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13.06 - 15:06
Income tax department issues new ITR forms. What has changed this year
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NEW DELHI : Bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial year 2019-20 (Assessment Year 2020-21).
In a notification, the finance ministry issued ITR 1 (Sahaj), ITR-2, ITR-3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR-V. The income tax department had earlier withdrawn the ITR form 1 and ITR form 4 to incorporate changes made in income tax related in the wake of the Covid pandemic. "The new forms require a separate table to disclose tax saving investment made in Q12020 for availing them in FY 2019-20.
Taxpayers must assess their tax liability for FY 2019-20 and make sure they are maximising their Section 80C benefits if not already done so," Archit Gupta,
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