ITR forms out in advance

New Delhi: In a very fast move and a New Year surprise, the Central Board of Direct Taxes (CBDT) has notified income tax returns forms for the financial year (FY), which normally come in April, well in advance in January itself.

The CBDT has issued two forms-ITR-1 and ITR-4 for the AY 2020-21. There are two major changes in the ITR Forms on house property.

An individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint owner in house property and the ITR-1 form is not valid for those individuals who have deposited more than Rs 1 crore in their bank account or incurred Rs 2 lakh or Rs 1 lakh on foreign travel or electricity, respectively.

Some of the changes in new ITR 4 Sugam AY 2020-21 are that if having the tax-payer has a passport, its number is to be given. On incurring aggregate expenses exceeding Rs 2 lakh on foreign travel for self or for others, then the amount has to be specified. (IANS)

Also read: IL&FS Group receives Justice Jain’s nod for sale of its education business

Also Watch: Torch Relay of 3rd Khelo India Youth Games received by District Administration in Kokrajhar