(Juhi Aishwary, Intern Journalist): New forms have been issued to fill the Income Tax Return (ITR) for the financial year 2019-20 and assessment year 2020-21. If the salaries of up to Rs 50 lakhs per annum are kept in a house, then they have to fill the ITR-1 Sahaj form to file the return. The last date for filing returns will be November 30.
This time three new information will have to be given while filling the ITR form
This time three new information will have to be given while filling the ITR form. If you have deposited more than one crore rupees in your current account during the last financial year (2019-20), then it has to be detailed in the ITR. During the last financial year, if you have spent more than 2 lakh rupees on your own or any other foreign travel, then it will also have to be informed. If your electricity bill has been more than one lakh rupees in the last financial year, then this information will also have to be given mandatory while filing the ITR.
New forms available on income tax e-portal
Due to Corona, the period of investment for tax savings was increased from 31 March to 30 June during FY 2019-20. In the form, a separate column has been given for the information of this investment from April 1 to June 30. ITR-2, 3, 4, 5, 6, and 7 have also been notified along with ITR-1. Usually, the ITR form was notified every year in April, but due to corona infection and lockdown, it has been notified in May. The work of filling returns will start only after uploading the new form on the income tax e-portal.
ITR-2 Residential Property Receives Income
ITR-2 Residential Property Fills Receivers. ITR 3 and 6 are related to business and trade. ITR-4 is accessible to professionals up to 50 lakhs, HUFs, and firms (except LLP). ITR-5 is for LLP people, then ITR-7 is filled by people who have income from properties like charitable and trust.