PLEASE SUBSCRIBE FOR FULL REPORT

HOME
Click to download HINDI font.

 
28

Guide to ITR Forms for Assessment Year 2019-20

CA Manoj Gupta

The Income Tax Return forms for assessment year 2019-20 have been notified. The learned author guides about applicable forms, mode of filing and new reporting requirements.

A. Relevant Forms and Mode of Filing

1. Form of return for assessment year 2019-20

Rule 12(1) provides that the return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E) or sub-section (4F) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A relating to the assessment year commencing on 1-4-2019 (i.e., assessment year 2019-20) shall be furnished in the forms specified below :

S. No.

Assessee

Form to be used

1.

In the case of a person being an individual who is a resident other than not ordinarily resident in India where the total income includes income chargeable to income-tax, under the head, --

ITR-1 (SAHAJ)

 

(i) "Salaries" or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57; or

 

 

(ii) "Income from house property", where assessee does not own more than one house property and does not have any brought forward loss or loss to be carried forward under the head; or

 

 

(iii) "Income from other sources", except winnings from lottery or income from race horses and does not have any loss under the head.

 

 

Form ITR-1 (Sahaj) cannot be filed by a person who --

 

 

(I) has assets (including financial interest in any entity) located outside India; or

 

 

(IA)

has signing authority in any account located outside India; or

 

 

(IB)

has income from any source outside India;

 

 

(IC)

has income to be apportioned in accordance with provisions of section 5A

 

 

(ID)

has claimed deduction under section 57, other than deduction claimed under clause (iia) thereof;

 

 

(1E)

is a director in any company;

 

 

(1F)

has held any unlisted equity share at any time during the previous year;

 

 

(1G)

is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;]

 

 

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91;

 

 

(III) has agricultural income exceeding five thousand rupees.

 

 

(IV) has total income, exceeding fifty lakh rupees;

 

 

(V) has income taxable under section 115BBDA; or

 

 

(VI) has income of the nature referred to in section 115BBE.

 

2.

In the case of a person being an individual [not being an individual referred to in 1 above] or a Hindu undivided family where the total income does not include any income under the head business or profession.

ITR-2

3.

in the case of a person being an individual or a Hindu undivided family, who is a resident other than not ordinarily resident, or a firm, other than limited liability partnership firm, which is a resident, deriving [income under the head "Profits or gains of business or profession" and such income is computed in accordance with special provisions referred to in section 44AD, section 44ADA and section 44AE of the Act for computation of such income.

SUGAM
(ITR-4)

 

Form ITR-4 (SUGAM) cannot be filed by a person who --

 

 

(I)

has assets (including financial interest in any entity) located outside India;

 

 

(1A) has signing authority in any account located outside India;

 

 

(IB) has income from any source outside India;