The Central Board of Direct Taxes (CBDT) has notified the ITR forms – ITR-1 and ITR-4 for the assessment year (AY) 2020-21. These forms were notified on the 3rd of January 2020.
This time the board has been very prompt in releasing the forms. It will help the taxpayers to be ready with all the requisite information and file their income tax returns with ease for FY 2019-20.
Here, in this article, we will discuss changes to ITR forms relevant for FY 2019-20 (AY 2020-21):
ITR can be filed by downloading the software in Excel or Java utility
The user can file the Income Tax Return (ITR) in two ways
In offline mode : Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. To e-File the ITR using the upload XML method, the user must download either of the following ITR utility: Excel Utility/Java Utility
Once you complete filling the asked details, you can generate an XML file and upload it on IT Dept’s e-filing website
After you download the excel or the java version of the utility form, extract the downloaded utility ZIP file and open the Utility from the extracted folder.
From XML Schema you can download all the essential that you will need while filing ITR
Once you logged in click on the ‘e-File’ menu and click ‘Income Tax Return’ link. Fill in the asked details and submit it.
Then you can verify your ITR electronically and via physical verification. In the case of e-verification, you will not have to physically send your tax return to the Income Tax department.
After the return is verified, either via e-verification or physically, the income tax department will start processing your tax return. Once it is processed, the tax department will inform you of the same via e-mail.