Latest News

  • Home
  • National
  • Simple ITR-1 income tax return form not for those paying ₹1 lakh in electricity bill, owning house jointly
Simple ITR-1 income tax return form not for those paying ₹1 lakh in electricity bill, owning house jointly
Monday, January 6, 2020 IST
Simple ITR-1 income tax return form not for those paying ₹1 lakh in electricity bill, owning house jointly

According to the notification, two major changes in the ITR forms have been effected
An individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house property

 
 

NEW DELHI : ‎In significant changes in income tax return filing forms, individual taxpayers owning house property in joint ownership and those who have paid ₹1 lakh in electricity bills in a year or incurred ₹2 lakh expense on foreign travel cannot file their annual income return using the simple ITR-1 form.
 
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21 (income earning year April 1, 2019 to March 31, 2020).
 
Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed ₹50 lakh, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to ₹50 lakh and having presumptive income from business and profession.
 
According to the notification, two major changes in the ITR forms have been effected. First, an individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house property.
 
Secondly, ITR-1 form is not valid for those individuals who have deposited more than ₹1 crore in bank account or have incurred ₹2 lakh or ₹1 lakh on foreign travel or electricity respectively, it said.
 
Such taxpayers will have to use different forms, which will be notified in due course.
 
An individual who "owns a house property in joint ownership with two or more persons" is required to furnish a return of income, the notification said.
 
"Only the forms have been notified without the return filing utility. Thus, a taxpayer, who is required to file the return before the previous year ends, cannot do so until the return filing facility is activated on the e-filing portal," said Naveen Wadhwa of Taxmann.
 
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January. ‎
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 61K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 8K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 7K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
Amul issues legal notice to Google India for carrying paid ads of fake websites

Amul has also issued a legal notice to web hosting firm goDaddy.com for  fraudulent practices.  

Recently posted. 638 views . 0 min read
 

 Article
Unnao Does a Kathua, Residents Take Out Rally Supporting Rape Accused BJP MLA Kuldeep Singh Sengar

The participants of the rally held placards which said "Humare vidhayak nirdosh hai (Our legislator is innocent). Both men and women were part of the rally, ...

Recently posted. 664 views . 1 min read
 

 Article
Ranchi man develops humanoid robot Rashmi, Indian version of ‘Sophia’

Ranchi man Ranjit Srivastava,38, has developed Indian version of ‘Sophia,’ a social humanoid robot developed by a Hong Kong based company, named Rashmi ...

Recently posted. 709 views . 1 min read
 

 Reviews
Top Schools In Noida Extension Area



Recently posted . 1K views . 52 min read
 

 Article
EPF vs PPF: 6 key things you should know before investing

Employees’ Provident Fund (EPF) and Public Provident Fund (PPF) are popular choices when it comes to retirement planning because they keep your investment saf...

Recently posted. 506 views . 1 min read
 

 Article
Soon, enjoy aircraft-like on-board shopping experience on trains! Indian Railways experiments with new service

The Mumbai division, which falls under Central Railway zone of Indian Railways, has proposed on-board shopping service for long-distance train passengers, similar...

Recently posted. 595 views . 1 min read
 

 
 
 

   Prashnavali

  Thought of the Day

“Accept responsibility for your life. Know that it is you who will get you where you want to go, no one else.”
Les Brown

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top