As per Taxation and other laws ordinance, 2020 investments were allowed to be made till 30th June 2020 to be claimed in the FY 2019-20
Due to this a new “Schedule Di” has been inserted containing details of investment made during the period 01.04.2020 to 30.06.2020. It contains details of investments made Sections 80C to 80GGC, 10AA (SEZ), 54 to 54GB (Capital gains).
One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
2. Investment details
Details of investment qualifying for deduction under chapter VIA with the bifurcation of details of investment made during the period from April 1, 2020, to June 30, 2020.
3. Due Date
The last date for filing tax returns is July 31 for non-audit cases. However, for this year ITR filing date has been extended till November 30, 2020, due to pandemic Covid-19.
4. Cash deposit
For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.
5. Foreign travel
If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
6. Electricity consumption
If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
This is meant purely for general educational purposes.While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information.