News

New Income Tax Return (ITR) forms for AY 2020-21 notified; Check details

New Income Tax Return (ITR) forms for AY 2020-21 notified; Check details

Good news for taxpayers looking to file income tax return (ITR) for the Financial Year 2019-20. The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Return (ITR) forms for FY 2019-20/ AY 2020-21 (i.e. ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7 and ITR-V), vide Income-Tax (12th Amendment) Rules, 2020, in line with the amendments made by the Finance Act, 2019, according to CA Club.

Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, “this year, due to the exceptional circumstances, the Dept. has notified all ITR forms in the last week of May. The Dept. has notified the forms without the return filing utility. Thus, a taxpayer, who is required to file the return, cannot do so until the return filing facility is made available on the e-filing portal,” says CA Naveen Wadhwa, DGM, Taxmann.

It should be noted that for the assessment year 2020-21, the I-T Dept. has notified the ITR forms twice. In the month of January 2020, the Dept. had notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which eventually replace the two previously notified forms.

Top