CHANGES IN INCOME TAX FORMS FOR A.Y. 2020-21
The Central Board of Direct Taxes (CBDT) has notified Income Tax forms – ITR 1 and ITR 4 for A.Y. 2020-2021 well in advance. The said forms will be applicable for filing income tax returns for the period April 1, 2019, to March 31, 2020. The tax department now wants to stay a watch on your foreign travel spends and bill payments
Following changes are made within the income tax forms as compared to previous year’s forms:
1. Passport details to be mandatorily provided in ITR-1 (if you've got one).
2. ITR-1 can't be used for filing within the following cases:
• if a private has joint ownership during a house property
• if an Individual has incurred expenses of Rs. 2 Lakhs or more on foreign travel during the year
• if an Individual has deposited Rs. 1 Crore or more in one or more accounting
• if an Individual has paid electricity bill of quite Rs. 1 Lakh during the year
3. Details about cash and bank transactions like opening balances, receipts/payments and shutting balances to be mandatorily provided for all cases where 44AD, 44ADA, and 44AE is applicable.
4. Declaration to be made in ITR-4 if the mixture amount of money deposit in one or more accounting exceeds Rs. 1 Crore. The exact amount of deposit to be mentioned.
5. Declaration to be made in ITR-4 if the mixture amounts exceeding Rs. 2 Lakhs is spent on foreign travel. The exact amount of expenditure to be mentioned.
6. Declaration to be made in ITR-4 if the mixture amounts exceeding Rs. 1 Lakh is spent on the consumption of electricity. The exact amount of expenditure to be mentioned.
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