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 electricity if they exceed the prescribed limits.
Within 2 days of the new forms being notified by the CBDT, the department made available ITR-1 on the e-filing portal. The Department further notified that the other Income Tax Return Forms will soon be made available on the e-filing portal. Now ITR-4 is also available on the e-filing portal of the Income Tax Department. Check out the newITR-4 on the e-filing portal of Income Tax.
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