CBDT has notified income tax forms for the assessment year 2020-21 (i.e. Financial year 2019-20) vide Notification No. 31/2020-Income Tax, dated 29th May, 2020.
The new ITR forms require taxpayers to furnish details of specified high-spend transactions, such as deposit of Rs 1 crore or more in a current account, expenditure of Rs 2 lakh or more on foreign travel or spending of Rs 1 lakh or more on the consumption of electricity, in case such persons are otherwise not required to file income tax returns.
The following table gives a summary of the Forms, as notified by CBDT:
| Sahaj (ITR-1) | 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 Sugam (ITR-4) | For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to 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 |
| Form ITR-V | INDIAN INCOME TAX RETURN VERIFICATION FORM
Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4(SUGAM), ITR-5, ITR-7 is filed but NOT verified electronically |
The Income Tax Specialists at DBC believe that the ITR forms are modified in line with new disclosure requirements made in the Income Tax Act for AY 2020-21 and advise the taxpayers to be careful of these new disclosure requirements, before filing their ITR and to select an appropriate ITR form.
We at D. Batra & Co., can help you in Income Tax Planning and Return Filing. Click here to know more.