The department has issued ITR1 and ITR 4 form from today and henceforth you can begin to file your tax return for last year i.e. Assessment year 2019-20.
"ITR 1 (Sahaj) & ITR4 (Sugam) or AY 2019-20 is available for e-Filing. Other ITRs will be available shortly," the I-T department said on its website. Both the forms are available for download and can be used for filing tax return.
ITR 1 is meant for salaried resident class whose earnings in a year are upto Rs. 50 lakh. On the other hand, ITR 4 is for businessemen and professionals with income up to Rs. 50 lakh. . HUFs and firms (other than LLP) having total income of upto ₹50 lakh can also use this form for ITR filing.
However from this year, directors in companies or individuals with investment in unlisted equity shares cannot use either of the forms. The move is aimed at clamping down shell companies and check black money in the country. Such individuals will need to file their ITR in form 2. In the form such taxpayers would need to make disclosures of DIN, PAN and equity holding with the company name.
While ITR 1 as per a PTI report is left unchanged, there are some rationalizations effected in ITR 2, 3, 5, 6 and 7. The last date for filing ITR is July 31 for those who are not required to get their accounts audited.