CBDT Issues New ITR Forms for FY 2019-20

The Central Board of Direct Taxes (CBDT) had enabled the forms for all the assessees to file their Income Tax Returns (ITR) on 29th May 2020 for the previous year 2019-20. Now the assessees can file their returns through all the seven forms that are made available by the government. The seven forms, as issued by the department are:

ITR-1 (Sahaj)

This form is to be used by all the assessees having an earning from salary, house property and/or income from other sources. Assessees earning up to Rs. 50 lakhs can file their ITR through Gen Income Tax Software on this form.

ITR-2

This form is to be used by all the assessees of Hindu Undivided Family who are not engaged in the business of proprietary or any profession.

ITR-3

This form is to be used by all the assessees of Hindu Undivided Family who are engaged in the business of proprietary or any profession.

ITR-4 (Sugam)

This form is to be used by all the assessees getting their income from a business or profession.

ITR-5

This form is to be used all the assessees other than individual, HUF, company and person filing Form ITR-7.

ITR-6

This form is to be used by the companies other than companies claiming exemption under section 11.

ITR-7

This form is to be used by all the assessees (including companies) who are required to furnish their return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Only three forms (ITR-1, ITR-2, and ITR-4) out the seven forms are available for the online filing of returns. The rest of the forms are required to be filed and submitted offline. Although the assessees who are not required to get their accounts audited were previously required to file the returns till 31st July every, the date has been extended because of the COVUID19 pandemic. An assessee is required to file the returns online only if he has an annual income of Rs. 50 lakh or more and/or is less than 80 yr old in age and no tax return is to be claimed by the assessee. You can file the return online or offline depending upon the conditions that apply in your case. As Form 16 and Form 16A are not available because of the extended dates, so the option for the assessees to file the returns under Form 26AS is also not available because of a lack of inputs regarding income from salary and other sources and tax deducted at source from those incomes.

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