Major Rollback by CBDT in respect of very first notification of year 2020

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Major Rollback by CBDT in respect of very first notification of the year 2020

Within days after notifying the New ITR Forms, CBDT vides a release the date 09/01/2020.
has rolled back the non-applicability clauses which were inserted through Notification date 03/01/2020. by amending Rule 12 of the Income-tax Rules, 1962.

This gives major relief to taxpayers who jointly own House property or to those High spenders who have spent on Electricity excess of Rs 100000 and Rs 200000 respectively by allowing them to avail the benefit of ITR 1 & ITR 4.can now be availed by Joint property owners who wish to file their return under Presumptive taxation scheme.

Format From CBDT related to Change in Taxation Scheme :

  1. Now in ITR Form, it will ask Whether You have an Indian passport Or International Passport. If you hold an international Passport then you have to mention the Passport number in both ITR i.e ( ITR 1 Or ITR 4 ).
  2. Additionally in ITR 4, a major  Finacial detail is that the figure in Cash Or Bank is should be mention in detail.
  3. Now there is no requirement to give the other Financial details of Unsecured Loans, Sundry Debtors and Creditors, Closing Stock which were required to be provided earlier in ITR-4.

This will allow the taxpayers to start filing their ITR for FY 19-20 from 1st April 2020 itself so that the compliance by all get smoothly completed by the due date i.e. 31st of July 2020


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