ITR Form Sahaj (ITR-1) and Sugam (ITR-4) for AY 2020-21 released


ITR Form Sahaj (ITR-1) and Sugam (ITR-4) for AY 2020-21 released by CBDT

This is a Good update that Income Tax ITR forms for AY 2020-21 Sahaj (ITR-1) and Sugam (ITR-4) for AY 2020-21 have been released by CBDT.

ITR Form 1 is used by an individual who is a resident other than not ordinarily resident, whose total income for the assessment year 2020-21 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.

One Can Download ITR 1 AY 2020-21 from Income Tax’s Website, after 31st March 2020.

ITR Form 4 is to be used by an individual or HUF, who is resident other than not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income for the assessment year 2020-21 does not exceed Rs.50 lakh and who has income under the following heads:-

(a) Income from business where such income is computed on presumptive basis under Section 44AD (i.e. Gross Turnover upto Rs. 2 crore) or Section 44AE (income from goods carriage upto ten vehicles); or

(b) Income from Profession where such income is computed on presumptive basis under Section 44ADA (i.e. Gross receipt upto Rs. 50 lakh); or

(c) Income from Salary/ Pension; or

(d) Income from One House Property; or

(e) Income from Other Sources.

One Can Download ITR 4 AY 2020-21 from Income Tax’s Website, after 31st March 2020.

There are high chances that other forms news will also be notified soon. ITR forms for ay 2020-21 download can be done from Income Tax’s Website, after 31st March 2020.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd January, 2020
INCOME-TAX

G.S.R. 9(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short title and commencement.—(1) These rules may be called the Income-tax (1st Amendment) Rules, 2020.

(2) They shall come into force with effect from the 1st day of April, 2020.

2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−

(a) in sub-rule (1),-

(I) in the opening portion, for the figures “2019”, the figures “2020” shall be substituted;

(II) in clause (a), in the proviso,-

(i) in item (V), the word “or” occurring at the end shall be omitted;

(ii) after item (VI), the following items shall be inserted, namely:-

“(VII) owns a house property in joint-ownership with two or more persons; or

(VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139.”;

(III) in clause (ca), –

(ii) in the proviso, after item (V), the following item shall be inserted, namely:-

“(VI) owns a house property in joint-ownership with two or more persons.”;

(b) in sub-rule (5), for the figures “2018”, the figures “2019” shall be substituted.

3. In the principal rules, in Appendix II, for Form “Sahaj (ITR-1)” and “Sugam (ITR-4)”, the following Forms shall, respectively, be substituted, namely:-

[Notification No. 01/2020/F. No. 370142/32/2019-TPL]

ANKUR GOYAL, Under Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by the Income-tax (16th Amendment) Rules, 2019, vide notification number GSR. 960(E), dated 30th December, 2019.

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