INCOME TAX RETURN FORMS FOR THE AY 2020-21
ITR-1 FORM MADE AVAILABLE ON E-FILING PORTAL
The Central Board of Direct Tax (CBDT) notified the New Income Tax Return forms i.e ITR-1 to ITR-7 for the assessment year 2020-2021 on 30th May 2020.
Taxpayers including an Individual, Hindu Undivided Family, Business, and professions will be able to avail the benefits of saving or Investments in saving tax-saving instruments for an extended period between 1st April till 30th June.
The form also includes the information about Cash Deposits exceeding Rs. 1 Crore, Expenses incurred on traveling abroad exceeding Rs. 2 lakhs, and electricity exceeding up to 1 lakh.
Due to COVID-19 pandemic condition, The Government has given 4 months additional time for the taxpayers to file their returns.
The Finance Minister Nirmala Sitharaman while announcing the first portion of Rs 20 lakh crore Aatmanirbhar Bharat Abhiyaan stimulus package, has extended the due date for all Income Tax Returns (ITR) from July 31st to November 30th.
After the notification of CBDT of new ITR Forms, the burden of taxpayers has been reduced. Within the 2 days of the New ITR forms to be notified, the department has now notified ITR-1 on the e-filing portal. The Department has also notified that the other forms will also be available on their e-filling portal shortly.
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