The IT department had already released the IT return form to be filed this year. However, ITR Form 1 and ITR Form 4 were withdrawn to include changes in the income tax rules in the wake of the COVID-19 epidemic. Now once again all ITR forms have been issued. Let us tell you what are the major changes in the IT return form for Assessment Year 2020-21.
Due to Corona in India, many changes were made in the Income Tax rules. The Central Board of Direct Taxes (CBDT) has issued an IT return form bringing some significant changes in the Income Tax Return Form.
Income tax department has issued all return forms
The Central Board of Direct Taxes (CBDT) has released the IT return form for the financial year 2019-20 (assessment year 2020-21), bringing some significant changes in the income tax return form. This has been given in a notification issued by the Finance Ministry. CBDT has issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms.
Home Ownership
If you are an individual taxpayer but are the joint owners of a house property, you cannot file ITR1 or ITR4.
Cash Deposit
If more than one crore rupees have been deposited in the current account of any one or more banks during the financial year, then it has been made mandatory for those filing ITR 4 (SUGAM) to declare it.
Travel Abroad
If you have spent more than Rs 2 lakh on foreign travel during the financial year under review, then you need to disclose the actual amount spent.
Power Consumption
If the total electricity bill of your house has exceeded 1 lakh rupees during the financial year, then you need to disclose the actual amount in the return.
Ways to Earn Money Online Quickly in 2020 (जल्दी पैसा कमाने के ऑनलाइन तरीके)
Statement of Investment
If you have invested during the financial year 2020-21 from April 1, 2020 to June 30, 2020 and want to take advantage of the tax rebate for the previous financial year, then you have to calculate how much of this amount The chapter is eligible for deduction under VIA. It is noteworthy that in view of COVID-19, this time there is a special exemption to do so.
Due to Corona in India, many changes were made in the Income Tax rules. The Central Board of Direct Taxes (CBDT) has issued an IT return form bringing some significant changes in the Income Tax Return Form.
Income tax department has issued all return forms
The Central Board of Direct Taxes (CBDT) has released the IT return form for the financial year 2019-20 (assessment year 2020-21), bringing some significant changes in the income tax return form. This has been given in a notification issued by the Finance Ministry. CBDT has issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms.
Home Ownership
If you are an individual taxpayer but are the joint owners of a house property, you cannot file ITR1 or ITR4.
Cash Deposit
If more than one crore rupees have been deposited in the current account of any one or more banks during the financial year, then it has been made mandatory for those filing ITR 4 (SUGAM) to declare it.
Travel Abroad
If you have spent more than Rs 2 lakh on foreign travel during the financial year under review, then you need to disclose the actual amount spent.
Power Consumption
If the total electricity bill of your house has exceeded 1 lakh rupees during the financial year, then you need to disclose the actual amount in the return.
Ways to Earn Money Online Quickly in 2020 (जल्दी पैसा कमाने के ऑनलाइन तरीके)
Statement of Investment
If you have invested during the financial year 2020-21 from April 1, 2020 to June 30, 2020 and want to take advantage of the tax rebate for the previous financial year, then you have to calculate how much of this amount The chapter is eligible for deduction under VIA. It is noteworthy that in view of COVID-19, this time there is a special exemption to do so.
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