InvestorQ : Now that the new Income Tax forms have been issued, can you tell me the key highlights of the new forms issued?
Mitali Bhutta made post

Now that the new Income Tax forms have been issued, can you tell me the key highlights of the new forms issued?

Answer
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Dawn Cherian answered.
4 months ago


The income tax department has just released the new ITR forms for financial year 2019-20 (Assessment Year 2020-21). The finance ministry has notified the new formats of all forms including ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms. Here are some of the key changes to the ITR forms.

· Anyone with taxable dividends from domestic companies is not eligible to file ITR-1 form and joint owners of house property cannot file ITR-1 or ITR-4.

· Taxpayers need to furnish additional information of transactions including any current account deposits above Rs.1 crore, foreign travel expenses above Rs.2 lakhs, electricity bill above Rs.1 lakh annually.

· Income Tax Department allowed taxpayers to avail Section 80C, 80D and 80G donations benefit up to Jun 30, 2020. The new ITR forms seek details of all these investments and payments made in between April and June for claiming tax deduction.

· The last date for filing of returns for all assessees has been extended from July 31 to November 30, only for this year.