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Minor modifications in ITR forms for FY 2020-21, and how they affect ITR-1 Sahaj

This year, taxpayers submitting ITRs for the fiscal year 2020-21 can opt for the New Tax Regime, which has resulted in minimal modifications to all ITR forms except ITR form 7. It must be stated whether or not a tax filer is opting for the new tax regime. Form ITR-1 (Sahaj), a simple statement is required, however for others, a separate form 10 IE or 10IF is required.

For submitting ITR-1 SAHAJ, taxpayers must retain these 9 Checklists of Documents or Information.

  1. Basic Information
  • PAN Card
  • The number on the Aadhaar card

2. Employer’s Form 16 (Salary/Pension) (s)

3. Rental property income

  • Receipt of rent
  • Account statement for an interest deduction on a home loan

4. Additional sources

  • Interest on savings accounts and fixed deposits is shown on the bank statement/passbook.

5. Deduction claim under Chapter VI-A

  • Contribution to PF/NPS 
  • Tuition expenses for your children’s school
  • Receipt for a life insurance premium
  • Charges for stamp duty and registration
  • Repaying the principal on your mortgage
  • Mutual fund investments/Equity Linked Savings Scheme
  • A receipt containing information on donations that are qualified for the 80G 
  • The overall amount of deductions allowed under sections 80C, 80CCC, and 80CCD(1) would be limited to Rs 1.5 lakh.

6. If there is any investment/deposit/payments between April 1, 2020 and July 31, 3030 and want to claim a deduction under Part B of Chapter VIA, fill out Schedule Dl.

7. Tax Payment Information

  • Review the list of the tax payment on your form 26AS.

8. TDS Specifications

  • Verify the TAN information on form 16 (for salary), 16A (non-salary), and 16C, and the amount of credit available (Rent)
  • Tenant’s PAN/Aadhaar number

9. Additional details

  • Agricultural earnings, dividends, and other exempt income 
  • All active bank accounts in India are listed (Minimum one account should be selected for refund credit)
  • If relief under section 89 is required, use Form 10E.

In addition, beginning in the assessment year 2021-22, the Income Tax Department will phase out the Excel and Java versions of ITR utilities in favor of a single JSON utility. ITR 1 through ITR 4 can be filled using a single JSON Utility for AY 2021-22, however, the import of a Prefill file is required in the utility. The offline tool for ITR 1 and 4 may now be downloaded and filled out (AY 2021-22).

NEW ITR FILING DUE DATES FOR F.Y. 2021-2022

Individual taxpayers filing ITR-1 or 4 must file their return for the preceding fiscal year (2020-21), which concluded in March 2021, by July 31, 2021, according to the income tax regulations. The deadline for submitting tax returns in 2020-21 has been extended by the Income Tax Department. The extension of deadlines will reduce some of the burdens on taxpayers. Covid’s second wave is spreading through various Indian states.

Individual taxpayers filing ITR-1 or 4 must file their return for the preceding fiscal year (2020-21), which ended in March 2021, by July 31, 2021, according to the income tax law. The deadline for companies and firms to get their accounts audited is October 31.

Individuals can now file their tax returns for income received during the fiscal year 2020-21 by September 30th, according to the government’s decision to extend the deadline. The Central Board of Direct Taxes (CBDT) has also extended the deadline for reporting ITRs for businesses by one month, to November 30.

The CBDT extended the deadline for companies to issue Form 16 to employees by one month, to July 15, 2021. The deadlines for filing the tax audit report and the transfer price certificate have been pushed back one month, to October 31 and November 30, respectively.

If an assessee fails to file a return of income by the deadline, he or she may file a belated return at a later date with a penalty. The deadline for filing a late or revised income tax return has been extended to January 31, 2022. From May 31, 2021, the deadline for financial institutions to submit the Statement of Financial Transactions (SFT) report has been extended to June 30.

Under section 115BAC of the I-T Act, the government had offered taxpayers the option of choosing a new tax structure for 2020-21. The annual income of up to 2.5 lakh is tax-free under this scheme. Individuals earning between 2.5 lakh and 5 lakh would be taxed at a rate of 5%. Income between 5 and 7.5 lakh will be taxed at 10%, while income between 7.5 and 10 lakh will be taxed at 15%. Those earning between 10 and 12 lakh rupees would pay 20% tax, while those earning between 12 and 15 lakh rupees would pay 25% tax. Income beyond 15 lakh will be taxed at a rate of 30%.

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