Income Tax Returns Forms 1 to 7 for A/Y 2020-21 Notified.
6 key changes in ITR forms for the AY 2020-2021:
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.
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