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
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:
Author Bio
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.
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
Am I forgot for email id and mobile no