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News INCOME TAX

  • Nov 21, 2020
  • Income Tax Return filing: Tax changes to keep in mind while filing ITR for AY2020-21

    The ITR filing due date for AY 2020-21 stands extended to 31 December 2020, and 31 January 2021 for tax audit cases. The ITR forms notified carry some significant changes such as in reporting requirements, tax deductions and changes introduced in Budget 2019. Taxpayers should bear in mind these changes while filing their ITR for AY 2020-21 (FY 2019-20).

    The Budget 2019 introduced interchangeability of PAN and Aadhaar. An individual who does not have a PAN can quote Aadhaar number at various places in the ITR. For example, the ITRs enable quoting of Aadhaar in the case of a buyer of immovable property, a tenant while reporting income from house property, ITR filing by representative assessee etc.

    The ITR also incorporates new criteria introduced for mandatorily filing of tax return even though the gross total income of the individual is below the basic exemption limit. The compulsory filing is applicable in case any of the below criteria are satisfied:

    1. Deposited in one or more current account(s) an amount or aggregate of amounts exceeding Rs 1 crore during the FY 2019-20

    2. Expenditure on travel to a foreign country incurred of an amount exceeding Rs 2 lakh in aggregate for self or any other person