New income tax return forms: The income tax department has released new ITR forms for FY19-20 which have been revised to extend the benefits being given by the government due to the nationwide lockdown.
New income tax return forms: The income tax department has released new ITR forms for FY19-20 which have been revised to extend the benefits being given by the government due to the nationwide lockdown. The due date of filing ITR forms for the last financial year has been extended to November 30 for all taxpayers.
The taxpayers need to fill forms as per their profession. There are different forms for a director or a company’s shareholder. The forms depend on the status of the taxpayer, the nature of the income and the threshold limit.
The Central Board of Direct Taxes (CBDT) has notified, recently, the new ITR forms for FY 2019-20. From ITR-1 to ITR-7, different forms have been prescribed to different types of taxpayers. In the newly notified forms, taxpayers can claim deductions with regard to tax-saving investments made between April 1 to June 30, 2020, for FY 2019-20, by mentioning necessary details in ‘Schedule – DI’.
Which ITR form is for you?
This form is applicable to those who have their total income under Rs 50 lakh. This includes income from salaries, one house property, other sources of interest, and agricultural income up to Rs 5,000. The form can be filled by any ordinary citizen.
This form needs to be filled by resident individuals, HUFs and firms other than LLP with a total income of up to Rs 50 lakh and with income from small business or profession taxable under presumptive income provisions of Sections 44AD, 44ADA or 44AE of Income Tax Act, 1961 should firm ITR-4.
This form is for all categories of taxpayers other than individuals and HUFs, companies or charitable trusts or institutions. Partnership firms, LLPs, Association of Persons, Body of individuals, etc. to whom no other form applies, need to fill ITR-5.