Page 26 - Jignyasa-June 2020

Sr. Prescribed Amendments/Changes Applicable in
No.

15. Under Computation of income from business or profession, ITR 5, 6
New section “E” is added i.e. Computation of income from
life insurance business referred to in section 115B

There have also been some other changes have also been extended. The due date
in terms of increase in requirement of for filing of all income tax returns for the
details and clarifications to be provided, assessment year 2020-21 has now been
which can be observed in the ITR Forms. extended to November 30, 2020, from
They can easily be downloaded in PDF July 31, 2020 and October 31, 2020 while
format from the Income Tax Website, the due date for filing Tax Audit Report
along with e-filing utilities for ITR-1, has been extended to October 31, 2020
ITR-2 and ITR-4. from September 30, 2020.

Also, Super Senior Citizens (Individuals On a concluding note, we hope that the
of the Age of 80 years or above) not information compiled in this article will
having Profits and Gains from Business be useful and shall serve as a Ready
or Profession are now allowed to not file Reckoner for filing of income tax returns
their income tax return online. for the assessment year 2020-21.

Further, due dates for filing of the above 
returns and filing of Tax Audit Report

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