Central Board of Direct Taxes (CBDT) has notified Tax filers who own house property in joint ownership with two or more persons can’t use these forms; high spenders also cannot use these forms
The Central Board of Direct Taxes (CBDT) has notified two income tax return forms—SAHAJ (ITR-1) and SUGAM (ITR-4)—for certain individuals with regard to assessment year 2020-21.
While ITR-1 is mainly for salaried individuals, ITR-4 is for individuals with business income and also for Hindu Undivided Family (HUF) and partnership firms.
Commenting on the latest CBDT move, Amit Maheshwari, Partner, Ashok Maheshwary & Associates LLP, a CA firm, said :”The ITR forms have been notified well in advance in order to give taxpayer more time to collate various information and file returns on a timely basis. This seems to be done to deter taxpayer from seeking extensions every year”.