Central Board of Direct Taxes (CBDT) has issued Notification No.01/2020 to amend Income Tax Rules, 1961 to notify the ITR-1 (Sahaj ) and ITR-4 (Sugam) Forms for Assessment Year 2020-21.
The descriptions for forms are laid in the below table:
| Sl No. |
ITR |
Particulars |
| 1 |
ITR-1-Sahaj |
- For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property (single ownership), interest income, Family pension income etc. and agricultural income up to Rs.5 thousand.
- Not for an Individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’ or has to furnish return under seventh proviso to Section 139(1) of the Income Tax Act.
|
| 2 |
ITR-4-Sugam |
- For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh, one house property (single ownership), having income from business and profession which is computed under sections 44AD, 44ADA or 44AE or Interest Income, Family pension etc. and agricultural income upto Rs.5 thousand.
- Not for an individual who is either Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head ‘Income from House Property’.
|
The Notification shall come into force with effect from the 1st day of April, 2020.
Source: Income Tax Department
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