The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Return (ITR) forms for FY19-20/AY20-21 vide Income-Tax (12th Amendment) Rules, 2020, in line with the amendments made by the Finance Act, 2019.
Finance Minister Nirmala Sitharaman had recently extended the last date for filing of all ITRs for AY2020-21 to November 30, 2020 due to the lock-down.
Key Changes in ITR forms for the AY20-21 are as follows:
House Ownership: Individual taxpayers who are joint owners of house property cannot file ITR-1 or ITR-4.
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).
Cash Deposit: It has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs1 crore during the FY.
Foreign Travel: If the amount spent on travelling abroad exceed Rs2 lakh, you need to disclose actual amount.
Electricity Consumption: If the electricity bills have been more than Rs1 lakh in aggregate during the FY, you need to disclose the actual amount.
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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