Income Tax Returns Forms 1 to 7 for A/Y 2020-21 Notified.

6 key changes in ITR forms for the AY 2020-2021:

1. Passport

One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.

2. Cash deposit

For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.

3. Foreign travel

If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.

4. Electricity consumption

If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.

5. Investment details

Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.

6. Due Date  

The last date for filing tax returns is July 31 for non audit cases. However, for this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.

Related Posts-

ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified

Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21

Disclaimer:  This is meant purely for general education purpose.While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Author Bio

More Under Income Tax

9 Comments

  1. CA Naman Jain says:

    Hi Rahul,

    Thanks for the this update.

    But kindly check this notification once again,
    Individuals holding Co-ownership of Property are allowed to file ITR-1 and ITR-4 if they fulfill other conditions of Rule 12 Sub Rule (1).

    1. acarahuld says:

      CBDT lifted the restrictions mentioned in point no 1 vide press release dated 9th January 2020.

      Thank you for reminding me.

      Thank you so much

  2. DHARMESH GUPTA says:

    I have some openion on going through newly updated notified itr forms especially itr4 in which in col-A22b1only deposit of one crore or more in one or more current a/c is written could not get it only cash deposi is witeen more over this information has to be provided by only those assesses who falls in 7th priviso of section 139(1)i,e.who are oterwise not required to file itr being having income less than exemtion limitor say 250000/-in py.
    secondly one major change in itr 4 is regarding business particuars has been changed to old itr4 of 2019-20asking b/s of assessee not bank/cash flow as notified earlier in jan-2020..Please correct me if I have done wrong interpertation.&oblige.

  3. c ram says:

    What is the purpose o asking info on electicity consumption if paid out of taxed income? Also, why is investment detail for next AY period (apr-june 2020) being asked? Just curious

    1. acarahuld says:

      In view of the lockdown, the government had extended investment deadline for FY 2019-20 to June 30, 2020. That is why they are asking separately.

Leave a Comment

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