ITR filing: Tax dept rolls aback order; allows simple forms for filing IT returns
ITR filing 2020: Rolling aback its week-old order, the Assets Tax Department on Thursday accustomed collective owners of distinct abode acreage to book assets tax acknowledgment application simple Form-1 (Sahaj) or Form-4 (Sugam). On January 3, it had debarred alone taxpayers owning abode acreage in collective buying and those who paid Rs 1 lakh in electricity bills in a year or incurred Rs 2 lakh amount on adopted biking from filing their anniversary assets acknowledgment application the simple acknowledgment forms.
“After the notification, apropos accept been aloft that the changes are acceptable to annual accident in the case of alone taxpayers,” the Central Board of Direct Taxes (CBDT) said in a statement.
According to the statement, the affair was advised and “it has been absitively to acquiesce a person, who accordingly owns a distinct abode property, to book his/her acknowledgment of assets in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the added conditions”.
“It has additionally been absitively to acquiesce a person, who is appropriate to book acknowledgment due to fulfilment of one or added altitude defined in the seventh accident to area 139 (1) of the Act, to book his/her acknowledgment in ITR-1 Form,” it added.
The government, which usually notifies forms for filing assets tax allotment by individuals in April every year, on January 3 notified tax acknowledgment forms for appraisal year 2020-21 (income earning year April 1, 2019 to March 31, 2020).
Returns in ITR-1 Sahaj can be filed by an accustomed citizen alone whose absolute assets does not beat Rs 50 lakh, while Anatomy ITR-4 Sugam is meant for citizen individuals, HUFs and firms (other than LLP) accepting a absolute assets of up to Rs 50 lakh and accepting presumptive assets from business and profession.
The January 3 notification accomplished two above changes in the ITR forms — first, an alone aborigine cannot book acknowledgment either in ITR-1 or ITR4 if he is a joint-owner in abode property. Second, ITR-1 anatomy is not accurate for those individuals who accept deposited added than Rs 1 crore in coffer annual or accept incurred Rs 2 lakh or Rs 1 lakh on adopted biking or electricity respectively, it said.
Such taxpayers were to use altered forms, which would accept been notified in due course.
The CBDT said to ensure that the e-filing account for filing of acknowledgment for appraisal year (AY) 2020-21 is accessible as on April 1, 2020, the Income-tax Acknowledgment (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) were notified on January 3.
“In the notified returns, the accommodation altitude for filing of ITR-1 and ITR-4 Forms were adapted with an absorbed to accumulate these forms abbreviate and simple with bald minimum cardinal of Schedules. Therefore, a being who owns a acreage in collective buying was not fabricated acceptable to book the ITR-1 or ITR-4 Forms.
“For the aforementioned reason, a being who is contrarily not appropriate to book acknowledgment but is appropriate to book acknowledgment due to fulfilment of one or added altitude in the seventh accident to area 139 (1) of the Income-tax Act, 1961 (the Act), was additionally not fabricated acceptable to book ITR-1 Form,” it said.
After the notification, apropos were aloft that the changes are acceptable to annual accident in the case of alone taxpayers.
“The taxpayers with accordingly endemic acreage accept bidding affair that they will now charge to book a abundant ITR Anatomy instead of a simple ITR-1 and ITR-4. Similarly, bodies who are appropriate to book acknowledgment as per the seventh accident to area 139(1) of the Act, and are contrarily acceptable to book ITR-1, accept additionally bidding affair that they will not be able to opt for a simpler ITR-1 Form,” it said.
Usually, the Assets Tax Department notifies the ITR forms in the aboriginal anniversary of April of the accordant appraisal year. However, in adverse to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the appraisal year 2020-21 in the aboriginal anniversary of January.
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