E-filing the income tax. returns

Form ITR-4 or Sugam:

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. Not for an individual who is either Director in a company or has invested in unlisted equity share.??

Latest Update of?new disclosures asked in the new ITR forms are.

  1. House ownership:-Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
  2. Passport:-One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
  3. 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.
  4. Foreign travel:- If you have spent more than Rs 200000 on travelling abroad during the FY, you need to disclose the actual amount spent.
  5. Electricity consumption:- If your electricity bills have been more than Rs 100000 in aggregate during the FY, you need to disclose the actual amount.
  6. Investment details:-Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.

For 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 November 30, 2020 due to pandemic Covid-19.