Overview : In exercise of the powers conferred by section 139 read with section 295 of the Income Tax Act, 1961, CBDT has notified ITR forms for AY 2020-21 through notification no. 31/2020 dated 29th May 2020
Applicability : They shall come into force with effect from the date of publication in the Official Gazette (29th May 2020).
Now, let us know that the new revelations to be made in the ITR form for 2020-21 (FY 2019-20).
(1.) House ownership : Individual taxpayers who are joint owners of house property cannot file ITR-1 or ITR-4.
(2.) 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.
(3.) 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.
(4.) Foreign travel : If you have spent more than Rs 2 lakh on traveling abroad during the FY, you need to disclose the actual amount spent.
(5.) 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.
(6.) Investment details : Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.