Monday, June 1, 2020

Selecting Your Income Tax Return form for AY 2020-21 / FY 2019-20

CBDT has issued Income Tax Return filing 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 for A.Y.2020-21 i.e. F.Y. 2019-20.
Sahaj (ITR-1)

Individuals person being a resident having total income upto Rs.50 lacs, having Income under the head of one house property, other sources (Interest etc.), Salaries, and agricultural income upto Rs. 5 thousand.

[Not for an individual person who is either Director in a company or has invested in unlisted equity shares of the comapnies]

Form ITR-2

Individuals person and HUFs not having income under head of profits and gains of business or profession.

Form ITR-3
Individuals Person and HUFs having income under head of profits and gains of business or profession.
Form Sugam (ITR-4)

For Individuals person, HUFs and Partnership Firms (other than Limited liabilities Person - LLP) being a resident person having total income upto Rs.50 lacs and having income under head of business and profession which is computed U/s 44AD, 44ADA or 44AE of the Income Tax Act .

[Not for an individual person who is either Director in a company or has invested in unlisted equity shares]

Form ITR-5

For persons other than- (i) Individuals, (ii) HUF, (iii) companies and (iv) person filing income tax Form ITR-7.

Form ITR-6

For Companies other than companies whose claiming exemption U/s 11.

Form ITR-7

For persons including companies mandatory to furnish income tax return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

Form ITR-V

INDIAN INCOME TAX RETURN FROM FOR VERIFICATION

Where the Return of Income data in Form ITR form -1 (SAHAJ), ITR form-2, ITR form 3, ITR form-4(SUGAM), ITR form-5, ITR form-7 filed but NOT verified electronically.

Government has decided, "The due date for FY 2019-20 of the income tax return filing will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit report from 30th September 2020 to 31st October 2020". 

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