AMENDMENTS

IN IT RETURNS
–
AY 2020-21
1. Who is required to
file IT Returns ?
 3

Who is required to file IT Returns?

 A person aged less than 60 years of age and has an annual

income more than Rs2.5 lakh has to file income tax returns,
according to the Income Tax Act. For senior citizens, the cut-
off is Rs3 lakh, and for those who are more than 80 years old,
the cut off is Rs.5 lakh.
 You are a company or a firm irrespective of whether you have
income or loss during the financial year
 You want to claim an  income tax refund
 You want to carry forward a loss under a head of income
2. Which ITR Form to
File when filing
Income Tax Return?
 5

Applicability of ITR Forms

Form Applicability
ITR-1 Resident Indian individuals and HUFs
ITR-2 HUFs and individuals
ITR-3 Partner in a firm, HUF, or individuals
ITR-4 Firm, HUF, or individual
ITR-5 LLPs or Partnership Firms
ITR-6 Companies
ITR-7 Trusts
3. Who is eligible to
use this Return Form
(ITR 1)?
 7

Who is eligible to use this Return Form ?

 This Return Form is to be used by an individual who is

a resident other than not ordinarily resident, whose
total income for the assessment year 2019-20 does
not exceed Rs. 50 lakh and who has income under
the following heads:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Income from Other Sources.
3. Who is not eligible
to use this Return
Form?
 9

Who is not eligible to use this Return

Form ?

 This Return Form should not be used by an individual

who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any
time during the previous year;
(c) has any asset (including financial interest in
any entity) located outside India;
(d) has signing authority in any account located
outside India; or
(e) has income from any source outside India.
 10

Who is not eligible to use this Return

Form ?
 This return form also cannot be used by an individual who
has any income of the following nature during the previous
year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following
nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section
115BBDA
 11

Who is not eligible to use this Return

Form ?
(e) agricultural income in excess of ₹5,000.
 Further, this return form also cannot be used by an individual
who has any claims of loss/deductions/relief/tax credit etc. of
the following nature:-
(a) any brought forward loss or loss to be carried forward
under the head “Income from house property”;
(b) loss under the head “Income from other sources”
 12

Additional Details required from AY 2020-

21

1. A taxpayer will have to disclose whether he/she has a

valid Indian passport. If yes, he/she will have to provide
the passport number.

2. Details of Employer: TAN of Employer (mandatory if tax is

deducted), Name of employer, Nature of
Employer),Address of Employer, Town/City, State, PIN/ ZIP
Code (If TAN is provided address details will be prefilled)

3. Address of property - Town/City; State; PIN Code/ ZIP

Code. Tenant details here If Let out, Name and PAN, or
Aadhaar of tenant (if available)
 13

Amendments from AY 2020-21

1. First, an individual taxpayer cannot file returns either in

ITR-1 or ITR-4 if he is a joint-owner in house property.

2. Second, ITR-1 form is not valid for those individuals who

have deposited more than Rs 1 crore in bank account or
have incurred Rs 2 lakh or Rs 1 lakh on foreign travel or
electricity
ITR 4 - SUGAM
 15

ITR 4 – SUGAM

ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total

income of AY 2020-21 includes :
a. Business income under section 44AD or 44AE
b. Income from profession calculated under section 44ADA
c. Salary/pension having income up to Rs 50 lakh
d. Income from One House Property having income up to Rs 50 lakh
(excluding the brought forward loss or loss to be carried forward cases
under this head);
e. Income from Other Sources having income up to Rs 50 lakh (Excluding
winning from lottery and income from horse races).
 16

Who is not eligible to use this Return

Form ?

 This Return Form should not be used by an individual

who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any
time during the previous year;
(c) has any asset (including financial interest in
any entity) located outside India;
(d) has signing authority in any account located
outside India; or
(e) has income from any source outside India.
 17

Additional Details Required

 18

Additional Details Required

 19

Additional Details Required

Additions in ITR 1 and ITR
4 – To summarise
 21

“
1. A taxpayer will have
to disclose whether
he/she has a valid
Indian passport. If yes,
he/she will have to
provide the passport
number.

”
 22

“
2. Details of Employer: TAN of
Employer (mandatory if tax is
deducted), Name of employer,
Nature of Employer),Address of
Employer, Town/City, State, PIN/ ZIP
Code (If TAN is provided address
detailswill be prefilled)

”
 23

“
3.Address of property -
Town/City; State; PIN Code/ ZIP
Code. Tenant details here If Let out,
Name and PAN, or Aadhaar of
tenant (if available)

”
 24

Thank you!