Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr

If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses

The income-tax (I-T) department has made significant changes to the I-T return (ITR) filing forms for the Assessment Year (AY) 2020-21. Every year, the tax department notifies these forms around April. This year, it has already notified the two ITR forms for AY2020-21. There are some significant changes that everyone needs to know about. Archit Gupta, chief executive officer, ClearTax, says. “The simple-to-use ITR 1 and ITR 4 are no longer available to those incurring high-value transactions by way of bank deposits, electricity expenditure, and foreign travel.”

Who is the ITR 1 for?

Mumbai-based chartered accountant Gopal Bohra, partner, NA