The Central Board of Direct Tax has notified Income Tax Return Forms for Assessment Year 2020-21 on 29th May 2020 and published in Official Gazette on 30th May 2020.
Update: 05th June 2020
ITR 4 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly
Update: 02nd June 2020
ITR 1 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 29th May, 2020
G.S.R. 338(E).—In exercise of the powers conferred by section 139 read with section 295 of the
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. Short title and commencement.–(1) These rules may be called the Income-tax (12th Amendment)
(2) They shall come into force with effect from the date of publication in the Official Gazette.
2. In the Income-tax Rules, 1962,
(a) in rule 12, in sub-rule (1)─
[Rule 12 of Income Tax Rules – Part 3 of Assessment Procedure relating to Return of Income and Return of Fringe benefits]
Sub-rule (1) states the requirement for filing of Income Tax return
(I) in clause (a), in the proviso,-
(i) in item (V), the word ―or‖ shall be inserted at the end;
[Item V states that provisions of the said clause shall not apply in case of income taxable u/s 115BBDA]
(ii) items (VII) and (VIII) shall be omitted;
[Items (VII) deals with the situation where assessee owns a house property in joint name with two or more persons]
[item (VIII) states that provision of this clause will not apply where assessee is required to furnish ROI under 7th Proviso to Section 139(1)]
(II) in clause (ca), in the proviso, item (VI) shall be omitted.
[item (VI) states that provision of this clause shall not apply where assessee owns a house property in joint name with two or more persons]
(b) In the said notification in Appendix II various forms Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V, shall, respectively, be substituted.
In our coming blogs we are going to discuss each and every Income tax return forms in details so that taxpayers can get the maximum benefit.
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CA Devesh Thakur