Quick Summary
The Central Board of Direct Taxes notified the new Income Tax Return Forms(ITR 1 to ITR 7) for AY 2020-21 on the 30th of May 2020. The new ITR Forms gave various relaxations to the taxpayers- Passport Details are not mandatory to be given, ITR filing has been made easy for people with joint house ownership. However, the forms also aim to seek disclosures regarding investments made to claim the deduction, cash in a current deposit, expenditure on foreign travel, expenditure on the consumption of
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FAQ :
The ITR-1 form for AY 2020-21 was made available on the e-filing portal within two days of the new forms being notified by the CBDT.
Passport details are no longer mandatory, and filing has been made easier for individuals with joint house ownership.
Taxpayers are now required to disclose investments made to claim deductions, cash in current accounts, expenditure on foreign travel, and electricity consumption if they exceed prescribed limits.
The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return Forms for AY 2020-21.
Yes, the department has notified that other Income Tax Return Forms will soon be made available on the e-filing portal.
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