PAN or Aadhaar of the tenant in the ITR-1.

3. A new disclosure has been added to Part A- General Information of ITR-1. Here, a taxpayer will have to disclose whether he/she has a valid Indian passport. If yes, he/she will have to provide the passport number.

4. The ‘Nature of Employment’ has been moved from Part A- General Information to B1 of Part B- Salary Schedule of ITR-1.

5. A separate column has been introduced under ‘Income from other sources’ for deduction u/s 57(iv) – in case of interest received on compensation or enhanced compensation under section 56(2)(viii).

2. ITR-4

1.A taxpayer who has a brought forward/carry forward loss from ‘Income from house property’ cannot use ITR-4 to file his income tax return for FY 2019-20 onwards…….Read More>>

Source:- cleartax

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