I-T Dept. notifies new forms for filing income tax returns
Joint owner of house cannot avail ITR-1, ITR-4 forms
06/01/2020, PRESS TRUST OF INDIA,NEW DELHI
The forms for filing returns are usually notified in April every year.
The government, which usually notifies forms for filing returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21 (income earning year April 1, 2019 to March 31, 2020).
As per the notification, returns in ITR-1 Sahaj can be filed by an ordinary resident individual whose total income does not exceed ₹50 lakh, while form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to ₹50 lakh and having presumptive income from business and profession.
According to the notification, in two significant changes, an individual taxpayer cannot file return either in ITR-1 or ITR-4 if he is a joint-owner in house property, and the ITR-1 form is not valid for those individuals who have deposited more than ₹1 crore in bank account or have incurred ₹2 lakh or ₹1 lakh on foreign travel or electricity respectively.
Such taxpayers will have to use different forms, which will be notified in due course.
An individual who “owns a house property in joint ownership with two or more persons” is required to furnish a return of income, the notification said.
“... A taxpayer, who is required to file the return before the previous year ends, cannot do so until the return filing facility is activated on the e-filing portal,” said Naveen Wadhwa of Taxmann.
Joint owner of house cannot avail ITR-1, ITR-4 forms
06/01/2020, PRESS TRUST OF INDIA,NEW DELHI
The forms for filing returns are usually notified in April every year.
The government, which usually notifies forms for filing returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21 (income earning year April 1, 2019 to March 31, 2020).
As per the notification, returns in ITR-1 Sahaj can be filed by an ordinary resident individual whose total income does not exceed ₹50 lakh, while form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to ₹50 lakh and having presumptive income from business and profession.
According to the notification, in two significant changes, an individual taxpayer cannot file return either in ITR-1 or ITR-4 if he is a joint-owner in house property, and the ITR-1 form is not valid for those individuals who have deposited more than ₹1 crore in bank account or have incurred ₹2 lakh or ₹1 lakh on foreign travel or electricity respectively.
Such taxpayers will have to use different forms, which will be notified in due course.
An individual who “owns a house property in joint ownership with two or more persons” is required to furnish a return of income, the notification said.
“... A taxpayer, who is required to file the return before the previous year ends, cannot do so until the return filing facility is activated on the e-filing portal,” said Naveen Wadhwa of Taxmann.
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