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Income Tax Return Forms for Assessment Year 2020-21 notified.

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.

income tax return forms for ay 2020-21

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)

NOTIFICATION

New Delhi, the 29th May, 2020

INCOME-TAX

[Notification No. 31/2020/F. No. 370142/32/2019-TPL]

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)

Rules, 2020.

(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

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