ITR Form - New Income Tax Return Filing Form for FY 2019-20

The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Return Filing Form for FY 2019-20/ AY 2020-21. The last date to file income tax return for FY 2019-20/ AY 2020-21 is November 30, 2020, for all taxpayers. In this article, we shall focus on ITR Form – New Income Tax Return Filing Form for FY 2019-20 (AY 2020-21).

Must Read: Income Tax Slabs for FY 2019-20 (AY 2020-21)

Table of Contents

New ITR Form for FY 2019-20 (FY 2020-21)

The new ITR form are ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6, and ITR-7. This year also, the income tax department has made several changes in the new ITR Filing Form for AY 2020-21. The due date for ITR filing stands extended to November 30, 2020.

New Income Tax Return Filing Form for AY 2020-21 (FY 2019-20)

Which ITR Form to file? The details and applicability of the new ITR Filing Form are as under. Figure out which ITR Form applies to you for FY 2019-20.

ITR 1 Form (Sahaj)

This is also known as Sahaj. ITR 1 is for individuals being a resident having total income up to Rs.50 lakh. Having income from:

Salaries,
One house property,
Other sources (Interest etc.), and
Agricultural income up to Rs. 5000.

Note that ITR 1 is not for an individual who is either Director in a company or has invested in unlisted equity shares. Click here for ITR-1.

ITR 2 Form

This one for Individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession. Click here for ITR-2.

ITR 3 Form

ITR 3 is for individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession. Click here for ITR-3.

ITR 4 Form (Sugam)

This is also known as Sugam. ITR 4 is for Individuals, Hindu Undivided Families (HUFs), and Firms (other than LLP) being a resident having total income up to Rs.50 lakh. Having the income from business and profession which is computed under sections 44AD, 44ADA, or 44AE.

Note that this is not for an individual who is either Director in a company or has invested in unlisted equity shares. Click here for ITR-4.

ITR 5 Form

This one is for persons other than-

Individual,
HUF (Hindu Undivided Family),
Company and
Person filing ITR-7

Click here for ITR-5.

ITR 6 Form

This is for companies other than companies claiming exemption under sec 11. Click here for ITR-6.

ITR 7

This one for persons including companies required to furnish return ITR under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. Click here for ITR-7.

Few changes in Income Tax Return Filing Form for FY 2019-20

1. Now, PAN number made optional if the Aadhaar number provided by an individual while filing ITR 1, ITR 2, ITR 3, or ITR 4.

2. In ITR-1, ITR-2, ITR-3, or ITR-4, under the nature of employment, Government employees have been bifurcated in State, Central Government, and a new type as “NA” added to the list.

3. You are not eligible to file ITR-1 if you have taxable income as dividends from domestic companies.

4. Taxpayers need to furnish the following details while filing ITR 1, ITR 2, ITR 3, or ITR 4:

Details of deposit exceeding Rs. 1 crore in current accounts during the previous year.
Details of foreign travel expenditure exceeding Rs. 2 lakhs for travel to a foreign country for yourself or any other person.
Details of expenses exceeding Rs. 1 lakh towards electricity charges during the previous year.

5. Schedule DI (Details of Investment) has been added in all the ITR Forms for any investment deposited/payment made in between April and June for claiming a tax deduction.

Final Thoughts

I hope now you can choose a correct ITR Form – Income Tax Return Filing Form for FY 2019-20 (AY 2020-21). The last date for ITR filing for FY 2019-20 is November 30, 2020.

ITR Form – New Income Tax Return Filing Form for FY 2019-20 (AY 2020-21)