Recently, CBDT release a new ITR Sugam Form for AY 2020-21. And, make many changes in such form. Here, we provide you a list of Changes in in New ITR 4 Sugam AY 2020-21. Which can help you to prepare for your Return Documents in advances.
Following are some Changes in New ITR 4 Sugam AY 2020-21:
1.If having Passport, its Number is to be given.
2.If incurred aggregate Expenses exceeding Rs. 2 lakh on Foreign Travel for self or for others, then amount to be specified.
3.If Deposited aggregate amount exceeding Rs. 1 Crore in one or more Current Bank A/cs then aggregate of amount deposited in all such accounts to be specified.
4.If Spent amount Exceeding Rs. 1 lakh on Electricity Consumption then specify such aggregate amount.
5.If any assessee owns property in Co-Ownership then he will Not be eligible to file ITR 1 Sahaj or 4 Sugam.
6.In case of 44AD or 44ADA or 44AE now the assessee will be required to give Opening Balance of Cash in Hand & Bank accounts and also will be required to give total amount Received in Cash during the year total Amount Deposited in bank during the year, Total amount of Cash Outflow out of cash Balance during the year, total amount of Withdrawal from Bank during the year and Closing Balance of cash in hand & Banks.
7.Now there will be NO Need to provide figures of Unsecured Loans, Sundry Debtors, Sundry Creditors, amount of Closing Stock etc. as was required in earlier years.
You can also download the PDF file on New ITR 4 and Form 1 Sugam AY 2020-21 by click on the following button.
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