Major Changes In Income Tax Return Form, Will Have To Be Given More Information – Major changes will have to be made this time in the Income Tax Return Form, more information

News Desk, Amar Ujala, New Delhi
Updated Thu, 09 Jan 2020 04:47 AM IST

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For the convenience of taxpayers, the Income Tax Department has notified the return form for the assessment year 2020-21, about four months in advance. In this, the department has made many changes from the taxpayers and asked for new information. The Income Tax Department usually releases the ITR form of an assessment year in the first week of April.

On the demand of taxpayers, the Central Board of Direct Taxes (CBDT) has notified two forms this time four months ago in early January itself. The department has just notified ITR Form-1 Saral and ITR-4 Sahaj Form for the assessment year 2020-21. Other forms will also come before the taxpayers. However, these have not yet been activated.

Fill the joint owners of the house ITR-2
The Income Tax Department has stated that individual taxpayers with income below Rs. 50 lakhs annually. Or if undivided Hindu families (HUFs) are jointly owners of a house, they will no longer be able to fill ITR-1. In fact, to save tax, usually working couples jointly buy a house. On this, one gets a large loan from the bank. For 2020-21, they have to fill ITR-2 form.

Passport number
Income tax department has given return form for taxpayers who have passport from the upcoming assessment year. It has been made mandatory to give information about it. This rule will also apply to all return forms other than ITR-1 and ITR-4.

If a taxpayer has traveled abroad with the family in the financial year 2019-20, he will have to give more information in the return. If the journey costs more than Rs 2 lakh, then taxpayers will not be able to fill the ITR-1 form. If these taxpayers come under the purview of ITR-4, they will have to disclose the amount spent.

Disclosure of excess electricity consumption
During the financial year 2019-20 by a taxpayer If you have spent more than 1 lakh rupees on the electricity bill, then it will not be able to file ITR-1. Such a taxpayer will have to use ITR Form-4 and also give the information of the amount spent on the electricity bill.

Sahaj Form on deposit of more than 1 crore
of Income Tax Department According to this, if a taxpayer has deposited more than 1 crore in the current account of one or more banks in 2019-20, then they too have to choose ITR Form-4 ie Sahaj. Also, the total amount deposited during the financial year will also have to be disclosed.

On the demand of taxpayers, the Central Board of Direct Taxes (CBDT) has notified two forms this time in the beginning of January only four months ago. The department has just notified ITR Form-1 Saral and ITR-4 Sahaj Form for the assessment year 2020-21. Other forms will also come before the taxpayers. However, these have not yet been activated.

Fill the joint owner of the house ITR-2
The Income Tax Department has stated that individual taxpayers or undivided Hindus with income below Rs 50 lakhs annually. Families (HUFs) if they jointly own a house, they will no longer be able to fill ITR-1. In fact, to save tax, usually working couples jointly buy a house. On this, one gets a large loan from the bank. For 2020-21, they have to fill ITR-2 form.