Income Tax Return guidelines FY 2019-20
Sunil Kumar Bommisetty
Chartered Accountant, Tax & Personal Finance content creator(India)
?? CBDT notifies Income Tax Returns for the A.Y 2020-21 (F.Y 2019-20)
Key changes in ITR forms for the Assessment Year 2020-2021 are as below:
?? House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR 4.
?? 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.
?? 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 Financial Year
?? Foreign travel: If you have spent more than Rs 2 Lakhs on travelling abroad during the Financial Year, you need to disclose the actual amount spent.
?? Electricity consumption: If your electricity bills have been more than Rs. 1 Lakh in aggregate during the Financial Year, you need to disclose the actual amount.
?? 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.