Income Tax Statement Form Assessment Year 2020 21

Points to consider before filing itr for ay 2020 21 fy 2019 20.

Income tax statement form assessment year 2020 21. Form 16 is also known as the income tax calculator and it consists of two parts part a and part b if you want to file it returns for the financial year 2019 20 in the assessment year 2020 21 then you can easily calculate your net income tax return amount by using the above form 16 excel format. 5 lakh to a 25 per cent hike in standard deduction applicable to the salaried and pensioners the budget 2019 proposes few key changes to income tax laws. For financial year 2019 20 vide notification no. Cbdt has released form sahaj itr 1 for a y.

How to calculate income tax for assessment year 2020 21. Availing housing loan and repaying them also accrues tax exemption as per the income tax act and hence homebuyers have preferred to avail such finances. The finance ministry recently notified the income tax return itr forms itr 1 sahaj and itr 4 sugam for the a y 2020 21 to ensure that the e filing facility for filing of return for. Sahaj itr 1 for a y.

The income earned during the financial year 2019 20 has to be assessed in the assessment year 2020 21. The central board of direct taxes cbdt has notified the income tax return itr forms 1 and 4 for the assessment year 2020 21. From the announcement of a full tax rebate on an annual income up to rs. These itr forms will be applicable for filing of income tax return in respect of income earned during the previous year 2019 20 between 01 04 2019 to 31 03 2020.

The income tax return itr filing deadline for the financial year 2019 20 assessment 2020 21 earlier would have ended on november 30 2020. 2020 21 is applicable for individuals being a resident other than not ordinarily resident having total income upto rs 50 lakh having income from salaries one house property single. 01 2020 income tax dated 3rd january 2020. Before jumping to understanding the new forms let us first understand the income tax slabs for fy 2019 20 or ay 2020 21 from the below image.

However the excel utilities or java utilities for ay 2020 21 will soon be made available on e filing website. 2020 21 format for assessment year 2020 21 i e. Further knowing about these home loan tax exemption and benefits will help individuals in calculating the income tax for the assessment year 2020 21 with accuracy. If your income falls by a further 15 or more you can apply for another current year income assessment.