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New Income Tax filing rules: Government makes filing returns for high-value transactions mandatory, extends timelines

The Centre had earlier withdrawn two I-T returns (ITR-1 and ITR-4), which were notified in January, to allow for the changes due to COVID-19. It extended various timelines under the Income-tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

June 01, 2020 / 10:47 PM IST

The government has said that it is mandatory for assessees to file I-T returns for high value transactions such as deposits in current account worth over Rs 1 crore, electricity bill payment of Rs 1 lakh or more and spending on foreign travel of Rs 2 lakh and above, even if their income is below the taxable limit.

In a notification, the income tax department also revised the I-T return forms to allow assessees to avail benefits of various timeline extensions granted by the government following the COVID-19 pandemic.

The Central Board of Direct Taxes (CBDT) on May 30 notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21 (income earned between April 1, 2019 to March 31, 2020).

The new ITR forms also require taxpayers to furnish details of tax saving investments/donations made during June 2020 for the 2019-20 separately.