4+ key changes in ITR forms for the AY 2020-2021
4+ key changes in ITR forms for the AY 2020-2021

4+ key changes in ITR forms for the AY 2020-2021

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).

1. Passport

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.

Disclaimer 

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.

Suggest :

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Key changes in the ITR forms for AY 2020-21

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