Central Board for Direct Taxes CBDT has come up with some changes in ITR Forms for AY 2020-21 like every year. Now taxpayers are requested to answer some more questions of high value transactions like deposits in current accounts more than 1 crore, electricity bills aggregating of more than 2 lakhs, etc.,
Changes in Form ITR -1 Sahaj
Individuals being Resident ( Other than RNOR)
a) Having total income up-to 50 Lakhs
b) Salary income
c) One house property
d) Other source ( Interest) and
d) Agricultural income up-to 5000.
The Applicability criteria has not changed from earlier.
1) Disclosure of high value transactions
Under Part -A General Information
Persons required to file return under 7th Proviso of Sec 139(1) needs to submit additional information.
a) Deposited more than 1 crore in one or more current accounts
b) Incurred more than 2 lakhs on foreign travelling expenditure
c) Incurred more than 1 Lakh on electricity consumption
2) Schedule DI – Details of Investments
There is a separate schedule for deposits, investments, donations made up-to 31-7-2020 can be eligible for claiming deduction under chapter VI A.for FY 19-20.
3) Bank account for refund: