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P C Mody, CBDT Banking & Finance

CBDT Notified Amended ITR Forms For FY 2019-20 & 2020-21

In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and ITR-V forms, as per the rule changes in the Income Tax Rules 2020. The latest changes include taxpayers' declaration in detail if they have paid over Rs 1 lakh in electricity bills in a year, incurred Rs 2 lakh expense on foreign travel, deposited Rs 1 crore in bank account, in forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).

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