The CBDT released two forms for the AY 2020-21-ITR-1 and ITR-4. There are two big changes to house properties in the ITR Forms.
The Central Board of Direct Taxes (CBDT) has informed income tax return forms for the financial year (FY), which normally come in April, just ahead of January itself, in a very fast step and a New Year shock.
An person taxpayer may not file a return either in ITR-1 or ITR4 if he is a joint owner of household property and the ITR-1 form is not applicable for those persons who have deposited more than Rs 1 crore in their bank account or spent Rs 2 lakh or Rs 1 lakh on foreign travel or energy, respectively.
Some of the changes in the new Sugam AY 2020-21 ITR 4 are that if the taxpayer has a passport, his number should be issued. If gross expenditures above Rs 2 lakh are incurred on foreign travel for self or for other people, then the sum must be stated.
However, if any individual has deposited an aggregate amount in one or more current accounts above Rs 1 crore, then the aggregate amount deposited in all such accounts must be stated.
If a quantity above Rs 1 lakh is expended on electricity consumption then the aggregate quantity must be stated.An important change in the current ITR was linked to cash transparency in the case of conditional tax evaluations.
In the case of 44AD or 44ADA or 44AE, the assessee will now be expected to report the opening balance of cash in hand and the opening balance of bank accounts and the total amount earned in cash during the year, the total amount deposited in the bank during the year.
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The total amount of capital outflow from the cash balance during the year, the total amount of the bank's withdrawal during the year and the closure of the cash balance in hand and the closing balance of deposits.
Today, though, there is no need to include estimates of unsecured loans, sundry debtors, sundry borrowers, quantity of closing stock, etc. as needed in previous years.
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