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Updates: For Assessment Year 2020-21

1. Disclosure of high-value transactions

Under PART A-General Information, a new checkpoint is inserted in the basic information of ITR-1 to verify the high-value transactions like 

  • deposited more than Rs 1 crore in a current bank account in a year or
  • have incurred more than Rs 2 lakh on foreign travel or
  • have spent more than Rs 1 lakh on electricity,

2. New Schedule DI i.e. Details of Investments 

Now, there is a separate schedule for disclosure of investments, deposits and donations made in FY 2019-20 till 31st July 2020 due to the Covid-19 pandemic. 

3. Joint House Ownership: 

Individual taxpayers who are joint owners of house property can now file their annual income tax return using the simple ITR-1 (Sahaj) or ITR-4 (Sugam) forms. They shall now not be required to file ITR-2 or ITR-3 respectively to report their incomes if they are joint owners in a house property.

4. Passport Number:

You are no longer required to mandatorily disclose Passport Number in ITR-1 (Sahaj) or ITR-4 (Sugam).

5. Investment/Payment/Deposit details for claiming Deductions:

You can make tax-saving investments/payments for FY 2019-20 such as payment of LIC premium, deposit to NSC, PPF, SSY and so on till 31st July 2020.

The new ITR form for the AY 2017-18 has been introduced. It is simpler than the previous version and has fewer columns to be filled. It is applicable to individuals having income from salary, income from one house property, income from other sources and having total income upto Rs.50 lakh.

Income from other sources include:-

  • Winnings from lotteries, crossword puzzles, races including horse races, card game and other games, gambling or betting.
  • Income by way of interest received on compensation or enhanced compensation.
  • Gifts received by an individual.
  • Income by way of interest on securities.
  • Income from letting out of plant, machinery or furniture.
  • Any sum received under key man insurance policy including bonus.

Following columns are to be filled in the form.

Part A - General Information

  • PAN
  • Name
  • Aadhaar number/ Aadhaar enrolment ID (for those who have not yet Aadhaar no. but applied for it)
  • Mobile number
  • Email address
  • Address
  • Residential status- Resident/ Non- resident/ Resident but not ordinarily resident
  • Fill only one if you  belong to- Govt./ PSU/ Others
  • Return filed
  • On or before due date u/s 139(1)
  • Belated u/s 139(4)
  • Revised u/s 139(5)
  • u/s 119(2)(b) OR
  • in response to notice u/s 139(9) defective, OR 142(1), OR 148, OR 153A/153C
  • If revised/ defective, enter receipt number and date of filing original return
  • If filed in response to notice u/s 139(9)/142(1)/148/153A/153C, enter date of such notice
  • Are you governed by Portuguese Civil Code as per sec 5A (If yes- fill PAN of spouse)

Part B - Gross Total Income

  • B1- Income from salary/ pension
  • B2- Income from one house property: self-occupied/ let out
  • B3- Income from other sources
  • B4- Gross Total Income (B1+B2+B3)

Part C - Deduction and Taxable Total Income

Deduction u/s 80C, 80D, 80G, 80TTA, any other (please specify section)

  • C1: Total deduction
  • C2: Taxable Total Income (B4-C1)             

Part D - Computation of tax payable

  • D1- Tax payable on total income
  • D2- Rebate u/s 87A
  • D3- Tax after rebate
  • D4- Cess on D3
  • D5- Total tax and Cess
  • D6- Relief u/s 89(1)
  • D7- Interest u/s 234A
  • D8- Interest u/s 234B
  • D9- Interest  u/s 234C
  • D10- Total tax and interest (D5-D6+D7+D8+D9)
  • D11- Total tax paid
  • D12- Amount payable (D10-D11), if D10>D11
  • D13- Refund (D11-D10), if D11>D10
  • Exempt income: u/s 10(38), 10(34), agricultural income <=5000/-, others to be specified

Part E - Other Information

D14: Detail of all bank accounts held in India at any time during the previous year (excluding dormant accounts). Has provision to include three accounts, one account is to ticked for refund. Detail to be provided:

  • IFS Code of the bank
  • Name of the bank
  • Account number
  • Cash deposited during 09/11/2016 to 30/12/2016 (if aggregate cash deposits during the period is more than or equal to Rs.2 lakh)

Schedule IT details of advance tax and self-assessment tax payments

  • BSR Code
  • Date of deposit
  • Serial number of challan
  • Tax paid

Schedule TDS details of TDS/TCS (as per Form 16/16A/27D issued by deductor/ employer/ collector)

  • TAN of deductor
  • Name of the deductor/ collector
  • Amount which is subject to tax deduction/ collection
  • Deduction/ collection year
  • Tax deducted/ collected
  • Amount out of tax deducted/ collected, claimed this year
  • Amount claimed in the hand of spouse if sec 5A is applicable


Published by

CA Neha Agrawal
Category Income Tax   Report

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