Download Income Tax Return Forms AY 2020-21 – ITR-1 Sahaj ITR-4 Sugam

This time well in advance, CBDT notified the forms for ITR AY 2020-21. You can download Income Tax Return Forms AY 2020-21. As of now, CBDT notified the ITR-1 (Sahaj) and ITR-4 (Sugam).

The new ITR forms in PDF format are available. However, the excel utilities (or) Java Utilities for AY 2020-21 will soon be made available on E-filing website.

Before jumping to understanding the new forms, let us first understand the income tax slabs for FY 2019-20 or AY 2020-21 from the below image.

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Points to consider before filing ITR for AY 2020-21 (FY 2019-20)

# You have to consider the standard deduction of Rs 50,000 in lieu of travel, medical expense reimbursement, and other allowances for salaried employees and pensioners. (Earlier it was Rs.40,000).

# If your total income is less than Rs.5,00,000 you no need to pay any tax. Because in Budget 2019, the Government revised the Sec.87A. Refer the earlier post ” Revised Tax Rebate under Sec.87A after Budget 2019“.

Download Income Tax Return Forms AY 2020-21 – Which forms to use?

As of now, CBDT Notified the ITR-1 Sahaj and ITR-4.

ITR 1 (Sahaj) Form For AY 2020-21

This form can be used only for the income generated during FY 2019-20

You can use this form in case-

# Salary or Pension Income

# Earlier CBDT made it usable for those who have income from one house property (excluding cases where the loss is brought forward from previous years). However, it again rolled back to it’s earlier notification and allowed taxpayers.

# No business income / no Capital gains

# No asset in a foreign country or no income from a source outside India

# Agricultural  income which is less than Rs 5,000

# Income from other sources like FD/Shares/NSC etc.,

# No income from lottery or horse racing.TR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income up to Rs 50 lakh and who is receiving income from salary, one house property / other income (interest, etc.).

You can’t use this form in case-

You can’t use this form in case-

# If you deposited more than Rs.1 crore in a bank account or have incurred Rs.2 lakh or Rs.1 lakh on foreign travel or electricity respectively

#If your total income for the assessment year 2018-19 exceeds Rs.50 lakh;

#  Income from more than one house property;

#  Income from winnings from lottery or income from Racehorses;

# Income taxable under section 115BBDA;

#  Income of nature referred to in section 115BBE;

#  Income under the head “Capital Gains”;

#  Agricultural income in excess of Rs.5,000;

# Income from Business or Profession;

# Loss under the head ‘Income from other sources’;

# Person claiming relief under section 90 and/or 91;

# Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India;

Download ITR-1 Sahaj for AY 2020-21 FY 2019-20

ITR 4 Form Sugam For AY 2020-21

This form can be used by individuals who have;

# 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

# No Capital Gains

# Agricultural Income which is less than Rs 5k

# No asset in a foreign country or no income from a source outside India

# Income from one house property

# Income from other sources

You can’t use this form in case-

# Earlier CBDT made it usable for those who have income from one house property (excluding cases where the loss is brought forward from previous years). However, it again rolled back to it’s earlier notification and allowed taxpayers.

Download ITR-4 Sugam for AY 2020-21 FY 2019-20

As of now, CBDT notified ITR1 Sahaj and ITR-4. I will update this section as and when the CBDT notifies the other forms. Also, do remember that as the forms have been notified without the return filing utility, the taxpayer, who is required to file the return before the previous year ends, cannot do so until the return filing facility is activated on the e-filing portal.