CBDT notifies Income Tax Return (ITR) Forms for A.Y.-2020-21

ITR

In India taxable person has to file his//its Return of Income on yearly basis in the form prescribed by CBDT. CBDT notifies ITR form every year with few modifications. This year also CBDT has notified ITR forms on 29th May, 2020 wide notification No.-31/2020. In this article we shall discuss who is required to file which ITR Form.

Form-ITR-1-SAHAJ

This form is required to be filed by only resident individual other than not ordinarily resident whose income includes,

  1. Salary or income from family pension as defined in clause-iia of Section-57
  2. Income from house property where assesse has only one house property and does not have brought forward loss under income from house property head
  3. Income from other sources except income from winning of lottery or race horses

However, in the following case, individual cannot file Form-ITR-1 (SAHAJ), if

  1. he has assets including financial interest in any entity located outside India
  2. he has signing authority in any account outside India
  3. he has income to be apportioned in accordance with provisions of Section-5A (Apportionment of income between spouses governed by Portuguese Civil Code)
  4.  he has claimed deduction under Section-57, other than deduction claimed under clause-(iia)
  5. he is a director in any company
  6. he has held any unlisted equity share at any time during the previous year
  7. he is assessable for the whole or any part of the income on which TDS has been deducted in the hands of a person other than the assesse
  8. he has claimed any tax relief under Section-90 or Section-90A or any tax deduction under Section-91
  9. he has agriculture income more than Rs. 5,000
  10. he has total income more than Rs. 50,00,000
  11. he has income taxable under Section-115BBDA (Tax on certain dividends received from domestic companies)
  12. he has income in the nature of Section-115BBE (Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D)
  13. he owns a house property in joint ownership with two or more persons, however this condition is relaxed by way of press release
  14. he is required to furnish a return of income under seventh proviso to sub-section (1) of section 139, however this condition is relaxed by way of press release

Form-ITR-2

This form is required to be filed by following category of Individual or HUF,

-This form can be filed by Individual/HUF irrespective of his / its residential status  

-Individuals not eligible to file Form-ITR-1(Sahaj)

-Individual or HUF does not have Income from Business or Profession

Form-ITR-4 (SUGAM)

Following Person is required to file Form ITR-4 (Sugam)

-an Individual

-HUF (Resident other than not ordinarily resident)

-Firm other than LLP (Resident)

This form is applicable to following person who is deriving income under the head of Profit and Gains from Business and Profession and such income in computed in accordance with Section-44AD, Section-44ADA and Section-44AE. However Form ITR-4 (Sugam) cannot filed by following person who,

  1. has assets (including financial interest in any entity) located outside India
  2. has signing authority in any account located outside India
  3. has income from any source outside India
  4. has income to be apportioned in accordance with provisions of Section-5A (Apportionment of income between spouses governed by Portuguese Civil Code)
  5. is a director in any company
  6. has held any unlisted equity share at any time during the previous year
  7. has total income more than Rs.50,00,000
  8. owns more than one house property, the income of which is chargeable under the head “Income from house property”
  9. has any brought forward loss or loss to be carried forward under any head of income
  10. is assessable for the whole or any part of the income on which TDS has been deducted in the hands of a person other than the assesse
  11. has claimed any tax relief under Section-90 or Section-90A or any tax deduction under Section-91
  12. has agricultural income more than Rs. 5,000
  13. has income taxable under Section-115BBDA (Tax on certain dividends received from domestic companies)
  14. has income of the nature referred to in Section-115BBE (Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D)
  15. owns a house property in joint-ownership with two or more persons, however this condition is relaxed by way of press release

Form-ITR-3

Form ITR-3 is required to filed individual and HUF who have income under the head if Income from Business and Profession and not eligible to file ITR-1, ITR-2 and ITR-4 (Sugam).

Form-ITR-7

Form ITR-7 is required to be filed by a person including a company whether or not registered under Section-25 of Companies Act, 1956 (Non Profit Company) who is required to file return under Section-139(4A) (Trust), Section-139(4B) (Political Party), Section-139(4C) (Research Association, News Agency, Various Funds etc.), Section-139(4D) (University, Colleges, Institutions referred to in Section-35).

Form-ITR-6

This form is required to file by Companies other than Companies claiming Exemption under Section-11 (Income from property held for charitable or religious purposes).

Form-ITR-5

This ITR Form is required to file by persons othen than

-Individual

-HUF

-Company

-Person who is filing Form ITR-7

 

Additional Information:-

An individual who have a brought forward or carry forward loss under the head of ‘Income from House Property’ cannot use ITR-1 (Sahaj)/ITR-4 (Sugam).

-The additional details which are required by the Income Tax Department from the assessee using ITR-1 (Sahaj)/ITR-2/ITR-3/ITR-4 (Sugam) are as follows:

Is assessee liable to file return of income under 7th proviso to Section-139(1) but otherwise not required to furnish return of income? If yes, please furnish following information: (Note: To be filled only if a person is not required to furnish a return of income under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1))

  1. Has the assesse deposited an amount or aggregate of amounts exceeding Rs. 1 cr in one or more current account during the previous year? If yes, the amount of deposit has to be reported.
  2. Has the assesse spent an amount or aggregate of the amount exceeding Rs. 2 lakh for travel to a foreign country for himself/herself or for any other person? If yes, the amount of expenditure has to be reported.
  3. Has the assessee incurred an expenditure exceeding Rs. 1 lakh on the consumption of electricity during the previous year? If yes, the amount of expenditure has to be reported.

To get all ITR Forms notified by CBDT please Click Here.

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