Income Tax Returns Forms 1 to 7 for A/Y 2020-21 Notified. 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.
Disclaimer: This is meant purely for general education purpose.While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.
