Income tax returns to be filed by 30 November, some changes in new ITR forms

Finance Minister Nirmala Sitharaman has extended the last date of the income tax return for the financial year 2019-20 from 31 July 2020 to 30 November 2020.

The income tax department has released 7 types of ITR forms for the financial year 2019-20

 

The Income Tax Department has released the Income Tax Return Form (ITR Form) for the financial year 2019-20. For this, the government has also issued a notification. The last date to fill the ITR form for the financial year 2019-20 is 30 November. Due to the COVID-19 crisis, the government has amended the income tax return form for the financial year 2019-20 to make taxpayers avail the benefits of various exemptions given for filing income tax returns. The government has made several concessions in the deadline for filing returns under the Income Tax Act-1961.

 

The Income Tax Department has informed about this through a tweet. The department has issued 7 different forms this time. These include:

ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam),  ITR-5, ITR-6, ITR-7 and

ITR-V (verification) forms. The Income Tax Department had earlier withdrawn Form 1 and Form 4 to include changes in tax rules due to the Kovid-19 epidemic.

 

The Income Tax Department has given information about the new forms by tweeting. Taxpayers will have a separate place in each ITR form to provide details of expenses or investments made during the quarter ended June 30.

They will have to provide information

Taxpayers will now have to provide many types of information in the ITR form, including depositing more than Rs 1 crore in the current account, expenses of Rs 2 lakh or more for traveling abroad, electricity bill of Rs 1 lakh or more. Apart from this, information about investments or donations made in June 2020 to save tax will also have to be given separately.

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