CBDT provides relaxation in the eligibility conditions for filing of ITR Form -1 and ITR Form – 4 for AY 2020-21
Reference to the trail mail.
Press Information Bureau (PIB) has issued a Press Release dated 9th January, 2020 to inform that Central Board of Direct Taxes has granted relaxation in the eligibility conditions for filing of Income-tax return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment year 2020-21 that were notified vide Notification 01/2020 dated 3rd January, 2020.
As per the relaxation granted, a person who jointly owns a single house property shall be allowed to file his/her return of income in simplified ITR-1 or ITR-4 Form, instead of filing of detailed ITR Form as may be applicable, if he/she meets the other conditions for filing simplified ITR-1 or ITR- 4. It has also been decided to allow a person other than a company or a firm who is not required to furnish a return, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year has not exceeded the maximum amount which is chargeable to income-tax and who during the previous year-
(i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
(ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
(iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity or
(iv) fulfils such other conditions as may be prescribed
are required to furnish a return of his income on or before the due date in ITR-1 Form.
Notification in regards is still awaited.
Source: Press Information Bureau