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Income Tax Return filing: New ITR forms for FY2019-20 – Know which one is for you Taxpayers should note that the due date for filing income tax returns (ITR) for FY 2019-20, which is usually July 31 or October 31, depending on the type of taxpayer, has been extended to November 30, 2020 for all classes of taxpayers. A taxpayer must also know the ITR form applicable to it, depending on status of the taxpayer, nature of income earned and threshold limit, whether taxpayer is a director or shareholder in a company, etc. To kickstart the process of ITR filing for FY 2019-20, recently, the Central Board of Direct Taxes (CBDT) notified the new return forms for FY 2019-20. Seven forms, ITR-1 to ITR-7, have been prescribed for different types of taxpayers. Here we explain notable aspects of different ITR forms which taxpayers need to consider while filing ITRs. SARAL AND SAHAJ The most simple form, ITR-1 (Sahaj) can be filed by an ordinarily resident individual whose total inco

You won’t get 5000 OD facility if your PMJDY is not attached to Aadhaar Jan Dhan Yojana:  The  Pradhan Mantri Jan Dhan Yojana  (PMJDY) is one of the most ambitious financial inclusion programmes being launched by the Narendra Modi Government because PMJDY has benefits beyond financial inclusion. But, very few Jan Dhan account holders are aware that their account gives overdraft facility up to Rs 5,000 provided their account is attached with their Aadhaar card. According to tax and investment experts, if a PMJDY account holder hasn't attached Jan Dhan Khata with Aadhaar card, then the overdraft facility will be lost. Elaborating upon the overdraft facility under Pradhan Mantri Jan Dhan Yojana, SEBI registered tax and investment expert Manikaran Singhal said, "To become eligible for the overdraft facility, a new Jan Dhan account holder needs to maintain a healthy positive balance for the first six months and should do regular cash transactions and transactions throu