1) If you have taxable income as dividend from domestic companies, you are not eligible to file ITR-1 form.
2) Those with joint ownership of a house property cannot file ITR-1 or ITR-4.
3) Taxpayers need to answer the following questions related to deposits in current accounts, foreign travel and electricity bills in all the ITR forms:
a) “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?”
b) “Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?”
c) “Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?”
4) The income tax department has allowed taxpayers the laxity of making certain tax saving investments for FY 2019-20 till 30th June 2020 in view of the corona-virus lock-down.
Deductions under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (mediclaim) and 80G (donations) will now be allowed for spending till June 30th. The dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to June 30.
The new ITR forms seek details of all these investments and payments made in between April and June for claiming tax deduction.
