Changes in ITR form for AY 2020-21- know key changes

Changes in ITR Forms for AY 2020-21 | Key changes in ITR form for AY 2020-21 | ITR Forms for AY 2020-21 | Income Tax return form online for AY 2020-21

Changes in ITR form- Here is the good news for the taxpayers, who looking to file there income tax return for the assessment year 2020-21. The Central Board of Direct Taxes (CBDT) has notified the ITR forms to file an income tax return (ITR) for the assessment year 2020-21. There are certain changes in that form which need to be discussed.

Normally these income tax return (ITR) forms issued in the last week of April of respective assessment year but due to some circumstances like the corona virus, it could not be issued for AY 2020-21. Now the CBDT has notified these forms with certain changes.

The utility for the same has not issued yet, due to which return for AY 2020-21 can’t be filed and need to wait till utility will be available at the portal.

Here is the tweet made by the Income Tax department.

Here are the 6 key changes in ITR forms for the AY 2020-2021

House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.

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.

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.

Foreign travel: If you have spent more than Rs 2 lakh on traveling abroad during the FY, you need to disclose the actual amount spent.

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.

Investment details: Details of investment qualifying for deduction under chapter VIA with the bifurcation of details of investment made during the period from April 1, 2020, to June 30, 2020.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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