Changes in Form ITR -1 for AY 2020-21

• August 26, 2020
• CA Chandan Agarwal's Office

Central Board for Direct Taxes CBDT has come up with some changes in ITR Forms for AY 2020-21 like every year. Now taxpayers are requested to answer some more questions of high value transactions like deposits in current accounts more than 1 crore, electricity bills aggregating of more than 2 lakhs, etc.,

Changes in Form ITR -1 Sahaj

Applicability : 

Individuals being Resident ( Other than RNOR)

a) Having total income up-to 50 Lakhs

b) Salary income

c) One house property

d) Other source ( Interest) and

d) Agricultural income up-to 5000.

The Applicability criteria has not changed from earlier.

1) Disclosure of high value transactions