Analysis of revised ITR-1 (Sahaj) & ITR-4 (Sugam) for AY 2020-21
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Analysis of CBDT Notification 01/2020 Dated 03.01.2020 by which CBDT notified Revised format of ITR-1 (Sahaj) and ITR-4 (Sugam) for FY 2019-20 / AY 2020-2021
ITR
Forms which usually are issued somewhere around in the first week of
April of the relevant Assessment Year, this time have been issued on 3rd
January itself!! [Only ITR-1 (Sahaj) & ITR-4 (Sugam)]
The very reason for the same is the following major changes incorporated vide Notification No 01/2020 dated 03.01.2020 by the CBDT –
A. The following assessees cannot opt for ITR-1 or ITR-4 if during the FY 2019-20:
1. Payment towards:
a. Electricity expenses was in excess of Rs 100000 or;
b. Foreign Travel expenses for himself or any other person was in excess of Rs 200000.
2. Joint-ownership of House property owned.
3. Deposit of more than Rs 1 Crore in one or more Current accounts maintained with a Banking company or a Co-operative bank.
B. Those who own a House property in Joint ownership with two or more persons will be required to file their Income Tax Return.
C.
Additionally, in case of ITR-4 which is for Presumptive taxation, a
major change being Details of Cash and Bank to be given in detailed
(i.e. Opening Balance + Receipts during the year – Payments during the
year = Closing Balance) as against the existing disclosure of only
Closing balance as on the end of the financial year.
D.
However, now there is no requirement to give the other Financial
details of Unsecured Loans, Sundry Debtors and Creditors, Closing Stock
which were required to be provided earlier in ITR-4. Also, an additional
field to enter Passport number has been added, if the assessee holds
the same.
In
all, this New Year gift by the Revenue Department has come with some
additional requirements for the assessees and increasing the extent of
Taxnet and details sought for.
However, the very reason it has been notified 3 months prior to end of FY 2019-20 gives the assessee required time to comply!
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