New year surprise by the Central Board of Direct Taxes (CBDT) has notified income tax returns forms for the financial year. Generally, it is out by April, well now it is in advance.
The CBDT has issued two forms ITR 1 and ITR 4for the AY 2020-2021. There are two key changes in the ITR forms on house property.
An individual taxpayer cannot file return either ITR 1 or ITR4 if he/she has a joint owner in house property and ITR 1 is invalid for those who have deposited more than Rs 1 crore in their bank account or incurred Rs 1 lakh or 2 lakh on foreign travel respectively. If any individual has deposited an aggregate amount of Rs 1 crore or above. Such accounts have to be specified.
Another vital change in new ITR related to disclosure related to cash in case of presumptive tax assesses.