CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21

Jan 06, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on January 03, 2020, has published the Income-tax (1st Amendment) Rules, 2020 to notify Forms ITR-1 and ITR-4 for the Assessment year 2020-21.

Rule 12 which specifies the procedure for filing Return of income and return of fringe benefitswill be substituted, namely:

Ø  The assessment year for filing return has been substituted from 2019 to 2020 in the opening paragraph.

Ø  In clause 1(a) proviso will be amended:

                     i.            in item (V), the word “or” occurring at the end will be omitted

                   ii.            after item (VI), the following items will be inserted, namely:

a)       (VII) owns a house property in joint-ownership with two or more persons; or

b)      (VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139

Ø  In clause 1(ca):

in the proviso, after item (V), the following item shall be inserted, namely: (VI) owns a house property in joint-ownership with two or more persons.

Ø  Form “Sahaj (ITR-1)” and “Sugam (ITR-4)” will be substituted, namely:

a)  Form ITR-1 Sahaj: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property (single ownership), interest income, Family pension income etc. and agricultural income upto Rs.5 thousand. But not for an individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’ or has to furnish return under seventh proviso to section 139(1) of the Income Tax Act, 1962.

b)   Form ITR-4 Sugam: [For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh, one house property (single ownership), having income from business and profession which is computed under sections 44AD, 44ADA or 44AE or Interest Income, Family pension etc. and agricultural income upto Rs.5 thousand. But not for an individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’.

They will come into force with effect from April 01, 2020.

[Notification No. G.S.R. 9(E)]


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