Central Board of Direct Taxes (CBDT) has notified the Income-tax Return Form-1 applicable for the Assessment Year (AY) 2020-21 vide Notification No. 31/2020 dated- 29th May, 2020. The applicability and Changes in the ITR Form is as under:

Applicable

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. the individual has brought forward/carried forward loss.

  • Has assets (including financial interest in any entity), signing authority in any account and income from any source outside India.
  • has claimed deduction under section 57 of the Act (i.e., deduction in respect of family pension) or
  • Is assessable for the whole or any part of the income on which tax has been deducted in the hands of any other person.
  • has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91
  • has income taxable under section 115BBDA.
  • has income of the nature referred to in section 115BBE?

In addition to above, the following table summarizes the changes in the new ITR forms for AY 2020-21:

S.No. Changes in ITR Forms
1. In nature of employment, following changes are made.

  • Government is now further expanded into Central Government and State government.
  • New category of “Not Applicable (e.g. Family Pension etc.)” has been inserted.
2. In addition to the date of notice under section 139(9)/142(1)/148/153A/153C or order under section 119(2)(b), now assessee has to also mention “Unique Number/Document Identification Number (DIN) of the notice/order”  while filing his return of Income in response to such notice.
3. Where assessee is not required to furnish a return of income under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the 7th proviso to section 139(1), then in that case assessees have to mention the amount deposited/ incurred as expenditure for following reasons:

  • Have you deposited amount or aggregate of amount exceeding Rs 1 Crore in one or more current account during the previous year?
  • Have you incurred expenditure of an amount or aggregate of amount exceeding Rs 2 lakhs for travel to a foreign country for yourself or for any other person?
  • Have you incurred expenditure of amount or aggregate of amount exceeding Rs 1 Lakh on consumption of electricity during the previous year?
4. New ITR forms now seek an option for mentioning either the PAN or the Aadhar number for the following transactions as against the mentioning of only PAN earlier:

A person filing the income-tax return as a representative assessee.

5. PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME

New Section 80EEA and Section 80EEB were introduced by the Finance (No. 2) Act, 2019 to provide deduction in respect of interest on housing loan and interest on loan taken for electric vehicles, respectively. Accordingly, necessary changes have been made in the ITR form to claim these deductions in the Income-tax return.

6. In Part E: OTHER INFORMATION

In case of Refund, now multiple accounts can be selected for refund credit, however, refund will be credited to one of the accounts decided by CPC after processing the return.

7. A new Schedule DI- Detail of Investment has been inserted as per this new Schedule, the disclosure requirement is as under:

(A) Investment/ Deposit/ Payments for the purpose of claiming deduction under Part B of Chapter VIA
Section

 

 Eligible amount of deduction during FY 2019-20 (As per Part C- Deductions and taxable total income) Deduction attributable to investment/ expenditure made between 01.04.2020 to 30.06.2020 (Out of Col No.2)

Author Bio

Qualification: CA in Practice
Company: N/A
Location: SOUTH WEST DELHI, New Delhi, IN
Member Since: 18 Jun 2020 | Total Posts: 1

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031