InvestorQ : What are the new ITR forms for the FY 2019-20?
Sneha Balasubramanian made post

What are the new ITR forms for the FY 2019-20?

Answer
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Ria Jain answered.
3 months ago


Considering the current situation caused due to the coronavirus pandemic, the deadline for filing Income-Tax return for the FY 2019-20 has been extended to November 30, 2020, for all taxpayers. To start the filing process, CBDT has issued seven new forms for FY 2019-20, a total of seven forms has been prescribed for different types of taxpayers, ITR-1 to ITR-7. These are the forms:

ITR 1: The most simple form, this can be filed by a resident individual whose total income does not exceed Rs. 50 lakh. Individuals having income from salary, one house property, other sources, and agriculture income up to Rs. 5,000. Therefore, individuals having income from a business, profession, capital gains, and more than one house property cannot use ITR-1.

ITR 2: This form is applicable for individuals and HUFs not having business income but who are not eligible for ITR 1. For example, individuals having income exceeding Rs. 50 lakhs from salary, one house property, other sources, and agriculture income exceeding Rs. 5,000.

ITR 3: This form is applicable for individuals and HUFs having income from the business or profession, but who is not eligible for ITR-4.

ITR 4: This form is applicable for resident individuals, HUFs, and firms having total income up to Rs. 50 lakh and income from small business or profession taxable on presumptive basis under sections 44AD, 44ADA, or 44E of the income-tax act. Those having income from capital gains cannot opt for ITR-4 as well.

ITR 5: This form shall be filed by all categories of taxpayers, except individuals and HUFs to whom ITR-1 to ITR-4 is applicable, companies to whom ITR-6 is applicable, or charitable trusts/institutions to whom ITR-7 is applicable. Thus it applies to partnership firms, LLPs, Association of Persons, Body of Individuals, etc. to whom no other form applies.

ITR 6: This form is to be filed by companies other than those claiming exemption under section 11 (income from property held for charitable and religious purposes). One can only file this return electronically.

ITR 7: This form is to be filed by persons (including companies) who are required to furnish their income returns under sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), and 139(4F).