The Central Board of Direct Taxes (CBDT) on Friday amended the return forms and manner of furnishing return of Income for the Assessment Year 2020-21.
The Board empowered under Section 139 read with section 295 of the Income-tax Act, 1961 amended the Income-tax Rules, 1962. The amendment came to be known as Income-tax (12th Amendment) Rules, 2020.
The amendment relates to Rule 12 of Income Tax Rules 1962 wherein, “Clause clause (a), in the proviso, in item (V), the word ‘or’ shall be inserted at the end and the items (VII) and (VIII) shall be omitted.”
Further, the notification provides for the substitution of “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”
Firstly, notification FORM ITR I Sahaj is for individuals being a resident (other than not ordinarily 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.5 thousand and Not for an individual who is either Director in a company or has invested in unlisted equity shares.
Secondly, FORM ITR-2 is for Individuals and HUFs not having income from profits and gains of business or profession.
Thirdly, FORM ITR-3 is for individuals and HUFs having income from profits and gains of business or profession.
Fourthly, FORM ITR-4 Sugam is for individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under section 44AD, 44ADA or 44AE and not for an individual who is either Director in a company or has invested in unlisted equity shares.
Fifthly, FORM ITR-5 is for persons other than an individual, HUF, company, and person filing Form ITR-7.
Sixthly, FORM ITR-6 is For Companies other than companies claiming exemption under section 11.
Lastly, FORM ITR-7 is for persons including companies required to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.To Read the full text of the Notification CLICK HERE