2 changes in the Income Tax return filing procedure
Posted on: 06/Jan/2020 1:55:51 PM
2 changes have been incorporated in the procedure to file the Income Tax Returns by an individual or collective property owners.
As a general practice, individuals have to file their yearly income tax returns during April as formalized and insisted by the government.
Accordingly, for the filing of the individual/group Income Tax Returns Filing for the year 2020-21, the government has announced the procedure for filing Income Tax with 2 changes.
As per this, individuals who are the joint property (house) owners cannot attach ITR-1 or ITR-2 forms. In a similar measure, the individuals who have more than Rs. 1 Crore in their bank savings accounts or the expenses for a foreign trip or those who pay Electricity bills for amounts over Rs. 1 Lakh, ITR-1 form would not be suitable for them.
So, the categories of individuals mentioned above have to file different Income Tax filing return forms and submit.
For individuals with an annual income of over Rs. 50 lakhs, ITR-1 form will not be suitable. For industrialists with an annual income less than Rs. 50 Lakhs, and the monthly-salaried category of employees, only ITR-1 form will be suitable for filing the Income Tax Returns (2020-21).
This is as per the latest announcement in this regard by the IT department.
