The Central Board of Direct Taxes (CBDT), has recently notified Income Tax Return Forms ITR-1 & ITR-4 for the Assessment Year 2020-2021 in order to motivate the taxpayers for timely filing of their returns.
In the recent notification, CBDT has made some relevant changes in the ITR forms, which are:
- Taxpayers who own a property/house Jointly, cannot file ITR-1 now.
- Taxpayers who have either deposited Rs. 1,00,00,000 (Rs 1 Crore) or more in the Current Account, Spent more than Rs. 2,00,000 on foreign visits and spent more than Rs 1,00,000 on Electricity Consumption in the previous year, are now required to disclose the amount so deposited/spent.
- Taxpayers who have a valid Indian Passport, will now be required to disclose the Passport Number in the ITR Form.
This advance notification of Income Tax Forms are highly appreciable and a Welcome move by the Board.
Assessees are now expected and requested to start filing the Returns as soon as new Financial Year begins.
