ITR-4 Available for E-Filing for FY 2019-20

ITR-4- Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20

Today i.e. on the 5th of June, 2020, the department has made the Income Tax Return Preparation Software (also known as the income tax return utility) for ITR-4 available on its e-Filing portal for filing the income tax returns.

Starting today, all the taxpayers will be able to file their ITR-4 pertaining to financial year 2019-20.

ITR-4- For individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under section 44AD, 44ADA or 44AE and not for an individual who is either Director in a company or has invested in unlisted equity shares.

Detail change of ITR-4: Click here

Source: https://www.incometaxindiaefiling.gov.in/moreNewsUpdates

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Income Tax Department opens ITR filing window for those using ITR-1 Form for A.Y 2020-21

The Income Tax Department on Tuesday announced that it has opened the window for the filing of income tax returns (ITR) for the Financial Year 2019-20 (Assessment Year 2020-21) for those using ITR-1 form.

Due to the situation arising out of the spread of coronavirus and the nationwide lockdown, the I-T department has delayed the process of issuing ITR forms this year. The ITR filing deadline has also been extended from July 31 to November 30.

Source: Click here

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Income Tax Appellate Tribunal is set to launch an E-Filling Portal

The Government of India vide Letter Dated June 01, 2020, issued an announcement of E-filing Portal. Therefore, in the current times of unique challenges on account of Covid-19 Pandemic, invoking digital strategies have become the most effective way forward for judicial / quasi-judicial institutions all over the world. Prime Minister has been leading the campaign of Digital India and has emphasized that “We must ensure that technology is accessible, affordable and adds value”.

The Standard Operating Procedures (SOPs) detailed guidelines for use of the facility of E-Filing Portal are under consideration and shall be announced once the Portal is hosted on the NIC server after completion of formalities, very soon.

The announcement can be assessed at: click here

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CBDT notifies New Form 26AS i.e. Annual Information Statement w.e.f from June 01, 2020

The CBDT vide Notification dated May 28, 2020, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely—

1. Short title and commencement- (1) These rules may be called the Income-tax (11th Amendment) Rules, 2020. (2) They shall come into force with effect from the 1st June, 2020.

2. In the Income-tax Rules, 1962 –

• (I) rule 31AB shall be omitted;
• (II) after rule 114H, the following rule shall be inserted, namely:-
  “Annual Information Statement"

The Notification can be accessed at: click here

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