Govt Notifies ITR1, ITR 4 Form For AY 2020-21

For the financial year 2019-20 i.e. assessment year 2020-21, the government has quiet early notified 3 of the ITR forms to be filed by individual tax payers for the earnings made in between April 1, 2019 to March 31, 2020. Generally, this task is done by the tax department in April every year.

Govt Notifies ITR1, ITR 4 Form For AY 2020-21

These notified forms carry some of the major changes as in the case of ITR 1, an individual cannot file either ITR 1 or 4 in the case when he owns house property jointly.

Secondly, it is not applicable for those taxpayers who have filed over Rs. 1 crore in bank account or have spent Rs. 2 lakh on foreign travel and Rs. 1 lakh on electricity. Such taxpayers will need to use different ITR forms which will be issued at a later date. An individual who "owns a house property in joint ownership with two or more persons" is required to furnish a return of income, the notification said.

In income tax, ITR 1 or Sahaj form can be filed by an ordinary resident individual whose total income does not exceed Rs 50 lakh. On the other hand, ITR 4 is for taxpayers who are either resident individuals, HUFs or other firms besides LLPs and have a total income of up to Rs. 50 lakh plus presumptive income from profession and business.

Further, only the forms have been notified without return filing utility. So, without the activation of return filing facility on income tax e-filing portal, individuals who need to file the return before the previous year ends cannot do the task.

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