31.May.2020 CBDT has notified new Income Tax Return.

15.May.2020 Updated TDS Rate Chart For Financial Year 2020-2021 Assessment year 2021-2022.

15.May.2020 Updated TCS Rate Chart For Financial Year 2020-2021 Assessment year 2021-2022.

15.May.2020 Due Date Tax audit from 30th September 2020 to 31st October 2020.

15.May.2020 Due date of all IT Return filings extended from July 31 to November 30.

Investment details:-Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from Apto June 30, 2020.įor every assessment year, there will be a levy up to Rs 10,000 under Section 234F last date for filing tax returns is July 31, However, this year ITR filing date has been extended till Novemdue to pandemic Covid-19.

Electricity consumption:- If your electricity bills have been more than Rs 100000 in aggregate during the FY, you need to disclose the actual amount.

Foreign travel:- If you have spent more than Rs 200000 on travelling abroad during the FY, you need to disclose the actual amount spent.

Cash deposit:-For those filing? ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.

Hopefully, it will be made mandatory in other ITR Forms as and when they are notified. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam.

Passport:-One needs to disclose the Passport number if held by the taxpayer.

House ownership:-Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.

Latest Update of?new disclosures asked in the new ITR forms are. Not for an individual who is either Director in a company or has invested in unlisted equity share.? For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

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