{"id":8525,"date":"2020-06-01T11:58:04","date_gmt":"2020-06-01T11:58:04","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8525"},"modified":"2020-06-01T12:12:47","modified_gmt":"2020-06-01T12:12:47","slug":"key-changes-notified-in-the-itr-forms-the-asst-year-2020-21","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/06\/01\/key-changes-notified-in-the-itr-forms-the-asst-year-2020-21\/","title":{"rendered":"Key changes notified in the ITR forms the Asst Year 2020-21"},"content":{"rendered":"
\"\"<\/a>
The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21. <\/strong><\/span><\/em><\/figcaption><\/figure>\n

CBDT notified Income Tax Return forms of FY 2020-21<\/strong><\/p>\n

G.S.R. <\/strong>338(E).<\/strong>\u2014 In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes has made the rules to amend the Income-tax Rules, 1962.<\/p>\n

The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended by the Income-tax (11th Amendment) Rules, 2020, vide notification number G.S.R. 329 (E) dated 28.5.2020.<\/p>\n

\"\"<\/a><\/p>\n

In essence, the following are the key changes:<\/p>\n

    \n
  1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.<\/li>\n<\/ol>\n
      \n
    1. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.<\/li>\n<\/ol>\n
        \n
      1. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.<\/li>\n<\/ol>\n
          \n
        1. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.<\/li>\n<\/ol>\n
            \n
          1. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.<\/li>\n<\/ol>\n
              \n
            1. Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.<\/li>\n
            2. A new schedule \u2018Schedule DI\u2019 has been inserted to claim benefit of investment\/ deposit\/payments made between 01-04-2020 to 30-06-2020 for the previous year 2019-20.<\/li>\n<\/ol>\n

              Download the ITR Forms for Asst Year 2020-21<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

              CBDT notified Income Tax Return forms of FY 2020-21 G.S.R. 338(E).\u2014 In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes has made the … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493,491],"tags":[450,311,322,455,451,294],"class_list":["post-8525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-central-board-of-direct-taxes-cbdt","tag-corporate","tag-e-filing","tag-income-tax","tag-income-tax-return-itr","tag-investment"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=8525"}],"version-history":[{"count":15,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8525\/revisions"}],"predecessor-version":[{"id":8542,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8525\/revisions\/8542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3404"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=8525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=8525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=8525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}