With ITR-6 being released on 22nd September 2020, the government has released all the IT forms for PY 2019-20 (AY 2020-21). The due date to file income tax returns for AY 2020-21 is 30th November 2020 for all assessees, other than tax audit cases which are due by 31st October 2020. The due dates had been extended through the recent passing of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.
IT returns for AY 2020-21 must be filed in respect of income earned during the previous year 2019-20, i.e. between 1st April 2019 and 31st March 2020. The applicability of the IT return forms depends upon the type of assessee and the nature of income earned by him during the previous year.
Following are the key changes in ITR-6, recently released for AY 2020-21:
Also Read: Post Offices and Banks Can Now Check the Status of Your ITR Filing
Other ITR forms, including ITR-1 and ITR-2, have also undergone many changes for AY 2020-21. Apart from common changes such as the new DI schedule added in all the returns, there are cases of special reporting such as high-value transactions of those persons who may not be liable to file ITR due to total income being below the threshold limit chargeable to tax, as per the seventh proviso to Section 139(1).
Option to declare multiple bank accounts for refund purposes is provided in all ITR forms. The ITR-1 and ITR-2 forms have now Sections 80EEA and 80EEB incorporated with respect to interest on housing loan and purchase of electric vehicles respectively. Further, these forms require the assessee to provide the DIN of the notice in response to which he is filing the income tax return. Nature of employment required in the General Information schedule has been expanded to bifurcate the state and central government employees.
In two tables of ITR-2 where directorship details and shareholding details of the assessee is asked, a new column ‘Type of Company’ has been added to select either foreign or domestic company. Additionally, ITR-2 has been revised to have columns for the computation of the surcharges newly introduced via Finance Act, 2019 under Sections 111A, 112A and proviso to section 115AD(1)(ii)/(iii) of the Income Tax Act.
Apart from the release of ITR forms for AY 2020-21, the government has also provided a one-time extension for assessees up to 30th September 2020 to verify their income tax returns by EVC/ITR-V for AY 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, pending due to non-verification.
For any clarifications/feedback on the topic, please contact the writer at annapoorna.m@cleartax.in
Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.
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