CBDT has released the format of revised form Sahaj (ITR-1) & Sugam (ITR-4) under the Income tax act, 1961 (rules) which will be applicable for the A.Y. 2020-21.
In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:
(1) These rules may be called the Income-tax (1st Amendment) Rules, 2020.
(2) These rules will come into full swing from the 1st April, 2020.
(a) In sub-rule (1)
I. In the opening portion, for the figures “2019”, the figures “2020” shall be substituted; II. In clause (a) in the proviso,- (i) in item (V), the word “or” occurring at the end shall be omitted; (ii) after item (VI), the following items shall be inserted, namely:- “(VII) owns a house property in joint-ownership with two or more persons; or (VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139.”;
III. In clause (CA), - (ii) in the proviso, after item (V), the following item shall be inserted, namely: “(VI) owns a house property in joint-ownership with two or more persons.”
(b) In sub-rule (5), for the figures “2018”, the figures “2019” shall be substituted.