Income tax department has released ITR forms for financial year 2019-20 relevant to Assessment Year 2020-21. In a notification, 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The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic. "The new forms require a separate table to disclose tax saving investment made in Q1 2020 for availing them in FY 2019-20.
Which ITR Form ?
ITR 1 form: Also known as Sahaj, this one is mainly for salaried individuals earning upto ₹50 lakh annually.
ITR 2 form: For individuals and HUFs not having income from profits and gains of business or profession.
ITR 3 form: For individuals and HUFs having income from profits and gains of business or profession.
ITR 4 form: Also known as Sugam, it is meant for individuals, HUFs and firms (other than LLP) having total income upto ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Individuals who are either director in a company or have invested in unlisted equity shares are barred from using this form to file ITR.
ITR 5 form: For persons other than individual, HUF, company and person filing ITR 7 form
ITR 6 form: For companies other than companies claiming exemption under section 11.
ITR 7 form: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
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 lockdown. Earlier, individuals and other non-corporate taxpayers not subject to tax audit or transfer pricing are required to file ITR by July 31.
Please like, share this video and subscribe to our channel.
Our website : www.taxpundit.org
GST Case Laws : gst.taxpundit.org