What is the ITR Form 1? What is the income tax return?
ITR 1 Forms shall be filed for taxpayers and individuals residents with Total income up to the value of INR 50 lakhs, with income from wages, property in a single house, other sources (interests, etc.) and farm income up to the sum of INR 5 000. (Do not apply to a person who is a director of a corporation or who has invested in unlisted equity). Furnishing PAN and Aadhaar Card information on the official website of the tax department is mandatory from now on, as stated by the tax department.
In order to create a clear tax adherence framework, the Income Tax Return Filing department has notified taxpayers ITR forms based on their income source. Consequently, you have to furnish the return according to your revenue source.
ITR 1 Online AY 2020-21 Eligibility
ITR-1 shall be submitted by taxpayers whose profits from these sources shall be up to Rs 50 lakhs:
If the revenues come from a household property (in this ITR, losses of previous years are not included)
Where pension or wages are the source of income.
Whether there are other sources of income
When the minor’s or wife ‘s clubbed income is displayed, ITR-1 can only be filed if the above-mentioned income source is found.
ITR 1 Online Date of AY 2020-21 Not Qualified
A return in ITR-2 or in ITR-3 would have to be filed as necessary.
This form can not be furnished to the taxpayer whose income is greater than Rs 50 lakhs.
ITR 1 can not be filed by non-residents or RNORs (residents not normally resident).
Not qualifying taxpayers with two or more household assets.
Assesses with business or technical income are not exempt.
Long or short-term capital gains for taxpayers
Taxpayers whose farm revenue is more than 5,000 rs.
The taxpayer seeking the overseas tax relief or the double tax relief referred to in section 90/90A/91.
ITR 1 can not be used by residents who are located outside of India or who have any assets (including their financial interest in any entity) on any account outside India.
Sanction if the deadline for filing Skip the income tax return
According to revised rules under Section 234F of IT Act of 1 April 2017, an individual is subject to the requirement to pay a maximum penalty of INR 10,000 after missing the ITR filing date of 31 July 2017. If the overall income of a single person does not exceed 5 laKh, only INR 1,000 shall be subject to a penalty.
Normal INR deductions of 50,000
No submission to the company’s directors
No validity on individuals who hold any company’s unlisted share.
No measurement changes
For senior citizens aged more than 80 years, ITR 1 & ITR 4 offline availability
Under the daily filing return and response to the notice, the wise return filing is separated
The standard deduction, entertainment incentives and occupational tax can be used to bifurcate salary
In the nature of jobs the column of pensioners was added
Employer’s data, such as employer’s TAN (obligatory if deducted from a tax), employer’s name, employer’s existence, city / town address, State, PIN / zIP codes, were entered into head salary revenue.
Return of revenue filed in reaction to notices u / s 153A and 153C is deleted.
80CCC (1), 80CCD(1B), 80CCD(2) New deduction;
A deduction column has been applied to 80DD, 80DDB, 80E, 80EEE, 80EEB, 80GG, 80GGC, 80U.
Under the head house land, the sum of rent not realisable was added.
Even after adjustments, the individual income from one home, wages and other sources, which amount up to 50 lakh is kept.
ITR 1 Online AY 2020-21 due date for filing
Any year on or before 30 Nov of the subsequent year, ITR -1 shall be filed. A late payment is then charged in compliance with Section 234F. Opt for Income Tax Filing.
