NEW DELHI: If you have spent more than Rs 2 lakh on foreign travel, paid Rs 1 lakh in electric bills, deposited Rs 1 crore in your bank account in a financial year, then you cannot opt for the simpler ITR-1.
According to the new forms for assessment year 2020-21 notified last Friday, those owning a property jointly can can’t use either ITR-1 or ITR-4. Such taxpayers will have to use different forms, which will be notified in due course. Individuals “who own a house property in joint ownership with two or more persons” must now furnish a return of income, the notification said.
The tax department has also tweaked the ITR forms to collect new details such as passport number and foreign travel expenses.
ITR-1 is meant for individual taxpayers earning up to Rs 50 lakh a year, having income from salaries, one house property (single ownership), interest income, family pension income, etc. ITR4 is for resident individuals, HUFs and firms other than LLP with total income up to Rs 50 lakh, presumptive income from business and profession.
Usually, ITR forms are notified in the first week of April of the relevant assessment year. However, the tax department notified ITR-1 and ITR-4 on January 3.
ITR forms
Every year, seven ITRs — from ITR-1 to ITR-7 — are issued. For AY 2020-21, ITR-1 and ITR-4 have been already notified; the remaining forms will either be notified with changes or re-issued with no changes