Home > Income Tax > Help Center > New ITR Forms 2019-20Last Updated: Aug 29th 2022
The Income Tax department has released new Income Tax Return Forms ITR-1(also known as Sahaj), ITR-2, 3, 4S, 5, 6, 7 for AY 2019-20.
ITR Forms are Income Tax Return Forms that are defined by CBDT (Central Board of Direct Taxes), Department of Revenue, Ministry of Finance, Government of India has defined 7 types of Income Tax Return Forms that are applicable according to the status of Taxpayer, type of Income, and amount of Income.
Income Tax Department seems to have focused on increasing Tax Net, reducing Tax Evasion, and inter-connect Indirect Taxes with Direct Taxes, which was introduced last assessment year but quickly withdrawn due to GST not being fully aligned with Financial Year.
In addition to above changes, tax payers with foreign assets are mandated to disclose details of foreign accounts, foreign equity, debt, and foreign cash value insurance or annuity contracts, along with details of overseas bank accounts. While this was the same, but an additional emphasis was made to disclose such.
While no major changes on the due dates, below are the dates to remember.
Overall, AY 2019-20 would be a coordinated effort to bring more connected information from all three major entities,
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.