Faqs On Income Tax Returns For Assessment Year 2020 21

The Central Board of Direct Taxes (CBDT) has notified 7 Income-tax Return (ITR) Forms. These ITR Forms will be applicable for the Income-tax return to be filed in respect of Assessment Year 2020-21. This publication contains 74 important FAQs to assist the taxpayers and tax professionals to file the accurate return of income. Some of the key FAQs are as under: 1. Classification of ITR forms based on Income and assessee; 2. FAQ on how to exercise the option for lower tax regime under section 115BAA and 115BAB; 3. FAQ on how to determine the residential status if assessee couldn’t travel due to Covid-19; 4. FAQ on exemptions and deductions to be available for the expenses or investments made during the extended period; 5. FAQ on TDS Mismatch; 6. FAQ on the taxability of income of a deceased assessee; 7. FAQ on Aadhaar and PAN linking.

The CBDT has released new Income-tax Return (ITR) Forms for the Assessment Year 2023-24 vide Notification No. 04/2023, dated 10-02-2023, and Notification No. 05/2023, dated 14-02-2023. No significant changes have been made to the ITR Forms compared to last year’s. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made. These ITR Forms will be applicable to file income tax returns in respect of income earned during the period 01-04-2022 to 31-03-2023. The applicability of the ITR forms for different taxpayers remains unchanged, and small taxpayers can still use the simple ITR forms (ITR 1 and ITR 4) without any additional conditions. However, ITR-1 can’t be filed by an individual who is otherwise not liable to file but has to file because of depositing more than Rs. 1 crore in one or more current accounts. Taxmann’s Advisory & Research Team has prepared 73 FAQs on filing ITRs and bifurcated those into various categories.

The CBDT has notified the Income-tax Return (ITR) Forms (‘New ITR Forms’) for the Assessment Year 2022-23 vide Notification No. 21/2022, dated 30-03-2022 & Notification No. 23/2022, dated 01-04-2022. These ITR Forms will be applicable to file income tax returns in respect of income earned during the period 01-04-2021 to 31-03-2022. In this article, we have prepared 63 FAQs on the filing of ITRs and bifurcated those into various categories. Key Highlights 1. Applicable ITR forms for Assessment Year 2022-23, their applicability, and due dates. 2. When is it mandatory to file the return of income for an individual or HUF? 3. Under what circumstances is a non-resident exempt from filing a return of income? 4. What is an updated return and who is eligible to file it? 5. What should be the ‘relevant accounting period’ for reporting foreign assets in Schedule FA? 6. What is the meaning of Financial Interest? 7. What is Annual Information Statement (AIS) and how to access it? 8. How to report the “cost of acquisition” and “sale consideration” in case unlisted equity shares have been held during the year by way of gift, will, amalgamation, etc.? 9. Whether property and buyer information is required to be reported under the Capital Gain Schedule if such property is situated outside India and sold to a non-resident? 10. How to claim TDS credit in ITR if the deductor didn’t deposit TDS?

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