News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« Top Headlines »
 How to file income tax returns offline: Step-by-step guide
 ITR Filing FY 19-20: Key dates and things to remember
 New tax regime may put more cash in your hand, but be cautious
 Income-tax (15th Amendment) Rules, 2020
 Planning to file ITR early? You may have to wait longer for your Form 16
  Govt may need to further extend tax return deadline if COVID cases continue to rise
 Govt may need to further extend tax return deadline if COVID cases continue to rise
 ITR filing deadline for FY 2019-20 extended till November 30
 Amendment of rule 31A, Form 26Q & 27Q
 5 key tax-related updates you need to know
 New TDS rates on high-value cash withdrawals apply from today. Know the details

Filing ITR for AY 2020-21? Here're the changes you need to know
January, 14th 2020

The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit

First thing first. The Income Tax Department notified two income-tax returns for assessment year 2020-21, on Sunday, January 5, in an attempt to bring more individuals into the mandatory return filing net.

This was introduced against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity.

Noting, the early notification will help taxpayers to comply on time.

Back to square one, what are ITR 1-Sahaj and ITR 4-Sugam forms and who will be applicable for these?

Any individual having an annual income of up to Rs 50 lakhs from salaries, a house, interest income, family pension income, etc., has to file ITR 1-Sahaj form.

However, if an individual earns upto Rs 50 lakhs annually, but also have a house, deposited more than Rs 1 crore in a bank account or incurred Rs 200,000 on foreign travel or Rs 100,000 on electricity he/she has to file ITR 4-Sugam form.

Besides, ITR 4 will also be applicable to Hindu undivided families (HUFs) and firms (other than limited liability partnerships) having an annual income of up to Rs 50 lakhs, a house (single ownership), having an income from a business and profession computed under a presumptive basis, among other things.

The form will require passport details.

The income earned during 2019-20 is assessed in 2020-21.

In view of this, Naveen Wadhwa, deputy general manager of Taxmann has informed that an individual taxpayer could not file returns either in ITR-1 or ITR-4 if he/she was a joint-owner of a house.

Such taxpayers will have to file another type of forms, which will be notified in due course.

Earlier, an individual was required to file a tax return only if his income exceeded the minimum threshold.

The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit. These include people depositing Rs 1 crore and above in current accounts, spending at least Rs 200,000 on foreign travel, incurring electricity bills of Rs 100,000 or ...

To know more, listen to this podcast

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting