ITR-1 Sahaj: Who can file it | Who cannot | How to file ITR 1 online?
ITR-1: Income Tax Return Form 1 is notified for Assessment Year 2020-21 relating to Financial Year 2019-20. Due Date for Filing ITR-1 Sahaj Form for AY 2020-21 is on or before 30th November 2020.
Who can File ITR-1?
ITR-1 is used by the Individual who is Resident and Ordinary Resident and whose Total Income has not exceed Rs 50 lakh and who has Income under any of the following heads-
- Income from Salary/Pension
- Income from One House Property
- Income from Other Source
Also, in case of clubbing of Income, this return can be used only if the income being clubbed falls in any of above category of Income.
Who cannot file ITR-1?
ITR-1 Form should not be used by following persons-
- Person has held any unlisted Equity shares at any time during the year.
- Person has any asset located outside India (including any Financial Interest, if any).
- Director of a Company
- Person has signing authority in any account held outside India or has income from any source outside India.
- Individual who has any of the following nature of Income-
- Profits & Gains from Business & Profession
- Capital Gains
- Income from more than ONE house property
- Income from Other Source which is of following nature-
- Winning from Lottery
- Activity of Owing and Maintaining race horses
- Income taxable at Special rates u/s 115BBDA/ 115BBE
- Income to be apportioned in accordance with provisions of section 5A
- Agriculture Income in excess of Rs. 5000.
- Further, this return form also cannot be used by an individual who has any claims of loss/deduction/ claim/relief/tax credit etc.
- Brought forward loss under head Income from House property
- Loss under head Income from Other Source
- Any claim of relief u/s 90 or u/s 91-
- Any claim of deduction u/s 57, other than deduction relating to family pension.
- claim of credit of tax deducted at source in hands of any other person.
How to File ITR Sugam?
Step-1: Open the Income Tax E-filing website.
Step-2: Next step is to either register or Login.
For login, enter user id which is nothing but your PAN number, password and captcha.
Step-3: Select e-file tab and click on Income tax Return.
Step-4: Select AY, ITR-1 form, filling type which is Original or Revised and submission mode i.e. prepare and submit online or through xml file.
To file ITR-1 by uploading an XML file, an individual is required to download the Excel or Java utility from the e-filing website, fill the information, generate an XML file and finally upload the same on the income tax department’s e-filing website.
Another method is by logging in to your account on the department’s e-filing website, then entering the information directly in the online form and submitting it. This method does not require downloading of Excel and/or Java utility.
Step-5: Information required to Fill ITR-1 form-
- Part-A: General Information
It require details such as PAN, Name, Date of Birth, Aadhar number, Nature of employment, Return filed in response to notice then enter some details related to that.
Further, it also requires details of representative assesse such as name, capacity, address and PAN if return has been filed by such person. Also, a new check point has been inserted to cross confirm the applicability of seventh proviso to section 139(1) i.e.
- Details of Electricity bills of over Rs. 1 lakh in a year
- Deposit of Rs. 1 crore in bank account
- Expense of Rs. 2 lakh on foreign travel, etc.
- Part-B: Gross Total Income
Here, details of Salary income is filed from Part-B of form 16. Before inserting such details, assesse has to confirm that tax deducted on salary shown in 26AS (now New AIS) shall match with that in form 16. Details of salary required in ITR has to fill as such form Part-B in Form 16.
Income from House property and Income from Other Sources details are to be filled.
- Part-C: Deduction and Taxable Total Income
It requires Details of Investment to be provided allowing taxpayers to make certain tax saving investments from 1stApril 2019 to 30th June 2020. Here, deductions would be provided in respect of Chapter VIA-B which includes section 80C, 80D, 80G, etc. This part of Return provide the taxable amount after removing deductions from Gross total Income.
In case of salaried person, these details are available in form 16, if provided by the employee to the employer. If such details are not provided then it has to be inserted directly.
- Part-D Computation of Tax Payable
Here, tax is calculated on total Income and effects are given for rebate on 87A, Relief u/s 89, HEC @ 4%, Interest u/s 234A/ 234B/234C, Advance tax, Self-assessment tax, TDS/TCS, etc.
- Part-E Other Information
Details of Bank accounts are to be provided for claiming any refund. However, now we have option to choose more than one bank account to claim refund as against option to choose only one bank account earlier. However, in case of details provided of more than one bank account then refund will be credited to such bank account as decided by the CPC.
Further, details of Advance tax and Self-Assessment tax payment has to be provided like date of deposit, tax paid, etc. In addition to that details of TDS/TCS has to be provided from form 16/16A/16C etc.
For any questions, you may reach us at Discussion Forum
The author of the above article is CA Rahul Gaur.
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