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New ITR Forms for F.Y. 2019-20 (A.Y. 2020-21)

The Income Tax Department issues changes in the New ITR Forms for F.Y. 2019-20 (A.Y. 2020-21).

A taxpayer uses Income Tax Return forms to report their annual income to the Income Tax Department.

Earlier, the ITD had released ITR 1 and ITR 4 for FY 2019-20 in January, 2020. Changes introduced in the initial release are rolled back. Meaning, you no longer need to enter the following details like:

  • Passport Details
  • TAN of employer
  • Tenant Details

Check out all the ITR changes, announced by the ITD in January 2020 that are no longer applicable.

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What Changed in the New ITR Form for F.Y. 2019-20 (A.Y. 2020-21)?

Changes Applicable to all ITR Forms for FY 2019-20

  1. Enter the amount of transactions, if you during the financial year
    1. Deposited amount above INR 1 cr in one or more Current Account 
    2. Spent more than INR 2 Lakh on a foreign trip for yourself or on someone’s behalf (eg: spouse, parents, children, etc.)
    3. Paid electricity bill above INR 1 Lakh
  2. Details of Investment
    Due to the Covid-19 situation, the Income Tax Department had extended the due date to make tax saving investments under Chapter VIA from 31st March 2020 to 30th June 2020 for FY 2019-20.
    You are required to add the amount of investment made during the time the FY 2019-20 and during the Covid-19 extension.
ITR Form Changes for F.Y. 2019-20 - Details of Investment

ITR Form Changes for ITR 2 & ITR 3

Usually, when a taxpayer has income from capital gains they file ITR 2, and ITR 3 when they earn income from business and profession.

  1. The details of investments should be reported under 2 sections Part A and Part B for ITR 2 and ITR 3. Part A for Chapter VIA deductions and Part B for Capital Gains and deductions u/s 10AA.
  2. Aadhaar Card can be used in place of PAN Card in the following:
ITR Form Changes for F.Y. 2019-20 - Details of Investment for ITR 2 and ITR 3



What are the types of ITR forms?

ITR 1 (Sahaj)

ITR 1 is the simplest income tax return form. ITR 1 can be filed by:

  • Indian Resident (check your Residential status as per Income Tax)
  • Salaried Individuals
  • Individuals earning income from 1 house property (eg: Rent) 
  • Individuals earning income from other sources like savings account interest, Fixed Deposit interest, etc. 
  • Income is less than INR 50 lakh for the financial year

ITR 2

Individuals or HUFs who do not have any business and professional income can file ITR-2 .

4. In Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s)], the taxpayer can add Aadhar Card of Deductor instead of PAN/TAN.  

ITR-3

ITR 3 is filed by Individuals and HUFs having income from the business & profession and in case tax audit is applicable.

ITR 4 (Sugam)

Taxpayers who have opted for the presumptive taxation scheme can file for ITR 4, including:

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

The PDFs for the New ITR Forms for F.Y. 2019-20 have been released, ITD usually release schemas/utilities few days/weeks after launching forms.
Stay tuned!

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Shantnu Udasi says:

2020-06-02 07:17:58

Well researched and thought out article! Really helpful 👍

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