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
Direct Tax »
 Not received tax refunds for past years due to incomplete ITR? Now, you have a chance to get it back
 I-T dept to crack the whip on tax evaders, resume probe in pending cases
 Good news from Income Tax department for these ITR filers CBDT
  CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
 CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
 I-T dept asks taxpayers to verify ITRs for AYs 2015-16 to 2019-20 by Sep 30
 Withdrawing cash and not filing ITR? Now pay TDS on cash withdrawals above Rs 20 lakh
 CBDT allows Processing of Income Tax Refund claims for Old Non-Scrutiny cases till Oct 31, 2020
 Your share trading, other data will now be with Income Tax Department
 Income tax exemption on sovereign wealth funds' income from infra investment: CBDT
 Income tax department amends TDS form, makes it more comprehensive

Simple ITR-1 income tax return form not for those paying ?1 lakh in electricity bill, owning house jointly
January, 06th 2020

In significant changes in income tax return filing forms, individual taxpayers owning house property in joint ownership and those who have paid ?1 lakh in electricity bills in a year or incurred ?2 lakh expense on foreign travel cannot file their annual income return using the simple ITR-1 form.

The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21 (income earning year April 1, 2019 to March 31, 2020).

Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed ?50 lakh, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to ?50 lakh and having presumptive income from business and profession.

According to the notification, two major changes in the ITR forms have been effected. First, an individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house property.

Secondly, ITR-1 form is not valid for those individuals who have deposited more than ?1 crore in bank account or have incurred ?2 lakh or ?1 lakh on foreign travel or electricity respectively, it said.

Such taxpayers will have to use different forms, which will be notified in due course.

An individual who "owns a house property in joint ownership with two or more persons" is required to furnish a return of income, the notification said.

"Only the forms have been notified without the return filing utility. Thus, a taxpayer, who is required to file the return before the previous year ends, cannot do so until the return filing facility is activated on the e-filing portal," said Naveen Wadhwa of Taxmann.

Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January. ?

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