New Delhi: The Income Tax Department has released ITR (Income Tax Return) forms for the financial year 2019-20. For this, the government has also issued a notification. If you file an income tax return, then it is important for you to know this news.
Please tell that due to Corona crisis this year, the government has given time till 30 November 2020 to file the income tax return. In this regard, you have a full six months and you can prepare well to file income tax returns. The Income Tax Department has given information about the change in the form through a tweet. Under this, each ITR form will be given a separate place to give details of the investment or expenditure made during the quarter ended on June 30 and the taxpayers will have to inform it.
CBDT notifies Income Tax Return forms 1 to 7 for AY 2020-21(FY 2019-20), vide G.S.R. 338(E) dated 29th May, 2020. pic.twitter.com/xp8m20dbp5
— Income Tax India (@IncomeTaxIndia) May 31, 2020
In all ITR forms, now taxpayers need to give some new information related to current account, travel abroad and electricity bills. To claim tax deduction in the new ITR form, you will also have to give details of all these investments and payments made between April and June.
Know these changes in ITR forms
1. Whether the taxpayer has deposited more than Rs 1 crore rupees in one or more current accounts during the last one year, then he has to give information about it.
2. If the taxpayer has spent more than Rs 2 lakh for his or any other person on foreign travel, then it will also have to be informed.
3. If you have spent more than 1 lakh rupees on the payment of electricity bill in a financial year, then it will also have to be informed.
If the income received from domestic companies as dividend is taxable income, then you will not be able to file ITR-1 form.
People with joint owners of a house property cannot submit ITR-1 or ITR-4.