The Central Board of Direct Taxes (CBDT) has released instructions for filing ITR (Income-tax Return) Forms. These instructions are guidelines to help the taxpayers for filing the particulars in Income-tax Return (ITR) Form 1 to 7 for the Assessment Year 2020-21/Financial Year 2019-20.

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CBDT has instructed to the individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc), and agricultural income upto Rs.5000 to file ITR-1 (SAHAJ). It has given further information about the individuals who cannot file ITR Form-1 who is a Director in a company, has held any unlisted equity shares at any time during the previous year, has any asset (including financial interest in any entity) located outside India, has signing authority in any account located outside India, or has income from any source outside India.

Also, an individual who has any income of nature namely Profits and gains from business and professions, Capital gains, Income from more than one house property, and Income under the head other sources which are winnings from lottery activity of owning and maintaining race horses, income taxable at special rates under section 115BBDA or section 115BBE cannot file the said return form ITR-1 (SAHAJ).

CBDT’s instructions stated that any document (including TDS certificate) should not get attached to Return Form-1. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

The return form can be filed electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or Aadhaar OTP, or by sending duly signed paper Form ITR-V – Income Tax Return Verification Form by post. It can also be filed by using the offline modes.

Income Tax Return Verification Form (Form ITR-V) should reach the assessee within 120 days from the date of e-filing the return. Also, the confirmation of the receipt of ITR-V at Centralized Processing Centre will be sent to the assessee on e-mail ID registered in the e-filing account.

And the same method goes in the case of filing of return through offline mode from the designated offices of Income-tax Department, along with duly signed Form ITR-V. This mode of furnishing return is permissible only in case of super senior citizens who is an individual of the age of 80 years or more at any time during the previous year.

With Warm Regards,

CL Bureau.

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