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CBDT vide a Press release dated 09.01.2020 has rolled back the non-applicability clauses inserted through Notification 01/2020 dated 03.01.2020.

Taxpayers who jointly own House property or to those spending on electricity in excess of Rs.1,00,000/- or foreign travelling in excess of Rs 2,00,000/- who were not allowed to file ITR-1 now by press release allowing them to file of ITR-1(Sahaj). Also, ITR-4 (Sugam) can now be filed by Joint property owners who files their return under Presumptive taxation scheme.

Now only the format related changes remains effective in respect of the Notification no. 01/2020 dated 03.01.2020 such as:

1. If the taxpayer holding passport then tax payers required to mention passport no. in ITR-1 and ITR-4 as applicable.

 

2. Financial details in respect of figures of Cash and Bank are to be given in detailed (i.e.Opening Balance + Receipts during the year – Payments during the year = Closing Balance) as against the existing details of only Closing balance as on the end of the financial year in ITR-4

3. No requirement of disclosing the other details as Unsecured Loans, Sundry Debtors and Creditors, Closing Stock which were required to be given earlier ITR-4 while filing return under presumptive taxation.

 

This rollback of the notification will give huge relief to the Salaried and Presumptive Taxation taxpayer in terms of lesser and easy compliances.

Source: CBDT Press Release dated 09 January, 2020

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Category Income Tax, Other Articles by - Bipin Makwana 



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