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Tax Optimizer (TO) helps you reduce your tax outgo and achieve financial goals by availing maximum tax deductions.

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Tax Optimizer (TO) is an all-in-one tool for your tax and financial planning plus investment
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TO service delivery process:

  •  Based on employee docs received, a draft TO report with recommendations is shared with the customer via email
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10 Changes ITR -1 Sahaj for AY 2020-21

Frequently Asked Questions

What’s the extended due date for filing ITR for FY 2019-20 without late fee?

The income tax department has extended the due date for filing income tax return from July 31 to November 30, 2020 due to Covid 19. The due date has been extended for others than ITR 1 as well.

How to claim the tax benefit of the investment made between April –June 2020 for last financial year due to Covid 19?

In the new ITR forms, a new Schedule DI has been inserted to seek details of the investment, deposit and payments made during the extended period due to Covid 19 till June 2020 for claiming deduction under Chapter VI-A or for rollover of investment in the Financial Year 2019-20,

Do I need to declare passport details in ITR for FY 2019-20 (AY 2020-21)?

Yes, from this year ITR-1 and ITR-4 seek passport details from resident persons having an Indian passport. The following options have been inserted in the new forms:

  1. a) Do you have a valid Indian passport?
  2. b) If yes, provide the passport number

The very reason for seeking passport details is to match the travel expense incurred by person and his declared income. Thus, reducing the chances of tax evasion by taxpayers not declaring full taxable income.

Is tenant detail i.e. Name, PAN mandatory while declaring rental income from let out property?

Yes, If you have rented out a property, then you will have to provide name and Aadhaar or PAN details of your tenant, if available. It is yet to be seen whether ITR-1 form utility will allow the taxpayers to file the tax return without providing tenant details in case of let-out of property. The field has been introduced and it appears that it will be mandatory in new ITR-1

Is there any other change in ITR?

A separate column has been introduced under ‘Income from other sources’ for deduction u/s 57(iv) – in case of interest received on compensation or enhanced compensation under section 56(2)(viii).

Who cannot file ITR 1 now due to changes in income tax for AY 2020-21?

ITR-1 cannot be used by a person falling under two categories w.e.f. AY 2020-21:

  1. A) who owns a house property in joint-ownership and
  2. B) who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that is, payment of electricity bill in excess of Rs 1 lakh, a deposit of more than Rs 1 crore in one or more current accounts, etc.
  3. C) An individual with a brought forward/carry forward loss under the head ‘Income from house property’ can no longer use ITR-1 to file his/her income tax returns.

Can I claim deduction for donation made between April –June 2020 while filing previous year i.e. FY 2019-20 ITR and get refund?

The new ITR forms require taxpayers to furnish details of tax saving investments/ donations made during 01st April 2020 to 30th June 2020 for the FY 2019-20 separately, in terms of relaxation granted by Government due to COVID-19 and subsequent lockdown.  Please note that the deduction allowed by employer in form 16 need not to be entered after upload of form 16 at Taxspanner as it fetches the same automatically. However, few other missing fields must be completed before submission of ITR for e-filing.

Do we need to fill the complete address of self occupied property and let out property in ITR from FY 2019-20?

Yes, you will now have to provide the complete address of your house property in ITR-1. Earlier, taxpayers were only asked to select between the options of ‘Self-occupied’ and ‘Let out’, but now they have to provide the complete address of their property.

Do we need to declare the rent due but not received during the FY 2019-20?

Yes, if during FY 2019-20, you have not received the rent which was due to you, then such details are also required to be provided. Up to Assessment Year 2019-20, taxpayers filing return in ITR-1/4 were required to reduce the amount of unrealised rent from rent received/receivable and were required to mention the net amount only.
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