ITR forms for 2019-20 notified; govt makes mandatory for high spenders to file ITR
New Delhi, Jun 1 (KNN) The government has notified new income-tax return forms for 2019-20, making it mandatory for high spenders to file ITR and allowing assesses to avail benefits of extended timelines in view of COVID-19.
The tax department has also revised the I-T return forms to allow assessees to avail benefits of various timeline extensions granted by the government following the COVID-19 pandemic.
Those who have high value transactions such as deposits in current account worth over Rs 1 crore, electricity bill payment of Rs 1 lakh or more and spending on foreign travel of Rs 2 lakh and above will have to mandatorily file ITR, even if their income is below the taxable limit.
The Central Board of Direct Taxes (CBDT) notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21.
The new ITR forms also require taxpayers to furnish details of tax saving investments/donations made during June 2020 for the 2019-20 separately.
Meanwhile, the last date for filing of ITR has been extended to November 30 from July 31.
Accordingly, the time for making investment or payments for claiming deduction under Chapter-VIA-B of the I-T Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial year 2019-20 had also been extended to June 30, 2020.