MoDerN EduCation

Learn and Lead

Hello Friends, Today we come with the biggest news  "National Education Policy 2020". This article will help to student as well as...

Hello Friends,

Today we come with the biggest news  "National Education Policy 2020". This article will help to student as well as parents so that they will be ready for the new education policy.  This new education policy come with lots of benefits. There is huge change in education system from the last 3 decades.

We will discuss here all the details of the Policy. Now overall country's education level will be improve if it will be executed properly.

"If we need to change the country, we must change the education policy first"

National Education Policy aims to provide infrastructure support, innovative education centres to bring back dropouts into the mainstream besides tracking of students and their learning levels, facilitating multiple pathways to learning involving both formal and non-formal education modes and association of counsellors or well-trained social workers with schools.

Important points of the National Education Policy 2020 :
  1. The Ministry of Human Resource and Development  has been renamed as the Ministry of Education. The decision in this regard was taken by the Union Cabinet.
  2. New Pedagogical and curricular structure of School education :
  • Foundational Stage  : Multi Level, play/activity- based learning 
  • Preparatory Stage  : Play, discovery, and activity- based and interactive classroom learning
  • Middle Stage : experiential learning in the science, mathematics, arts, social science and humanities
  • Secondary Stage : multidisciplinary study, greater critical thinking, flexibility, and student choice of subjects 
       Description of stages 
  1. Foundational Stage  :Academic Structure has been changed from (10+2) to (5+3+3+4), In initial 5 years bifurcated as 3 years in Anganwadi or pre-school and first and second class. This education policy allows the students to learn in their home, regional or local languages up to the foundation stage. There will be very less burden of books and copies on the student as they will be learned through games and activities. 
  2. Preparatory Stage: Next 3 years (i.e. 3rd, 4th, and 5th class) students  will be prepared for the future by very interactive classroom learnings.
  3. Middle Stage : Next 3 years (i.e. 6th, 7th and 8th class)  in this middle stage vocational education is introduced, here students can enjoy the practical knowledge as per their interest level. 
  4. Secondary Stage : Next 4 years  (i.e. 9th, 10th, 11th and 12th) Students are allowed here to choose their subjects not as commerce, science or humanities but as per their interest. Yes, it is a good new to every student who will fall in this new education policy as they can choose science, mathematics, arts, social science and humanities. And students are also allowed to choose foreign language as optional subject. 

Key points of this education policy 2020
  • This education policy change the millions of  lives of  our country.
  • Academic Structure (10+2) has been changed into (5+3+3+4)
  • No language barrier up to initial 5 years: Students are free to learn in their home, regional or local language up to 5 years (i.e. 3 years in Anganwadi or pre-school and first and second class.)
  • 4 years under graduation course makes come back .
  • Higher education council of India to be set up which regulate higher education
  • Choice of subject will be broader in Secondary stage.
  • Multiple entry and exit opportunity: Government facilitate this opportunity by maintaining academic bank of credit where credit points will be recorded which help the student who leave the studies in between as they can continue their studies after the gap by these credit points.
  • For under graduation policy : Where student leave the studies after one year- they will be provided certificate, when student leave the studies after two years- they will be provided diploma and when they complete their four years - they will be provided degree.
  • Single regulator of all collages except legal and medical, comes under one body that is called Higher Education Commission of India
  • Vocational education will be introduced in middle stage as discussed above where students are able to learn practical knowledge as per their interest.
  • This new education policy decrease the burden of books and focus on their skills.
  • Makeover of report card : Report card will also show the quality of students such as capabilities, behaviour, skills and etc. This will help to decrease the comparison between students and encourage the passion of the students
  • Report card will also give the opportunity to self evaluate their performance. This will help the students for build the skill of decision making.
  • Revamped board exams.
  • Facilitate the digitisation in rural area in regional languages for differently abled students also
  • Indian heritage will be encouraged by the schools in this new educations system.
  • By the year 2040, most of the institutes to be made multidisciplinary where more than 3000 students have been enrolled.
  • By the year 2030, every district to have at lease one multi disciplinary institute
  • Targets of this policy is to increase the enrolment of  students up to 50%  by the year 2035.
  • Modi government increase the funds for education to 6% of GDP from 3% of GDP.

      Hello Friends, Today's topic is who is eligible for which ITR form.  There are various ITR form for the different person.  For understan...

      Hello Friends,

      Today's topic is who is eligible for which ITR form. There are various ITR form for the different person. For understand the eligibility, you must know the definition of person as per the Income Tax Act, 1961.



      Tax slab 2020 and tax rate applicablity















      Definition of Person


      Person includes :

      • an Individual;
      • a Hindu Undivided Family (HUF) ;
      • a Company;
      • a Firm
      • an association of persons or a body of individuals, whether incorporated or not;
      • a local authority; and
      • every artificial juridical person not falling within any of the preceding sub-clauses.
      • Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income.

      Now we come to know the next step to find the eligibility of the person for filling which ITR form

      All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (F.Y.) 2019-20, the specified due date for individuals (as extended by the Central Board of Direct Taxes) is November 30, 2020 for filing tax returns.

      Filing an ITR for F.Y. 2019-20 is mandatory if:
      • The individual's taxable income exceeds the maximum amount not chargeable to tax. The basic exemption limit for FY 2019-20 is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others;
      • The individual needs to claim an income tax refund;
      • The individual qualifies as an ordinarily resident during FY 2019-20 and holds foreign assets which need to be specifically re
      • reported in the ITR. These assets include foreign bank accounts, foreign properties, financial assets, signing authority, etc.;
      • The individual has undertaken specific transactions viz (a) payment of electricity bill in excess of Rs 1 lakh during the FY (b) deposited more than Rs 1 crore in one or more current accounts during the FY or (c) spent more than Rs 2 lakh on overseas travel for self or any other person during the FY.
      Other than these mandatory reasons, it is a good practice to file ITR since tax return documentation is required for visa applications, availing bank loans etc.

      Every year, the Central Board of Direct Taxes (CBDT) notifies the ITR forms for the previous completed financial year. For FY 2019-20, the updated ITR forms were notified vide Notification 31/ 2020 dated May 29, 2020 and Notification 01/2020 dated January 3, 2020 (subsequently overridden by Notification 31/2020).


      The details of these ITR forms including who should use them are summarised as under:

      ITR Form 1
      • Individuals qualifying as Ordinarily Resident;
      • Having a total income of up to Rs 50 lakh;
      • Having income from following sources – salaries, one house property, income from other sources including agricultural income up to Rs 5,000;
      • This form also applies to similar income of a different person say spouse or child, clubbed in the hands of the taxpayer.

      ITR Form 2
      • Non-residents / Resident but Not Ordinarily Residents and Ordinarily Residents;
      • Hindu Undivided Family (‘HUF’);
      • Having a total income of more than Rs 50 lakh;
      • Director in a company;
      • unlisted equity shares;
      • Holding investments in unlisted equity shares;
      • Having income from following sources – salaries, more than one house property, capital gains and income from other sources;
      • Having income from sources outside India and holding assets outside India

      ITR Form 3
      • Individuals / HUF having business income / income from profession;
      • Includes partner of a Firm

      ITR form 4
      • Resident Individuals / HUF / Firm (other than LLP) having business or professional income computed on ‘presumptive basis

      ITR form 5
      • Any person other than individual, HUF or company filing an ITR 7 (eg. LLP)

      ITR form 6
      • All companies, unless specifically excluded

      ITR form 7
      • Persons including companies which are a charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, university, college or other institutions such as an NGO or similar organizations.

      Penalty for not filing ITR on time
      • If the ITR is not filed within the due date, i.e., November 30, 2020, there is an automatic levy of a penalty ranging from Rs 1,000 up to Rs 10,000 which needs to be remitted before the ITR can be filed. This fee or penalty has to be paid in case of belated ITRs even if the tax liability is nil.

      Other extended deadlines
      • The government has extended several timelines for tax compliances that fell due in the first quarter of 2020, including allowing taxpayers to make tax-saving investments/ payments for FY 2019-20 up to 31 July 2020, and extending deadline for issuing Form 16 and Form 16A to August 15, 2020. Given the extension of due date of filing ITR to 30 November 2020, taxpayers have sufficient time to file their ITR comfortably.
      • However, one needs to carefully ascertain the appropriate ITR form for filing, keeping in mind not only the details of income, but also the various disclosure requirements prescribed from time to time.

      And at last we will see the other forms which are applicable to the person  (with descriptions, applicability and availability on online or offline) as per the Income Tax Act, 1961 as follows: 
      S.No.FormDescriptionApplicabilityOnlineOffline
      1Form 3ACAudit report under section 33AB(2)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      2Form 3ADAudit Report under section 33ABA(2)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      3Form 3AEAudit report under section 35D(4)/35E(6) of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      4Form 3CA-3CDAudit report under section 44AB of the Income-tax Act,1961 in a case where the accounts of the business or profession of a person have been audited under any other lawIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      5Form 3CB-3CDAudit report under section 44AB of the Income-tax Act,1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6GIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      6Form 3CEAudit Report under sub-section (2) of section 44DA of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      7Form 3CEAReport of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961 relating to computation of capital gains in case of slump saleIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      8Form 3CEAAReport to be furnished under sub-section (4) of section 92D of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      9Form 3CEABIntimation by a designated constituent entity, resident in India, of an international group, for the purposes of sub-section (4) of section 92D of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      10Form 3CEACIntimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      11Form 3CEADReport by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      12Form 3CEAEIntimation on behalf of the international group for the purposes of the proviso to sub-section (4) of section 286 of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      13Form 3CEBReport from an accountant to be furnished under section 92E relating to international transaction(s) and specified domestic transaction(s)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      14Form 3CEJ
      (Ceased to be effective from AY 2019-20 )
      Report from an accountant to be furnished for purposes of section 9A relating to arm’s length price in respect of the remuneration paid by an eligible investment fund to the fund managerIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      15Form 3CEKAnnual Statement under section 9A of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      16Form 3CF-IApplication Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a research associationCompany,AOP/BOI/Trust/Firm/AJP/LAYESNO
      17Form 3CF-IIApplication Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a University, College or other InstitutionCompany,AOP/BOI/Trust/Firm/AJP/LAYESNO
      18Form 3CF-IIIApplication Form for approval under clause (iia) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of companyCompany,AOP/BOI/TrustYESNO
      19Form 3CFAForm for Opting for taxation of income by way of royalty in respect of PatentIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      20Form 3CLReport to be submitted by the prescribed authority to the Income-tax Authority specified under section 35(2AB) of the Income-tax Act, 1961External AgencyYESNO
      21Form 3CLAReport from an accountant to be furnished under sub-section (2AB) of section 35 of the Act relating to in-house scientific research and development facilityCompanyYESNO
      22Form 6BAudit report under section 142(2A) of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      23Form 8Declaration under section 158A(1) of the Income-tax Act, 1961 to be made by an assessee claiming that identical question of law is pending before the High Court or the Supreme CourtIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      24Form 9Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      25Form 9AApplication for exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961.Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      26Form 10Statement to be furnished to the Assessing Officer/Prescribed Authority under sub-section (2) of section 11 of the Incomer-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      27Form 10AApplication for registration of charitable or religious trust or institution under clause (aa) of sub-section (1) of section 12A of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      28Form 10BAudit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutionsCompany,AOP/BOI/Trust/Firm/AJP/LANOYES
      29Form 10BADeclaration to be filed by the assessee claiming deduction under section 80GGIndividualYESNO
      30Form 10BBAudit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub- clause (v) or sub-clause (vi) or sub-clause (via) of section 10(23C).Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      31Form 10CCBAudit report under sections 80-I(7)/80-IA(7)/80-IB/80-ICIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      32Form 10CCBBAAudit report under section 80-ID(3)(iv)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      33Form 10CCBCAudit report under section 80-IB(11B)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      34Form 10CCBDReport of accountant under section 80-IB(11C)Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      35Form 10CCCCertificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      36Form 10CCDCertificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc.IndividualYESNO
      37Form 10CCECertificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc.IndividualYESNO
      38Form 10CCFReport under section 80LA(3) of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      39Form 10DAReport under section 80JJAA of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      40Form 10EForm for furnishing particulars of income u/s 192(2A) for the year ending 31st March, 20..... for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution, association/bodyIndividualYESNO
      41Form 10GApplication for grant of approval to fund or institution under clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      42Form 10HCertificate of foreign inward remittanceIndividualYESNO
      43Form 10-IBApplication for exercise of option under sub-section (4) of section 115BA of the Income - tax Act,1961Company/FirmYESNO
      44Form 10-ICApplication for exercise of option under sub-section (5) of section 115BAA of the Income - tax Act, 1961CompanyYESNO
      45Form 10-IDApplication for exercise of option under sub-section (7) of section 115BAB of the Income-tax Act, 1961CompanyYESNO
      46Form 15CAInformation to be furnished for payments to a non-resident not being a company, or to a foreign companyIndividual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA, Tax Deductor & CollectorYESYES
      47Form 15CBCertificate of an accountantIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      48Form 15CCQuarterly statement to be furnished by an authorised dealer in respect of remittances made for the quarter of ..... of ..... (Financial Year)Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & CollectorNOYES
      49Form 15G
      (Consolidated)
      Statement of Declaration under section 197A (1) and section 197A (1A) by an individual or a person (not being a company or firm) claiming certain incomes without deduction of tax.Tax Deductor & CollectorNOYES
      50Form 15H
      (Consolidated)
      Statement of Declaration under section 197A(1C) by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.Tax Deductor & CollectorNOYES
      51Form 24QQuarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of salary for the quarter ended...(June/September/December/March) ...(Financial year)Tax Deductor & CollectorNOYES
      52Form 26AFurnishing Accountant certificate under the first proviso to sub-section(1) of section 201 of the Income Tax Act, 1961Tax Deductor & CollectorYESNO
      53Form 26QQuarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of payments other than salary for the quarter ended...(June/September/December/March) ...(Financial year)Tax Deductor & CollectorNOYES
      54Form 27BAFurnishing Accountant certificate under the first proviso to sub-section(6A) of section 206C of the Income Tax Act, 1961Tax Deductor & CollectorYESNO
      55Form 27EQQuarterly statement of collection of tax at Source under section 206C of Income-tax Act, 1961 for the quarter ended... June/September/December/March ...(Financial year)Tax Deductor & CollectorNOYES
      56Form 27QQuarterly statement of deduction of tax under sub-section (3) of section 200 of Income-tax Act, 1961 in respect of payments other than Salary made to non-residents for the quarter ended.... June/September/December/March ...(Financial year)Tax Deductor & CollectorNOYES
      57Form 29BReport under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the companyCompanyYESYES
      58Form 29CReport under section 115JC of the Income-tax Act, 1961 for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a companyIndividual, HUF,AOP/BOI/Trust/Firm/AJP/LAYESYES
      59Form 35Appeal to the Commissioner of Income-tax (Appeals)Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & CollectorYESNO
      60Form 40CApplication for recognition of a recognisied provident fundsIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      61Form 41Form for maintaining accounts of subscribers to a recognised provident fundIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      62Form 49CAnnual Statement under section 285 of the Income-tax Act,1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      63Form 49DInformation and documents to be furnished by an Indian concern under section 285ACompany,AOP/BOI/Trust/Firm/AJP/LAYESNO
      64Form 52AStatement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph filmIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      65Form 56Application for grant of the exemption under sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      66Form 56FReport under section 10A of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      67Form 56FFParticulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      68Form 62Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years.CompanyYESNO
      69Form 63Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of IndiaCompanyYESNO
      70Form 63AStatement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual FundCompanyYESNO
      71Form 64Statement of income paid or credited by Venture Capital Company or Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961.Company,AOP/BOI/Trust/Firm/AJP/LAYESYES
      72Form 64AStatement of income distributed by a Business Trust to be furnished under section 115UA of the Income-tax Act, 1961.Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      73Form 64DStatement of income paid or credited by investment fund to be furnished under section 115UB of the Income-tax Act, 1961.Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      74Form 64EStatement of income paid or credited by a securitisation trust to be furnished under section 115TCA of the Incometax Act, 1961Company,AOP/BOI/Trust/Firm/AJP/LANOYES
      75Form 65Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961CompanyYESNO
      76Form 66Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961CompanyYESNO
      77Form 67Statement of income from a country or specified territory outside India and Foreign Tax CreditIndividual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LAYESNO
      78RGESSAnnual Report to be submitted by the depository to the Income Tax DepartmentExternal AgencyNOYES


      Disclaimer: Sources are the incometaxindiaefiling.gov.in and economics times.