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ITR form for AY 2020-21 release check Schedule D1 Eligibility

ITR form for AY 2020-21 release

Income Tax department releases a new ITR form for AY 2020-21. The ITR1 and ITR4 forms for AY 2020-21 are available on the website filling.

The income Tax Department has informed that the return filing is currently available only for those who wish to file ITR1 and ITR4 for AY 2020-21. The Excel and Java utility for both forms are available on the Income-tax website rest form will be available soon. You can download ITR form from here,

The ITR1 form or Sahaj is largely used by salaried individuals. Sahaj is for individuals being a resident (other than not ordinarily resident) having a total income up to Rs. 50 Lakh, having income from salary, one house property(single ownership), interest income. It is not for an individual who is either Director in a company or has invested in Unlisted Equity Shares.

Last Date for Filling of ITR Return

In last month our Finance Minister Nirmala Sitharaman had already announced that the last date for income tax return filing for AY 2020-21 has been extended to November 30, 2020, from July 31 of 2020.

The FM also extended the date of payment of advance tax for FY 2019-20 to June 30, 2020. The government also extended the deadline for issue form 16.

Finance Minister also extended last for of Income Tax of AY 2019-20 from March 30 to June 30.

Schedule DI of ITR form – Details of Investment

It is also to be noted that ITR 1 or Sahaj Form was notified by the government in January 2020, however, they have been reissued now. The ITR 1 form that has been reissued carries information on investments made between April 1 and June 30. This is captured in Schedule DI – Details of Investment wherein the taxpayer has to furnish details about tax savings investments made between 1.04.2020 till 30.06.2020. “The new ITR forms also require taxpayers to furnish details of tax-saving investments/ donations made from 01st April 2020 to 30th June 2020 for the FY 2019-20 separately, in terms of relaxation granted by Government due to COVID-19 and subsequent lockdown.