CBDT has notified new Income Tax Returns forms [Forms 1 to 7] for AY 2020-21. In the month of January 2020, CBDT had notified two ITR forms (ITR-1 and ITR-4). Now as promised by Income tax department all forms has been notified before end of the month May-2020.
In the new ITR forms, a new Schedule DI has been inserted to seek details any investment/ deposit/ payments made between 01.04.2020 to 30.06.2020 for the purpose of claiming any deduction under Part B of Chapter VIA and claiming exemption under section 54 to section 54GB of the act.
In order to curb revenue leakage and to trace high value transactions new itr forms requires assesses to provide following details :
- Amount or aggregate of amount deposited exceeding Rs. 1 Crore in one or more current account during the previous year.
- Expenditure of an amount or aggregate of an amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person
- Expenditure of an amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year
- Also assesses has to provide Passport number if passport is held by an assessee.
Due date for filing income tax return for the AY 2020-21 has been already extended to November 30, 2020.