[ecis2016.org] In significant changes in income tax return filing forms, individual taxpayers owning house property in joint ownership, 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, 2020, notified the tax return forms for assessment year 2020-21 (income earning year April 1, 2019 to March 31, 2020). According to the notification, two major changes in the ITR forms have been effected. First, an individual taxpayer cannot file the return, either in ITR-1 or ITR-4, if he is a joint owner in a house property. Secondly, ITR-1 form is not valid for those individuals who have deposited more than Rs 1 crore in bank account or have incurred Rs 2 lakhs or Rs 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.
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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.
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Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakhs, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakhs and having presumptive income from business and profession.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
