The Income Tax Department has released the Income Tax Return Forms for the financial year 2019-2020. Central Board of Direct Taxes (CBDT) has submitted Sahaj (ITR-1) form, ITR-2 form, ITR-3 form, Sugam (ITR-4) form, ITR-5 form, ITR-6, for the assessment year 2020-21. ITR-7 form and ITR-V form have been issued.
The Income Tax Department has revised the Income Tax Return Form for the financial year 2019-20 to take advantage of various exemptions given to the government for filing income tax returns due to the Kovid-19 crisis.
Sircar has made several concessions in the deadline for filing returns under the Income Tax Act-1961. For this, the Government has brought the Taxation and Other Acts (Relief from certain provisions) Ordinance – 2020.
Accordingly, the last investment date for exemption to be taken under Section 80C (Life Insurance, Public Provident Fund, National Savings Letter etc.), 80D (Health Insurance) and 80G (Donation) etc. was extended to 30 June 2020. is.
Clear Tax founder and CEO Archit Gupta said the new form would require a separate disclosure of investments made in the first quarter of 2020-21 to avail the investment rebate for FY 2019-20.
These questions will have to be answered
1. Have you deposited more than 1 crore rupees in one or more current account in the last financial year?
2. Have you spent more than two lakh rupees on your or someone else’s travel abroad?
3. Have you paid electricity bill of more than 1 lakh rupees in the last financial year?