Income Tax Department issues guidelines for filing income tax returns
The Income Tax Department has issued a lengthy instruction manual running into hundreds of pages for filling up the tax returns for assessment year 2020-21. The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020. This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the Assessment Year 2020-21 does not exceed Rs 50 lakh and who has income under the following heads: (a) Income from Salary/ Pension; or (b) Income from One House Property; or (c) Interest income and/ or family pension taxable under other sources. Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee,...