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Gist of Income Tax Return (ITR) Forms for A.Y. 2020-21
-CA. Vishnu Barman
Introduction
- Section 139 of the Income Tax Act, 1961 sets the due date criteria for different categories of Taxpayers. However, it does not define the mode and Form for filing of such Income Tax Returns by the Taxpayers.
- Rule 12 of the Income Tax Rules, 1962 defines the criteria and Form of filing the Return of Income for each category of Taxpayer. The Income Tax Department, thereafter notifies such Forms for each Assessment Year, thereby indicating list of particulars to be filled by each Taxpayer.
List of Forms
Srl. No. | Form No. | Type of Taxpayers covered | Type of Income covered |
1. | ITR-1 SAHAJ | Resident Indian Individuals and HUFs | Income from salary, one house property, other sources (interest etc.) and agricultural income up to Rs. 5000. Total income should not exceed Rs. 50 lakhs. No carry forward and set off of Loss allowed in this ITR Form. Further, director of a company or a person holding equity shares in unlisted company cannot file this ITR form. |
2. | ITR-2 | Individuals and HUFs | Having Income other than from business or profession. |
3. | ITR-3 | Individuals and HUFs | Any income other than income computed under Section 44AD, 44ADA and 44AE. |
4. | ITR-4 SUGAM | Individuals, HUFs and firms (other than LLP), being resident | Income from salary, one house property, other sources, income from business or profession computed under Section 44AD, 44ADA and 44AE. However agricultural income can be up to Rs. 5,000. The total income should not exceed Rs. 50 lakhs. No carry forward and set off of Loss allowed in this ITR Form. Further, if Capital Gain income than this ITR form could not be filed. Furthermore, director of a company or a person holding equity shares in unlisted company cannot file this ITR form. |
5. | ITR-5 | Firms, Local Authorities, Artificial Judicial Persons, Body of Individuals, Cooperative Societies, LLP and Association of Persons (Other than Individuals, HUF, Company and person filing Form ITR-7) | Any Income. |
6. | ITR-6 | Companies other than Companies claiming exemption under Section 11 | Any Income. |
7. | ITR-7 | Persons including Companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) only | Any Income. |
8. | ITR-V | Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically | N.A. |
9. | Acknowledgement | Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified | N.A. |
Summary of Changes made in various ITR Forms for A.Y. 2020-21 (other than ITR-V and Acknowledgemnt)
Srl. No. | Form No. | Changes made for A.Y. 2020-21 as compared with A.Y. 2019-20 |
1. | ITR-1 SAHAJ | 1. A new check point is inserted in basic information of ITR 1, mainly to cross confirm the applicability of Seventh proviso to section 139(1) i.e. whether a person have deposited more than Rs 1 crore in current bank account or have incurred Rs 2 lakh on foreign travel or Rs 1 lakh on electricity. 2. New Schedule DI i.e. Details of Investments is inserted at the end of the ITR 1. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. 3. Earlier we have an option to choose any one bank account to claim refund. But now in New Forms, we have an option to choose more than one account to claim refund. But if we opt to choose more than one account, then refund will be credited to one of the accounts decided by CPC after processing the return. |
2. | ITR-2 | 1. A new check point is inserted in basic information of ITR 2, mainly to cross confirm the applicability of Seventh proviso to section 139(1) i.e. whether a person have deposited more than Rs 1 crore in current bank account or have incurred Rs 2 lakh on foreign travel or Rs 1 lakh on electricity. 2. Under Basic information in ITR 2, where assessee needs to disclosed about his directorship in companies or holding of unlisted equity shares, one new disclosure column is added here which is “Type of Company” 3. Introduced New Schedule 112A – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 4. Introduced New Schedule 115AD(1)(b)(iii) proviso – For NON-RESIDENTS – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A. 5. In schedule CFL i.e carry forward of losses, now there is a requirement of bifurcation of loss details in two columns mainly Normal loss and PTI. This specification is require for House Property, Short Term Capital Gains and Long Term Capital Gains. 6. There are some additional disclosures made under schedule PTI, which are as under: ü Investment entity covered by section 115UA/115UB ü Bifurcation of Amount as per following 3 ways: i. Current year income ii. Share of current year loss distributed by Investment fund iii. Net Income/ Loss 7. Now there is separate disclosure for Bank accounts in case of Non- Resident who are claiming income-tax refund and not having bank account in India. Following details will be required to disclose: ü SWIFT Code ü Name of the Bank ü Country of Location ü IBAN Further, same option which is there in ITR 1 i.e. to choose more than one account to claim refund is as it there in ITR 2 as well. 8. New Schedule DI i.e. Details of Investments is inserted. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. The dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to July 31st. |
3. | ITR-3 | 1. A new check point is inserted in basic information of ITR 3, mainly to cross confirm the applicability of Seventh proviso to section 139(1) i.e. whether a person have deposited more than Rs 1 crore in current bank account or have incurred Rs 2 lakh on foreign travel or Rs 1 lakh on electricity. 2. Under Basic information in ITR 3, where assessee needs to disclosed about his directorship in companies or holding of unlisted equity shares, one new disclosure column is added here which is “Type of Company” 3. Now there is new disclosure criteria regarding declaring income under presumptive income scheme such as section 44AE/44B/44BB/44AD/44ADA/44BBA/44BBB 4. There is additional disclosure in Other Information. Point No 11(da) and point No 17 is added. ü Point 11 – Any amount debited to profit and loss account of the previous year but disallowable under section 43B o Sub Point (da) – Any sum payable by the assessee as interest on any loan or borrowing from a deposit taking non-banking financial company or systemically important non-deposit taking nonbanking financial company, in accordance with the terms and conditions of the agreement governing such loan or borrowing ü Point 17 – Whether assessee is exercising option under subsection 2A of section 92CE (Tick – Yes/ No) [If yes , please fill schedule TPSA] 5. Under Depreciation on Plant and Machinery (Other than assets on which full capital expenditure is allowable as deduction under any other section) – New rate option of 45% is added. 6. Introduced New Schedule 112A – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 7. Introduced New Schedule 115AD(1)(b)(iii) proviso – For NON-RESIDENTS – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 8. In schedule CFL i.e carry forward of losses, now there is a requirement of bifurcation of loss details in two columns mainly Normal loss and PTI. This specification is require for House Property, Short Term Capital Gains and Long Term Capital Gains. 9. There are some additional disclosures made under schedule PTI, which are as under: ü Investment entity covered by section 115UA/115UB ü Bifurcation of Amount as per following 3 ways: ü Current year income ü Share of current year loss distributed by Investment fund ü Net Income/ Loss 9. New Schedule – TPSA introduced – Details of Tax on secondary adjustments as per section 92CE(2A) 10. New Schedule DI i.e. Details of Investments is inserted. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. The dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to July 31st. 11. Now there is separate disclosure for Bank accounts in case of Non- Resident who are claiming income-tax refund and not having bank account in India. Following details will be required to disclose: ü SWIFT Code ü Name of the Bank ü Country of Location ü IBAN Further, same option which is there in ITR 1 i.e. to choose more than one account to claim refund is as it there in ITR 3 as well. |
4. | ITR-4 SUGAM | 1. A new check point is inserted in basic information of ITR 4S, mainly to cross confirm the applicability of Seventh proviso to section 139(1) i.e. whether a person have deposited more than Rs 1 crore in current bank account or have incurred Rs 2 lakh on foreign travel or Rs 1 lakh on electricity. 2. New Schedule DI i.e. Details of Investments is inserted. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. Further, same option which is there in ITR 1 i.e. to choose more than one account to claim refund is as it there in ITR 4 SUGAM as well. |
5. | ITR-5 | 1. Under Basic information in ITR 5, where assessee needs to disclosed about his directorship in companies or holding of unlisted equity shares, one new disclosure column is added here which is “Type of Company”. 2. Now there is new disclosure criteria regarding declaring income under presumptive income scheme such as section 44AE / 44B / 44BB / 44AD / 44ADA / 44BBA / 44BBB 3. There is additional disclosure in Other Information. Point No 11(da) and point No 17 is added. ü Point 11 – Any amount debited to profit and loss account of the previous year but disallowable under section 43B ü Sub Point (da) – Any sum payable by the assessee as interest on any loan or borrowing from a deposit taking non-banking financial company or systemically important non-deposit taking nonbanking financial company, in accordance with the terms and conditions of the agreement governing such loan or borrowing ü Point 17 – Whether assessee is exercising option under subsection 2A of section 92CE (Tick – Yes/ No) [If yes , please fill schedule TPSA] 4. Introduced New Schedule 112A – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 5. Introduced New Schedule 115AD(1)(b)(iii) proviso – For NON-RESIDENTS – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 6. In schedule CFL i.e carry forward of losses, now there is a requirement of bifurcation of loss details in two columns mainly Normal loss and PTI. This specification is require for House Property, Short Term Capital Gains and Long Term Capital Gains. 7. Under Computation of income from business or profession, New section “E” is added i.e. Computation of income from life insurance business referred to in section 115B. 8. There are some additional disclosures made under schedule PTI, which are as under: ü Investment entity covered by section 115UA/115UB ü Bifurcation of Amount as per following 3 ways: i. Current year income ii. Share of current year loss distributed by Investment fund iii. Net Income/ Loss
9. New Schedule – TPSA introduced – Details of Tax on secondary adjustments as per section 92CE(2A) 10. New Schedule DI i.e. Details of Investments is inserted. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. The dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to July 31st. |
6. | ITR-6 | 1. Now there is new disclosure criteria regarding declaring income under presumptive income scheme such as section 44AE / 44B / 44BB / 44AD / 44ADA / 44BBA / 44BBB. 2. There is additional disclosure in Other Information. Point No 11(da) and point No 17 is added. ü Point 11 – Any amount debited to profit and loss account of the previous year but disallowable under section 43B ü Sub Point (da) – Any sum payable by the assessee as interest on any loan or borrowing from a deposit taking non-banking financial company or systemically important non-deposit taking nonbanking financial company, in accordance with the terms and conditions of the agreement governing such loan or borrowing ü Point 17 – Whether assessee is exercising option under subsection 2A of section 92CE (Tick – Yes/ No) [If yes , please fill schedule TPSA] 3. Introduced New Schedule 112A – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 4. Introduced New Schedule 115AD(1)(b)(iii) proviso – For NON-RESIDENTS – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A 5. In schedule CFL i.e carry forward of losses, now there is a requirement of bifurcation of loss details in two columns mainly Normal loss and PTI. This specification is require for House Property, Short Term Capital Gains and Long Term Capital Gains. 6. Under Computation of income from business or profession, New section “E” is added i.e. Computation of income from life insurance business referred to in section 115B. 7. There are some additional disclosures made under schedule PTI, which are as under: ü Investment entity covered by section 115UA/115UB ü Bifurcation of Amount as per following 3 ways: i. Current year income ii. Share of current year loss distributed by Investment fund iii. Net Income/ Loss
8. New Schedule – TPSA introduced – Details of Tax on secondary adjustments as per section 92CE(2A) 9. New Schedule DI i.e. Details of Investments is inserted. As we all aware that the income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till July 31st 2020 in view of the coronavirus lockdown. Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till July 31st. The dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to July 31st. 10. Under Computation of income from business or profession, in section “F – Intra head set off of business loss of current year” following point has been added: ü Income from Life Insurance business u/s. 115B 12. Now there is separate disclosure for Bank accounts in case of Non- Resident who are claiming income-tax refund and not having bank account in India. Following details will be required to disclose: ü SWIFT Code ü Name of the Bank ü Country of Location ü IBAN Further, same option which is there in ITR 1 i.e. to choose more than one account to claim refund is as it there in ITR 6 as well.
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7. | ITR-7 | 1. Under basic personal information, four more declarations are added under tab “Details of registration or approval under the Income-tax Act (Mandatory, if required to be registered)” ü Whether Application for registration is made as per new provisions ü Section under which the registration is applied ü Date on which the application for registration/approval as per new provisions is made ü Section of exemption opted for under the new provisions 2. There are some additional disclosures made under schedule PTI, which are as under: ü Investment entity covered by section 115UA/115UB ü Bifurcation of Amount as per following 3 ways: i. Current year income ii. Share of current year loss distributed by Investment fund iii. Net Income/ Loss 3. Removed following two points from Part B (Total Income): ü Corpus donation to other trust or institution chargeable as per Explanation 2 to section 11(1) ü Deduction u/s 10AA 4. Added new point under Part B – Computation of tax liability on total income: ü Net tax payable on 115TD income including interest u/s 115TE (Sr.no. 12 of Schedule 115TD) 5. Now there is separate disclosure for Bank accounts in case of Non- Resident who are claiming income-tax refund and not having bank account in India. Following details will be required to disclose: ü SWIFT Code ü Name of the Bank ü Country of Location ü IBAN Further, same option which is there in ITR 1 i.e. to choose more than one account to claim refund is as it there in ITR 6 as well.
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