New Delhi | Jagran Business Desk: The Income Tax department on Tuesday released the ‘Income Tax Return-1 (ITR-1) utility e-form for FY 2019-20 on its e-filing website at www.incometaxindiaefiling.gov.in. The ITR for the the previous 2019-20 fiscal was notified by the IT department on May 29. The ITR-1 form is available in excel and Java formats on the website.

The ITR-1 form allows the individual to claim the deductions on tax-savings investments made by the person between April 1, 2020 and June 30, 2020, under the DI schedule. The date of deductions was extended because the government, in its initial relief measures for the coronavirus crisis, had extended the last for tax-saving deadline to June 30, 2020 from March 31,2020 for FY 2019-20.

Here’s a look at some important aspects of this form:

 

Who can use ITR-1?

Also known as Sahaj, the ITR-1 is the tax return form which is most commonly used by the individual taxpayers. For their tax returns, an individual who meets the following conditions can use the ITR-1 to file their returns for FY 2019-20:

- The individual should be a resident of India. NRIs cannot use the ITR-1 form to file their income tax returns.

- The total income of the individual using the Sahaj ITR-1 form to file their income tax returns should not exceed Rs 50 lakh.

 

- The sources of total income for the individual using Sahaj forms should be salary income, one house property, other sources of income such as interest income, pension etc.,

- Agriculture income should be up to Rs 5,000 in a financial year

The individual cannot use this Sahaj ITR-1 form for filing tax-returns, if he is a director of a company or have invested in unlisted equity shares, or have more than one house property to his name.

How to file tax return using ITR-1?

There are two ways an individual can file ITR-1 - Either by uploading an XML file or by directly preparing and submitting it online.

- To file the tax returns through ITR-1 Sahaj forms by uploading XML file, an individual has to first download the Excel or Java utility from the e-filing website at www.incometaxindiaefiling.gov.in. After downloading, one must fill the information, generate an XML file and finally upload the XML file on the income tax department’s e-filing website.  

- The other method is by logging into your account on the income tax department’s e-filing website. The individual then have to enter the information directly in the online form and submit it.

The income tax department has also added some additional questions for the taxpayers using Sahaj ITR-1 form. The additional questions seek details of deposits in current account, foreign travel spending and electricity bills.

Here are the three new questions added to the ITR-1 form:

- Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year? (Yes/No)

- Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person? (Yes/ No)

- Have you incurred expenditure of amount or aggregate of amount exceeding Rs1 lakh on consumption of electricity during the previous year? (Yes/No)

The last date of filing ITR-1 for FY 2019-20 has been extended to November 30, 2020.

Posted By: Talib Khan