CA Kaushik Mahendrabhai Makwana

CA Kaushik Mahendrabhai Makwana

Due to Covid-19, as we are aware that the Government of India is taking various major steps to recover our economy. Simultaneously, the Government of India has provided relief measures, some of which, are as under:

– Due date for filing the return of income for all taxpayers has been extended to 30th November 2020.

– Those person to whom Tax Audit is applicable are required to submit the Tax Audit Report on or before 31st October 2020.

– The person can claim tax deductions for tax saving investments, deposits, payments, donations and investment (acquisition, purchase, construction or any other deposits) for capital gain exemption u/s 54 to 54GB, made during the extended period upto 30th June 2020.

The topic is specifically covered relating to who is required to file which Income Tax Forms for AY 2020-21.

Form No. ITR 1 SAHAJ

Who is required to file ITR 1 SAHAJ?

  • An Individual being resident (other than not ordinarily resident) having total income upto Rs 50 Lakh having:

– Income from Salaries and/or,

– Income from One house Property, who owns one house property and does not have any loss under the head and/or,

– Income from Other Sources except winning from lottery or income from race horses and does not have any loss under the head and/or

– Agricultural Income upto Rs 5,000

Following Person are not covered to file ITR 1 SAHAJ

  • No individual who has assets (including financial interest) outside India or signing authority outside India or Income from any source outside India or claim any relief u/s 90 or 90A or deduction of tax u/s 91 or Income Taxable u/s 115BBDA or Income u/s 115BBE or who is director in a company or has held any Unlisted Equity Share during the year can file the return in Form No. ITR 1 SAHAJ.

Form No. ITR 2

Who is required to file ITR 2?

Individuals (other than those mentioned above) or HUF, whose total income does not include the Income derived from Business or Profession, are required to file the return in Form No. ITR-2.

Form No. ITR 3

Who is required to file ITR 3?

Individuals or HUF [other than individual or HUF mentioned above] whose total income includes the income derived from Business or Profession, are required to file the return in Form No. ITR – 3.

Form No. ITR 4

Who is required to file ITR 4?

An Individual, HUF and Firms (Other than LLP) being resident having total income upto Rs 50 Lakh and having Income from Business or profession which is computed under Section 44AD, 44ADA or 44AE are required to file return in Form SUGAM (ITR-4).

Following Person are not covered to file ITR 4

No individual who has assets (including financial interest) outside India or signing authority outside India or Income from any source outside India or claim any relief u/s 90 or 90A or deduction of tax u/s 91 or Income Taxable u/s 115BBDA or Income u/s 115BBE or who is director in a company or has held any Unlisted Equity Share during the year or owns more than one house property which is chargeable under the head house property or brought forward or carried forward of any losses under any head of income can file the return in Form No. ITR 1 SAHAJ.

Form No. ITR 5

Who is required to file ITR 5?

Person not being Individual or HUF or company or person who required to file return u/s 139(4A) to 139(4D) of the Act are required to file return in Form No. ITR 5.

As per Section 2(31) of the Act, person includes Individual, HUF, company, Firm (including LLP), AOP or BOI, whether incorporated or not, local authority and every artificial juridical person.   

Form No. ITR 6

Who is required to file ITR 6?

Person being company (not being the company who is required to file return u/s 139(4A) to 139(4D) of the Act) are required to file the return in Form No. ITR 6.

Form No. ITR 7

Who is required to file ITR 7?

Person including company (whether registered or not u/s 25 of the Companies Act,1956[now Section 8 of Companies Act,2013]), who is required to file a return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D), be in Form No. ITR 7.

New Information required to be provided in Return of Income

The following information are required to be provided at the time of filing the Income Tax Return which are as under:

– Total Cash Deposits exceeding Rs 1 Crore in one or more current account during the year

– Total Foreign Travel Expenditure exceeding Rs 2 Lakhs for travel for yourself or for any other perso

– Total Electricity Expenditure exceeding Rs 1 Lakh during the previous year.

– Specific Disclosure (Schedule DI) for the investment or deposit or payments made from 01.04.2020 till 30.06.2020 for claiming deduction under Chapter VIA.

– Deduction u/s 80EEA (Interest paid on certain house property) and 80EEB(Interest paid on loan taken for electric vehicle) are also included.

The CBDT has recently notified the Form No. ITR 1 SAHAJ and ITR 4 for filing the Income Tax Return on the website: www.incometaxindiaefiling.gov.in. It is humbly requested to adhere to the deadlines of filing the return to all tax payers and be a part to the growth of the country.ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified

Disclaimer: The above article is solely for the purpose of information/educational purpose only and represents the views of the author, it does not in any way represents any advice and the author claims no liability for any loss or damage of any kind incurred as a result of this article.

(For any queries or feedback in the above mentioned article, the author can be contacted at cakaushikmakwana@gmail.com)

Author Bio

Qualification: CA in Practice
Company: Kaushik Makwana & Co
Location: Mumbai, Maharashtra, IN
Member Since: 26 Jun 2020 | Total Posts: 2

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