The Finance Ministry has already notified the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the A.Y 2020-21 to ensure that the e-filing facility for filing of return for assessment year (A.Y) 2020-21 became available as on April 1, 2020. However, till date the online forms have not been made available for filing purposes.
Key Changes in ITR Forms
Earlier, in the notified returns, a person who owned a property in joint ownership was not made eligible to file the ITR-1 or ITR-4 Forms. Also, a person who is otherwise not required to file return but required to file return due to fulfilment of one or more conditions in the seventh proviso to section 139(1) of the Income-tax Act, 1961 (the Act), was also not made eligible to file ITR-1 Form. These conditions have now been relaxed!
The tax department had modified the eligibility conditions for filing of ITR-1 & ITR-4 Forms to make these forms short and simple with bare minimum number of Schedules.
Due Date extended for Income Tax Investments
The finance minister, Nirmala Sitharaman, at a press conference dated 24th March 2020 has announced that taxpayers have time until June 30, 2020 to complete their tax-saving exercise for FY 2019-20. The earlier deadline was March 31, 2020.
No doubt, it is a big relief to taxpayers, especially to those who usually do investments in last 10-20 days of the financial year .They were worried to miss the investments as due to closure and lockdown at various locations, it is not possible to venture out and make investments or even to make sure to deposit the minimum mandatory sum required.
We hope you find the article useful, for any further queries and clarification you may contact
CA Bharat Poplani
(BCOM, FCA, FAFD, LLB)
Mob : +91-96463-80245