The Central Board of Indirect Taxes on 3rd January 2020 has published the Income-tax (1st Amendment) Rules, 2020 which shall be effective from 1st April 2020, notifying two income tax returns for the assessment year 2020-21.
The Amendment is brought under Rule 12 which deals with Return of income and return of fringe benefit. According to the amendment, if a person own a house property in joint ownership or furnish return under section 139(1), can use ITR 1 or ITR 4 form to file income tax return.
Both ITR-1 & ITR-4 has been substituted by the amendment. While ITR-1 which is also known as “Sahaj” is mainly for salaried individuals, ITR-4, known as “Sugam” is for individuals with business income and also for Hindu Undivided Family (HUF) and partnership firms.
Click here to read the Notification.
