CBDT Notified ITR forms for FY 2019-20 and new requirements

Central Board of Direct Taxes and notified the Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 for FY 2019-20 (AY 2020-21).

As per the rule, taxpayers shall be required to answer and disclose following additional information in income tax returns of FY 2019-20:

  1. Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?
  2. Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?
  3. Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?
  4. Whether, you have made any investment/ deposit/ payments between 01.04.2020 to 30.06.2020 for the purpose of claiming any deduction under Part B of Chapter VIA?

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