The Income Tax Department on Sunday notified two income-tax returns for assessment year 2020-21 three months in advance, bringing more individuals into the mandatory return filing net.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity.
ITR 1-Sahaj is for individuals having an annual income of up to Rs 5 million from salaries, a house, interest income, family pension income, etc. The form will require passport details.
ITR 4-Sugam is for individuals who have an annual income of up to Rs 5 million, but have a house, deposited more than Rs 1 crore in a bank account or incurred Rs 200,000 on foreign travel or Rs 100,000 on electricity, said Naveen Wadhwa, deputy general manager, Taxmann.
