Rollback of CBDT notification in respect of changes in ITR-1 and ITR-4 for AY 20-21

Bipin Makwana | Last updated: 18 March 2020

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The Central Board of Direct Taxes (CBDT) has reversed recent changes to the ITR-1 and ITR-4 forms for Assessment Year 20-21. This rollback means individuals who jointly own property, or those with significant electricity or foreign travel expenses, can now file using ITR-1. Similarly, joint property owners using the presumptive taxation scheme can now file using ITR-4. While these restrictions have been lifted, some format changes, like including passport numbers and detailed financial figures for ITR-4, are still in effect.

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

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FAQ :

The CBDT has rolled back non-applicability clauses that prevented certain taxpayers from filing ITR-1 and ITR-4.

Taxpayers who jointly own a house property, or those spending over Rs. 1,00,000 on electricity or Rs. 2,00,000 on foreign travel can now file using ITR-1.

Yes, joint property owners who file their returns under the presumptive taxation scheme can now file using ITR-4.

Taxpayers with a passport must include their passport number in ITR-1 and ITR-4. For ITR-4, financial details like cash and bank balances need to be shown as opening balance plus receipts minus payments, resulting in the closing balance.

For ITR-4 filed under presumptive taxation, there is no longer a requirement to disclose details like Unsecured Loans, Sundry Debtors and Creditors, and Closing Stock.