Key Changes in ITR Forms for AY 2020-21

By: easeurbusiness.in
 
NOIDA, India - June 28, 2020 - PRLog -- The Central Board of Direct Taxes (CBDT) notified the changes in ITR Forms for AY 2020-21 in the last week of May 2020.  We easeURbusiness always believe in updating our clients with the latest changes so that there is an ease in ITR Filing.
The income tax department released ITR forms for the AY 2020-21 (Assessment Year 2020-21).
Before understanding the key changes in ITR Forms for AY 2020-21, let's go to the brief of ITR Forms.

The ITR forms are:

ITR 1 (Sahaj)– This form is also known as SAHAJ. This form is mainly for the salaried individuals earning up to 50 lakhs annually.

ITR 2– This forms for individuals and HUFs not having income from profits and gains of business or profession.

ITR 3-This forms for individuals and HUFs having income from profits and gains of business or profession.

ITR 4 (Sugam) – This form is also known as Sugam, it is meant for individuals, HUFs, and firms (other than LLP) having total income up to ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Individuals who are either director in a company or have invested in unlisted equity shares are barred from using this form to file ITR.

ITR 5 –  This forms for persons other than individual, HUF, company, and the person filing ITR 7 form.

ITR 6 – This forms for companies other than companies claiming exemption under section 11.

ITR 7 – This forms for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

Read More:

https://www.easeurbusiness.in/what-are-the-key-changes-in-itr-forms-for-ay-2020-21/

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