The Central Board of Direct Taxes (CBDT) has recently released income tax returns from Form-1 to 7 for the assessment year 2020-21 (Assessment Year). Also, the government has extended the date of filling the ITR till 30 November. In such a situation, you can invest till June 30 for saving tax. However, for the time being, those people who can file ITR want to e-filing through Form-1 and 4. Let us know that only Salaried Persons can fill ITR Form-1. It is also called Sahaj Form.
Who can fill the Sahaj form and who cannot?
Sahaj form is for those living in the country, whose total annual income is up to 50 lakh rupees. This income includes salary, income from a house, interest on investment and income up to Rs 5,000 from agriculture. Form-1 cannot fill people who are directors in a company. Also, taxpayers investing in any unlisted equity shares cannot fill the simple form. If you have received dividend from any domestic company, then it will come under the taxable income. In such a situation, you will not be able to fill ITR Form-1. Apart from this, if you are a shared owner in a housing property, then you will not be able to fill ITR through Form-1 or 4.
Taxpayer will no longer have to provide this information:
CBDT has also given some relief to taxpayers this time. This time, taxpayers will not need to give some such information, which was mandatory till now. In ITR Form-1, released in January, along with complete salary information, the income from housing property was also required to be disclosed. Under this, the taxpayer had to give his company name, address of his house, name of tenant, PAN and Aadhar. This information will not have to be provided in the newly issued Form-1.
The post-March investment details will have to be given separately:
In the new ITR Form-1, information about the investment made from April 1 to June 30 has been sought. This schedule has to be shown in Delayed Investment or Schedule DI. In this, the taxpayer will have to give details of the investment-related to tax savings made from April 1 to June 30. Under this, the taxpayer will have to give complete information about the tax-saving instruments or donations that he has made for the financial year 2019-20 from 1 April 2020 to 30 June 2020. In fact, the government has given permission to invest in the tax-saving scheme till June 30 in view of the lockdown imposed to keep the coronavirus under control.
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