Taxontips
No Result
View All Result
Saturday, January 28, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

New ITR 1 to 7 for AY 2020-21 notified by CBDT – Detailed analysis of important amendments

Income tax Expert by Income tax Expert
May 31, 2020 - Updated on June 3, 2020
in Income Tax News
4
New ITR 1 to 7 for AY 2020-21 notified by CBDT – Detailed analysis of important amendments
299
SHARES
3.7k
VIEWS
image_pdfPDFimage_printPrint

CBDT has notified ITR 1 to 7 for AY 2020-21. As we know the due date for filing ITR was extended to 30.11.2020. However one thing needs to be kept in mind that only ITR has been notified still utility has not been released so one cannot file its return of income till the time ITR utility is not available.

Now, ITR 1 and 4 can be even filed by a person owning a house property jointly with 2 or more person.

Some of the important changes in ITR are:

Change no. 1 In ITR 1 to 4:

There are 3 important questions introduced in the ITR:

Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?

Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?

Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?

In all the above 3 questions you need to answer yes or no and if yes you need to also mention the amount.

Thus, a person who is covered under the above 3 provision need to compulsorily file their return. Since ITR 1 and 2 cannot be filed by people having business and they people filing ITR 1 and 2 won’t have current account but since the above 3 conditions have been introduced by section 139 it had to be included in all ITR.

 

Change no. 2 in ITR 1 to 6:

During this pandemic and lockdown, government gave a relaxation that a person can make investment u/s 80C to 80U and 54 to 54GB for FY 2019-20 upto 30.06.2020 instead of 31.03.2020. However people were confused on how they will claim such deduction.

CBDT has introduced the solution to same:

First you need to answer whether any investment for FY 2019-20 has been made after 31.03.2020, if yes one needs to provide details of same in “Schedule DI” that out of total deduction how much of it relates to period between 01.04.2020 to 30.06.2020.

However still the confusion is what will Income tax officer do if an assessee claims the same again in FY 2020-21. It would have been better if they had asked for receipt number or something like that. However everything is on self declaration so we need to wait till next year for same and see how this thing is tackled.

 

Change no. 3 in ITR 3, 5 and 6:

In Budget 2020, there was an amendment in section 44AB according to which audit limit of Rs. 1 crore would be enhanced to 5 crore if cash receipts and cash payment is less than 5% of total receipt and total payment respectively.

Also, many people were confused whether the new audit limit would apply for FY 2019-20 or FY 2020-21 and the release of ITR has removed this doubt and the new limit would be applicable for FY 2019-20.

However still complete definition of receipt and payment has not been provided by CBDT used in this provision.

In this regard they have made introduced 2 changes in ITR Form which are again self declaration:

(a2i) If No , Whether during the year Total sales/turnover/gross receipts of business exceeds Rs. 1 crores but does not exceed Rs. 5 crores?

(a2ii) If Yes is selected at a2i, whether aggregate of all amounts received including amount received for sales, turnover or gross receipts or on capital account like capital contributions, loans etc. during the previous year, in cash, does not exceed five per cent of said amount?

(a2iii) If Yes is selected at a2i, whether aggregate of all payments made including amount incurred for expenditure or on capital account such as asset acquisition, repayment of loans etc., in cash, during the previous year does not exceed five per cent of the said payment?

Even though the above information doesn’t provide information it gives a hint that receipt and payment would include all revenue and capital receipt and payment.

 

Change no. 4 in ITR 6:

As we know 2 new sections were introduced and reduction of tax rate was offered to domestic companies now same has been introduced in ITR for section 115BAA and 115BAB but before that one needs to file Form.

 

Thus, these are major amendments in the new ITR’s released for FY 2019-20.

To read or analyse full ITR CLICK HERE.

 

This article is just for information purpose and are personal views of the author. It is always advisable to hire a professional for practical execution or you can mail us. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

image_pdfPDFimage_printPrint
Tags: amendment in ITRITR for AY 2020-21ITR for FY 2019-20ITR for FY 2019-20 releasedNew ITR released
Previous Post

Lockdown 5.0: Now schools, religious places will open outside containment zone

Next Post

Form 26AS/ Annual Information statement : Now more than history of just taxes paid of the Assessee! Full Financial details

Related Posts

Penalty for Non filing or Late filing of Tax audit report – Section 271B and condonation in filing Tax Audit report
Income Tax News

Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty

January 26, 2023
GST registration
GST news

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022

January 19, 2023
No TDS on interest income upto Rs. 40,000 from bank – Section 194A Limit revised
Income Tax News

E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

January 18, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of SFT reporting in case of interest removed by Income Tax Department

January 13, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Provisions related to Set off of losses under various heads of Income during the year in Income Tax Act

January 10, 2023 - Updated on January 11, 2023
Tatva Chintan Pharma Chem Limited IPO details and capital gain tax on selling IPO allotment | Capital gain on IPO
Income Tax News

Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the I.T. Act till 31.03.2023

January 9, 2023
Next Post
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

Form 26AS/ Annual Information statement : Now more than history of just taxes paid of the Assessee! Full Financial details

Comments 4

  1. Pingback: Who needs to file Income Tax Return or Who should file Income Tax Return? - Taxontips
  2. Pingback: ITR 2 for AY 2020-21 is now available for filing on e-filing website | Who can file? What are the changes in ITR 2 - Taxontips
  3. Pingback: ITR 1 for AY 2020-21 is now available for filing on e-filing website | Who can file? What are the changes in ITR 1 - Taxontips
  4. Pingback: ITR 4 now available for AY 2020-21 | Who is eligible to file such return - Taxontips

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update

Recent Comments

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting - Taxontips on Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • Module wise new functionalities deployed on the GST Portal for taxpayers – December 2022 - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

January 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Dec    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68k views

Recent Notification

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

January 28, 2023
Further clarification by CBIC for claiming 20% ITC on invoices not available in GSTR – 2A. Circular 123/42/2019 – GST

Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act

January 27, 2023

RSS Taxontips

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice
  • Clarification regarding the treatment of statutory dues under GST law [Read circular]
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting
  • Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.