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New forms for filing income tax returns
Why is it in the news?
- The government, which usually notifies forms for filing returns by individuals in April every year notified tax return forms for assessment year 2020-21.
More in the news
- As per the notification,
(1) Returns in ITR-1 Sahaj can be filed by an ordinary resident individual whose total income does not exceed Rs. 50 lakh.
(2) ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs. 50 lakh and having presumptive income from business and profession.
- New Changes:
(1) An individual taxpayer cannot file return either in ITR-1 or ITR-4 if he is a joint-owner in house property.
(2) The ITR-1 form is not valid for those individuals who have deposited more than ₹1 crore in bank account or have incurred ₹2 lakh or ₹1 lakh on foreign travel or electricity respectively.
(3) Such taxpayers will have to use different forms, which will be notified in due course.
Source
The Hindu.