The government has issued notification of income tax return forms for the income earned during the last financial year 2019-20. According to the new income tax return form, it has been made mandatory for taxpayers to provide electricity bill of more than one lakh rupees in financial year, travel abroad with expenditure of more than two lakh rupees and deposit more than one crore rupees in current account.
Central Board of Direct Taxes (CBDT) issued notification of forms of Sahaj (ITR-1), ITR-2, ITR-3, SUGAM (ITR) -4, ITR-5, ITR-6, ITR-7 and ITR-V Has These forms will be effective for the assessment year 2020-21 i.e. FY 2019-20.
In the new ITR form, the taxpayers will have to give details of certain high expenditure transactions. They have to give more than one crore rupees deposit in current account, more than two lakh rupees on foreign travel and more than one lakh rupees expenditure on electricity bill in the return form. There is no need to give details of amount less than the prescribed limit in these items.
The department has also revised the return form to facilitate availing benefits as per the concessions given by the government on the last dates due to the Covid-19 epidemic. For the financial year 2019-20, tax savings made up to June 30, 2020, investment and donations have to be given separately to taxpayers. The Government, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, exempted various deadlines under the Income Tax Act, 1961. The government had extended several deadlines in view of the lockdown and other unusual circumstances. Accordingly, the taxpayers section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (donation) for the financial year 2019-20, including the last date of claim under Chapter-VIA-B of the Income Tax Act, is extended till June 30. has gone.
