The nationwide lockdown enforced due to the fight against the coronavirus pandemic has upset routine work. The I-Tax department has extended the deadline for filing of income tax returns (ITR) for AY 2019-20.
Have you been wondering what are the Income Tax department's ITR-1 Sahaj forms for Assessment Year 2020-21?
The I-Tax department has opened the window for the filing of income tax returns (ITR) for the financial year 2019-20 (Assessment Year 2020-21) for those using ITR 1 form. The nationwide lockdown on account of the battle to contain the coronavirus pandemic has thrown too many things out of gear. That is the reason why the I-T department has delayed the process of issuing ITR forms this year and also extended the deadline for filing the returns from July 31 to November 30.
In May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms.
In the new ITR forms, a new Schedule DI has been inserted. Through this column, the Income Tax department seeks the details of the investment, deposit and payments made during the extended period till June 2020. This will be considered for claiming deduction under Chapter VI-A or for rollover of investment in the Financial Year 2019-20.
What is the new ITR-1 Sahaj form for AY 2020-21?
This form is for individuals being a resident (other than not ordinarily resident) who have:
- total income upto Rs 50 lakh
- have income from salaries
- one house property
- other sources (interest etc.), and
- agricultural income up to Rs 5000
It should be noted that this is not for an individual who is either a director in a company or has invested in unlisted equity shares.
What details or additional information does the new ITR-1 Sahaj form for AY 2020-21 seek from taxpayers?
1. Income Details
- Income from salary/pension (for ordinarily resident person)
- Income or loss from one house property (excluding brought forward losses and losses to be carried forward)
- Family Pension (for ordinarily resident person)
- Income from other sources (other than income chargeable to tax at special rates including winnings from lottery and racehorses or losses under this head)
2. New ‘Schedule DI’ to furnish details of investments made during the extended period
‘Schedule DI’ comprises three parts:
(a) Part A - here, furnish details of the investment, deposit, or payments made to claim deduction under Chapter VI-A;
(b) Part B - here, furnish details of the eligible amount of deduction available under section 10AA; and
(c) Part C - here, furnish details of payment, acquisition, purchase or construction made to claim deduction under Sections 54 to 54GB.
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