Central Board of Direct Taxes has issued Notification No. 31/2020 dated 29th May, 2020 which may be called as Income tax (12th Amendment) Rules, 2020. Certain changes have been made in Rule 12 of the Income Tax Rule, 1962
Forms substituted ―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‖.
Schedule DI – Details of investments made between April to June 2020 and Benefit available for FY 2019-20
(Special facility for availing Deduction under Income Tax Act, due to Corona Outbreak)
Form ITR-1 (Sahaj)
- For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]
- Not for an individual who is either Director in a company or has invested in unlisted equity shares]
Form ITR-2
- For Individuals and HUFs not having income from profits and gains of business or profession
Form ITR-3
- For Individuals and HUFs having income from profits and gains of business or profession
Form ITR-4
- For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
- Not for an individual who is either Director in a company or has invested in unlisted equity shares
Form ITR-5
- For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
Form ITR-6
- For Companies other than companies claiming exemption under section 11
Form ITR-7
- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
Mr. Setia is a CA by Profession and expert in the field of Indirect Taxation Based in Delhi. Rich experience of over 5 year.