{"id":10148,"date":"2020-06-04T17:10:45","date_gmt":"2020-06-04T11:40:45","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=10148"},"modified":"2021-01-21T16:06:15","modified_gmt":"2021-01-21T10:36:15","slug":"new-income-tax-returns-forms-2020-21","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/new-income-tax-returns-forms-2020-21\/","title":{"rendered":"New Income Tax Returns Forms: CBDT Notified FY 2019-20\/ AY 2020-21"},"content":{"rendered":"\n<p class=\"has-drop-cap\">This blog will notify the taxpayers who are waiting to file income tax return (ITR) for the Financial Year 2019-20 &amp; AY 2020-21. The Income-Tax (12th Amendment) Rules, 2020 is a vide realism, in the footstep parallel with the amendments ended by the 2019Finance Act. On Friday, the <strong>CBDT (Central Board of Direct Taxes<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/about-us\/central-board-of-direct-taxation.aspx\"><strong>[1]<\/strong><\/a><\/sup><strong>)<\/strong> has informed the new Income Tax Return forms for FY 2019-20\/ AY 2020-21. It comprises of <strong>ITR 1 \u2013\u2018Sahaj\u2019, ITR (2, 3, 4) \u2018Sugam,&#8217; ITR (5, 6, 7) in addition to ITR-V<\/strong>. <\/p>\n\n\n\n<p>The CBDT (Central Board of Direct Taxes) amended the manner\nof furnishing return of income and New Income Tax Returns Forms for the\nAssessment Year 2020-21. The Board empowered amended the Income-tax Rules, 1962\nunder Section 139, read with section 295 of the Income-tax Act, 1961.<\/p>\n\n\n\n<p>This amendment Income-tax Rules 2020 came to be known as <strong>12th amendment<\/strong>. In this amendment, the word \u2018<strong>or\u2019<\/strong> shall be inserted at the end, and the items (VII) and (VIII) will be omitted in relation to Rule 12 Clause clause (a), in the proviso, in item (V) of Income Tax Rules 1962.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/new-income-tax-returns-forms-2020-21\/#Types_of_Forms\" >Types of Forms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/new-income-tax-returns-forms-2020-21\/#Due_Dates_Extensions\" >Due\nDates Extensions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/new-income-tax-returns-forms-2020-21\/#New_ITR_Forms_Insights\" >New\nITR Forms Insights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/new-income-tax-returns-forms-2020-21\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Forms\"><\/span>Types of Forms<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>New Income Tax Returns Forms have been pronounced by the Central Board of Direct Taxes<strong> eyeing at Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21 and notification number G.S.R. 329 (E) dated 28.5.2020<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Details of New Income Tax\nReturns Forms<\/h3>\n\n\n\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-1-Sahaj<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>Other than not ordinarily resident for individuals, having Income from Salaries, total income up to Rs.50 lakh, other sources (Interest, etc.), one house property or agricultural income up to Rs. 5 thousand [Not for an individual who has invested in unlisted equity shares or is either Director in a company or]<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-2- Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>For Hindu Undivided Families and Individuals not having income from gains of business or profession and profits<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-3- Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>For Hindu Undivided Families and Individuals not having income from gains of business or profession and profits<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>(ITR-4)- Form Sugam<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>For Hindu Undivided Families, Individuals &amp; Firms (other than LLP) being a resident having income from business and profession, total income up to Rs.50 lakh and income computed under sections 44AD, 44ADA or 44AE. (Not for an individual who has invested in unlisted equity shares or is either Director in a company or)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-5- Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>Any person who is not counted under<\/p>\n<ul>\n<li>HUF<\/li>\n<li>Individual<\/li>\n<li>Company<\/li>\n<li>person filing Form ITR-7<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-6-Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>Companies not included under companies claiming exemption under section 11<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-7-Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p>Companies and for persons needed to furnish return U\/s 139(4A) or 139(4B) or 139(4C) or 139(4D) only<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"308\">\n<p><strong>ITR-V-Form<\/strong><\/p>\n<\/td>\n<td width=\"308\">\n<p><strong>Indian ITR Verification Form<\/strong><\/p>\n<p>Wherever the statistics\/data of the Return of Income in \u201cForm ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4(SUGAM), ITR-5, ITR-7\u201d filed however NOT verified electronically<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/cbdt-notice-on-refunds-release-welfare-fund-eligibility-for-it-may-2020\/\">\nCBDT Notice on Refunds Release &amp; Welfare fund Eligibility for IT: May, 2020\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_Dates_Extensions\"><\/span>Due\nDates Extensions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Finance Minister Sitharaman has opined in her words concerning the New Income Tax Returns Forms that, &#8220;the due date of the <strong>income tax return<\/strong> for Financial Year 2019-20 will be prolonged\/postponed from \u2018July 31st, 2020\u2019 &amp; \u2018October 31st, 2020\u2019 to \u2018<strong>November 30th, 2020\u2019<\/strong>.<\/li><li>Moreover, the <strong>Tax audit <\/strong>has been extended since \u2018September 30th 2020\u2019 to \u2018<strong>October 31st 2020<\/strong>&#8220;.&nbsp; The date of <strong>valuations<\/strong>\/assessment has been attaining its barrenness on \u2018September 30th, 2020\u2019, and has also been extended to \u2018<strong>December 31st, 2020\u2019. Whatever assessment functionalities meant to be on March 31st, 2021, those are getting barred and extended to September 30th, 2021<\/strong>.<\/li><li>Hereby, before <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>filing Income tax return<\/strong><\/a> and to select an appropriate new Income Tax Returns Forms, the Taxpayers would need to be cautious of these new revelation requirements.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_ITR_Forms_Insights\"><\/span>New\nITR Forms Insights <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>PAN\nnumber is made optional in ITR-4 if Aadhar number is delivered on behalf. One\nnew clause added in section 44AD, as the electronic mode in totaling to\nelectronic authorization and condensed the presumptive income from 8% towards\n6%.<\/li><li>The\nceiling of maximum row is removed in section 44AE for presumptive income from\ngoods carriages, and &#8220;<strong>Number of\nvehicles should not exceed 10 vehicles at any time during the year<\/strong>&#8221; is\nadded as a new validation.<\/li><li>Experts\nsay that the reviewed new Income Tax Returns Forms for AY 2020-21 are intensifying\ndisclosure compliances. For example, a new drop-down utility to opt for\nconcessional tax regime of 22% offered to corporates or new companies, &#8216;under\nsection 115BAA&#8217; or &#8216;115BAB&#8217; in Form ITR-6 for companies delivers. <\/li><li>In\ncircumstance of non-repatriation of primary modification within the prescribed\ntime limit, the New Income Tax Returns Forms 3, 5, and 6 seek particulars\npertaining to assessee\u2019s choice of paying extra income tax.<\/li><li>Experts\nsay that the New Income Tax Returns Forms &#8211; V or acknowledgment moreover seeks accreted\nincome on Trust registration cancellation and tax particulars and disclosure of\ndetail relating to the dividend distribution tax (DDT).<\/li><li>The online portal used\nby taxpayers to file returns will be updated with the changed forms. Due date\nof all income tax returns for FY20 has been extended to November 30 from July\n31 and October 31. The tax audit deadline has also been extended by a month to\nOctober 31.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It shows the purpose that the\ngovernment is placing all efforts allowing law-abiding taxpayers to take advantage\nof spends and investments made throughout the difficult time and also to limit\nthe tax outflows even if they are done after the end of the assessment year. This blog has tried to give you a simple understanding of items grounded\non the latest forms and decided notifications.<\/p>\n\n\n\n<p>We at <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a>, have professionals and legal expertise to diminish your Income taxability issues as per your business goals. We would assist you with consultation, documentation concerning new Income Tax Returns Forms, as well as submission of other compliances along with the filing of the applications.<\/p>\n\n\n<a href=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/notification31_2020.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">notification31_2020<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/cbdt-specified-income-exempted-for-uttarakhand-environment-protection-pcb-cochin-sez-authority\/\">\nCBDT: Specified Income Exempted for Uttarakhand Environment Protection &amp; PCB &amp; Cochin SEZ Authority\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This blog will notify the taxpayers who are waiting to file income tax return (ITR) for the Financial Year 2019-20 &amp; AY 2020-21. The Income-Tax (12th Amendment) Rules, 2020 is a vide realism, in the footstep parallel with the amendments ended by the 2019Finance Act. On Friday, the CBDT (Central Board of Direct Taxes[1]) has [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":10156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,153],"tags":[632],"acf":{"service_id":"78"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.","postViews":3973,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10148"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=10148"}],"version-history":[{"count":15,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10148\/revisions"}],"predecessor-version":[{"id":24662,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10148\/revisions\/24662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/10156"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=10148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=10148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=10148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}