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NEW ITR FORMS FOR AY 2020-2021

NEW INCOME TAX RETURN FORMS

ITR 1

FOR INDIVIDUAL
  • ·        SALARY INCOME, ONE HOUSE PROPERTY
  • ·        OTHER SOURCE
(TOTAL INCOME upto RS.50LAKH)

THIS FORM IS FOR INDIVIDUALS AND HUF’s NOT HAVING INCOME FROM PROFITS AND GAIN OF BUSINESS OR PROFESSION.

FOR INDIVIDUALS AND HUF’s  HAVING INCOME FROM PROFITS AND GAIN OF BUSINESS OR PROFESSION.

ITR 4
FOR INDIVIDUAL AND HUF’s WITH PRESUMPTIVE INCOME FROM BUSINESS OR PROFESSION.

ITR 5
FOR PERSONS OTHER THAN (1)INDIVIDUALS, (2)HUF, (3)COMPANY AND (4)PERSON FILING FORM IRT-7.

ITR 6
FOR COMPANIES OTHER THAN COMPANIES CLAIMING EXEMPTION UNDER SECTION 11.

ITR 7
FOR PERSONS INCLUDING COMPANIES REQUIRED TO FURNISH RETURN UNDER SECTIONS 139(4A) OR 139(4B) OR 139(4C) OR 139(4D) ONLY.

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Should you get ready for a lockdown tax ?

Should you get ready for a lockdown tax ?

Tax

The protracted war against the corona virus is affecting government coffers, leading to states wanting to raise taxes as much as possible in an effort to offset some deficits.

Sealed borders


With each state’s borders sealed, the risks of smuggling have been ruled out, leaving the states free to drastically raise taxes.

Back to back hikes


For example, one day after the 25% hike in the state of Andhra Pradesh, the price of liquor was increased by another 50%. The new hike is expected to add an additional revenue of Rs 9,000 crore per year.

Fuel

As oil prices continue to decline around the world, governments have decided to raise fuel prices at a lower cost; For example, petrol in Delhi rose by Rs 1.67 per liter and diesel by Rs 7.10 per liter.

Other options

There are other hikes available to governments – entertainment tax, municipal tax and registration fees on local panchayat chess, cars and property – that can be enforced at any time.