ITR forms for 2019-20 notified
Jun 01, 2020
NEW DELHI : The government has notified income tax return forms for 2019-20 and made it mandatory for entities to file ITR if deposits in a current account exceed Rs 1 crore or electricity bill in the fiscal is over Rs 1 lakh or spent above Rs 2 lakh on foreign travels.
The Central Board of Direct Taxes (CBDT) notified 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 (Verification) for assessment year 2020-21 (income earned between April 1, 2019, and March 31, 2020).
The new ITR forms require entities to furnish details of specified high spend transactions, such as deposit of Rs 1 crore or more in a current account, expenditure of Rs 2 lakh or more on foreign travel or spending of Rs 1 lakh or more on consumption of electricity. Also, joint owners of a house property can file ITR-1 Sahaj.
The CBDT has introduced new column in ITR-1, 2, 3 and 4 wherein it has asked three specific questions to the assessee - have you deposited amount or aggregate of amounts exceeding Rs 1 crore in one or more current account during the previous year? Have you incurred expenditure of an amount or aggregate of amount exceeding Rs 2 lakh for travel to a foreign country for yourself or for any other person? Have you incurred expenditure of amount or aggregate of amount exceeding Rs 1 lakh on consumption of electricity during the previous year?
Hence, any entity, that is otherwise not required to file ITR, will have to file it for the financial year 2019-20 if the answer to any the above question is "Yes".