The income tax department focuses on the income tax returns in the last week of March. As well as, they line up for the filing of the return, which begins from March 31. The original schemes of income tax return forms are released in April. This current year, the department of income tax works faster on the ongoing process and noticed for the ITR Sahaj, and ITR 4 Sugam forms, which are for the assessment year of 2020-2021.
In the case of ITR 1, Sahaj came into use for the filing of returns, which is for the ordinary resident individuals and their total income was not up to 50 lakhs. Form ITR 4 sugam accepted into the resident individuals, firms, and HUFs, except LLPs. Their total income from their business and profession was presumptive up to 50 lakhs.
The ITR forms were noticed to the way ahead according to their usual time, which is January 3, 2020. It is best to avoid the rush in filing for the income tax return. ITR 1 Sahaj and the ITR 4, schemes for these two cases were the assessment year of 2019-2020, which was released on the date April 9, 2019. But, on the other hand, the ITR 2 and the ITR 3 was delayed. The ITR 2 was released on May 2, 2019. On the contrary, the ITR 3 was released on May 10, 2019.
The report has been found, which says that the forms of ITR need to add some more information. The information is regarding the passport numbers, about the taxpayers, and different general things, but essential. This year, the three crucial months has been already started. It allows the taxpayers to get enough time for the reporting to mention the information in the ITR form correctly. If there is any clarification needed to be done, which comes from the FAQs, then it will be released by the government. The release will be made before the tax filing process, which is initiated on April 1, 2020.
The ITR forms have been introduced, and there are two changes acknowledged in it, according to the notifications. The first change is, no individual can file for the income tax return, it does not matter whether it is ITR 1 Sahaj, or it is ITR 4 Sugam. If the person is the joint owner in the house property, then he is not allowed to file for the income tax return individually. Now let’s discuss the second change, in which the ITR 1 Sahaj form is not valid for the individuals who deposited around one crore in their bank accounts. Plus, a few more things are to be considered, such as, those who spend on their foreign travel more than 2 lakhs, and who has paid near around 1 lakh electricity bill. These persons are not allowed to file the ITR 1 forms; they require other forms to be filled.
More Articles Related to Income Tax:
? Pay your tax online With Challan 280
?Income Tax Exemption Under New Income Tax Regime
? Reasons why you get Income Tax notice
? Guide on efiling Income Tax Return
