ITR Forms For FY20 Notified: Here's What Has Changed

On late Saturday, the CBDT has notified all income tax forms for the financial year 2021 and here is all that has been changed:

1. Declaration needs to be given for electricity bill over Rs. 1 lakh

2. Deposit of Rs. 1 crore in bank account has to be notified

3. Expenses of Rs. 2 lakh on foreign travel in all forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).

Also, in lieu if the income, investments donation or expenses between April and June 2020, there has been incorporated a separate column which can help a person claim tax benefits.

But it is to be taken care of that the claim for such investments or donations can be made only once and so it is highly likely that similar format shall be available next year also which may ask whether the tax payer claimed such expenses or not in the previous fiscal year.

Rebate for those with taxable income up to Rs. 5 lakh: This is as per the interim budget speech by Piyush Goyal.

Also there shall be deduction on interest paid on affordable housing loan or purchase of electric vehicle

Interchangeability of PAN and aadhaar

There is also a provision using which the forms will auto capture Budget 2019 amendments such as deduction for interest paid on affordable housing loan/ purchase of electric vehicle, inter-changeability of PAN and Aadhaar, reporting by some of the high spenders etc

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