Mumbai: From now on, if you have paid more than 1 lakh electricity bill in a year, then it will have to be given to you in ITR Form-1. Apart from this, if a person has spent more than 2 lakh rupees for traveling abroad in a year, then full details will also have to be given. You will have to give many more such information. In fact, the Central Board of Direct Taxes has recently issued income tax returns from Form-1 to 7 for the assessment year 2020-21. Also, the government has extended the ITR filing till November 30.
So now you can invest till June 30 to save tax, explained Jayakar Kotian a CA adding that however, for the time being, only-filing of ITR through Form-1 and 4 can be filed. It needs to clarify that ITR Form-1 is for salaried persons. It is also called SAHAJ Form. SAHAJ form is only for those living in the country and whose total annual income is up to Rs 50 lakh. This income includes salary, income from a house, interest on investment and income up to Rs 5,000 from agriculture. Those people who are directors in a company cannot fill Form 1. Also, taxpayers investing in an unlisted equity share may not fill the SAHAJ form.
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This time, taxpayers will not need to provide some information, which was mandatory till now. In ITR Form-1 released in January, along with complete salary information, the income from residential property was also required to be disclosed. Under this, the taxpayer had to give his company name, address of his house, name of tenant, PAN and Aadhaar. This information will not have to be provided in the newly issued Form-1. There is some exemption given in Form-1. At the same time, some additional information has been sought, he said.
Now if the taxpayer has paid more than 1 lakh electricity bill in a year, then he will have to give information in ITR Form-1. Apart from this, if a person has spent more than 2 lakh rupees for traveling abroad in a year, then full travel details will also have to be provided. Also, the information of more than 1 crore cash deposit in current account will also have to be filled in this form. Even if your income is not taxable, you will have to provide this information, he said.
According to him in the new ITR Form-1, information about investments made from April 1 to June 30 has been sought. This schedule must be shown in Delayed Investment or Schedule DI. In this, the taxpayer will have to give the details of the investment related to tax savings made from 1 April to 30 June. Under this, the taxpayer will have to give complete information about the tax saving instruments or donations that he has made for the financial year 2019-20 from 1 April 2020 to 30 June 2020.
