Today i.e. on the 26th of June, 2020, the income tax department has made the ITR Preparation Software (also known as the income tax return utility) for ITR-2 available on its e-Filing portal for E-filing the income tax. returns.

CBDT has notified new Income Tax return (ITR) forms for the assessment year of 2020-21

The Central Board of Direct Taxes (CBDT) has notified Income Tax return (ITR) forms for the assessment year of 2020-21. The income earned during the financial year 2019-20 has to be assessed in the assessment year 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 has come out with Income-tax Rules, 2020, which shall come into force with effect from the date of publication in the Official Gazette. i.e 29th May 2020.

Form ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession] Form ITR-2 in PDF Format for AY 2020-21/FY 2019-20

Changes in Form ITR-2 for AY 2020-21

  1. Deposited more than Rs 1 crore in current bank account or have incurred Rs 2 lakh on foreign travel or Rs 1 lakh on electricity.
  2. Type of Company.
  3. Introduced New Schedule 112A.
  4. Introduced New Schedule 115AD(1)(b)(iii) proviso for NRI.
  5. Schedule CFL i.e carry forward of losses,( update).
  6. Schedule PTI (additional disclosures).
  7. Separate disclosure for Bank accounts in case of Non- Resident.
  8. Inserted for new Schedule DI i.e. Details of Investments.