[The revised income tax return stipulates taxpayers to furnish details of time limit extended for tax saving investments/ donations made up to June 2020 separately.]
The Central Board of Direct Taxes (CBDT) on May 30 notified revised Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21 (income earned for FY 2019-20).
The government has extended timelines up to November 30, 2020, to file income tax returns under the Income Tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, following the COVID 19 outbreak. Further, the department has extended the time limit up to June 30, 2020, for investment or payments for claiming deduction under Chapter-VIA-B of the I-T Act that includes Section 80C, 80D, and 80G (Donations) for the financial year 2019-20. The revised tax return, therefore, stipulates taxpayers to furnish details of tax-saving investments/ donations made during June 2020 for 2019-20 separately. Further, the revised ITR forms require taxpayers to furnish details of specified high-spend transactions, such as deposit of Rs.1 crore or more in a current account, an expenditure of Rs.2 lakh or more on foreign travel or spending of Rs. 1 lakh or more on the consumption of electricity, in case such persons are otherwise not required to income tax returns.
ITR-1
ITR-1 is filed by the taxpayers whose income is up to Rs.50 lakhs from sources like income from one house property, income from salary or pension, income from other sources. In the case of clubbed income of spouse or minor children then ITR-1 can be filed only in case their source of income as mentioned above. The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats which may be downloaded by either of these two versions. The return can be filed either by uploading an XML file or by directly preparing and submitting it online. Once you have generated information in the XML file you may upload the same on IT Department’s e-filing website. However, if you do not want to fill the detail in excel sheet, you may as usual log in to your account on the department’s e-filing website and fill in the asked details online and submit it.
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