The Income Tax Department has issued new ITR Forms. The new Income Tax Return Forms are for the financial year 2019-20 with the assessment year being 2020-21. The finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms.
The income tax department has withdrawn ITR form 1 and ITR form 4. In order to incorporate changes made in income tax rules. In the interest of the COVID-19 Pandemic. “The new forms require a separate table to disclose tax saving investment made in Q1 2020 for availing them in FY 2019-20. Taxpayers must assess their tax liability for FY 2019-20. Making sure they are maximizing their Section 80C benefits if not already done so.” Archit Gupta, Founder and CEO, ClearTax, said.
The new ITR forms require details of all these investments and payments made in between April and June for claiming tax deduction. Finance Minister Nirmala Sitharaman had recently extended the last date. For filing of all ITRs for 2019-20 to November 30, 2020 due to the lock down. Individuals and other non-corporate taxpayers are required to file ITR by July 31.They are those not subject to tax audit or transfer pricing.
