ITR -1 and ITR -4 forms have been notified by the Central Board of Direct Taxes (CBDT). However, the above forms have a few new disclosures to be made if applicable. Here is the list of such disclosures:-
1) Passport Number:- If you hold a passport, you are required to furnish the passport number if you are filing ITR-1/ ITR-4
2) Cash Deposit:- If you have made cash deposits in bank account aggregating to more than Rs. 1 crore in the previous year, the same needs to disclosed in ITR -4
3) Foreign Travel:- If the amount spent on Foreign Travel by you exceeds Rs. 2 Lakhs, the same needs to be disclosed in your ITR.
4) House Ownership:- Those individual taxpayers who jointly own a house property shall not be able to file ITR 1 or ITR 4.
5) Consumption of Electricity:- If aggregate of your electricity bills exceed Rs. 1 Lakh, then in such case the actual amount paid towards electricity bill needs to be disclosed in the Income Tax return.
6) Investments Details (applicable to all ITRs):- If you have made any investment qualifying for deduction under Chapter VI A from 01-04-2020 to 31-07-2020, the same needs to be disclosed separately.
A sample format of ITR-1 and ITR-4 is enclosed for reference.
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