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

Applicability : 

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

  Disclosure of high value transactions
 

 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.

Schedule DI - Details of Investments

3) Bank account for refund:

Earlier taxpayer have to select one bank account he wants to get refund, In new form taxpayer has given an option to select more than one bank account for refund. The CPC will credit refund in one account after processing the return.
Bank account for refund

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4 Comments

  1. Vipan kumar verma says:

    My Question regarding income from other sources I. e. Reallocates old Fixed Deposits. In recent banks are lowering it’s interest rate on fixed deposits. Some Private Banks offer higher interest rates to its depositor. Even some Pvt. Bank giving 0.75℅ more interest to Dr. Citizens. Now my question is that transferring Fund to another Bank shall show in statement of Financial Transaction in Income Tax.
    By breaking & opening fixed deposit to another Banks. It will show it show in SFT-5. Please give some suggestion on this. There were more than 1.60℅ interest rates on Fixed deposits. No source of Pension etc.

  2. Sumit Vishnoi says:

    Hello,I am a salaried employee and my my taxable salaried income is below then Rs.5 lac in FY 19-20. I have invested in mutual fund.
    In FY 19-20 i have shifted some fund from one scheme to other, on which i get LTCG in Rs.6614(without indexion) & LTC loss of Rs.2531/- (without index)in other fund .
    My Question is this which ITR should I File it ITR 1 or ITR2 .
    Thanks,

    Sumit

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