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ITR-1 Form

 

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Who is Eligible to File ITR 1 for AY 2021-22?

ITR -1 Form may be a simplified one-page form for people having income up to Rs 50 lakh from the subsequent sources :

  • Income from Salary/Pension
  • Income from One House Property (excluding cases where loss is brought forward from previous years)
  • Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

In the case of clubbed tax Returns, where a spouse or a minor is included, this will be done as long as their income is restricted to the above specifications.

Who cannot file ITR 1 for AY 2020-21?

What is the structure of ITR 1 Form?

Part A – General Information

Part B – Gross total Income

Part C – Deductions and taxable total income

Part D – Computation of Tax Payable
Part E – Other Information (Bank account details)

Schedule IT (Details of advance tax and self assessment tax payments)
Schedule-TDS (TDS/TCS details)

Verification

Not sure which ITR form to use?

How do I file my ITR-1 Form?

You can submit your ITR-1 Form either online or offline.

Offline

Only the subsequent persons have the choice to file the return in paper form

• An individual at the age of 80 years or more at any time during the previous year

• An individual or HUF whose income doesn’t exceed Rs 5 lakhs and who has not claimed any refund within the return of income

For offline, the return is furnished during a physical paper form. The tax Department will issue you an acknowledgement at the time of submission of your physical paper return.

Online/Electronically

  • By transmitting the info electronically then submitting the verification of the return within the sort of ITR-V to CPC, Bengaluru.
  • By filing the return online and e-verifying the ITR-V through net banking/aadhaar OTP/EVC.

If you submit your ITR-1 Form electronically, the acknowledgement are going to be sent to your registered email id. you’ll also prefer to download it manually from the tax website. you’re then required to sign it and send it to the tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you’ll e-verify your return.

The Major Changes which are made within the ITR 1 for the AY 2021-22

The following changes are incorporated within the ITR form:

The Major Changes which were made within the ITR 1 for the AY 2020-21

The Major Changes which are made within the ITR 1 for the AY 2019-20 are:

The Major Changes which were made within the ITR 1 for the AY 2018-19 are:

Salary and House property changes are often noted from the below screenshot

The Major Changes which were made within the ITR 1 for the AY 2017-18 are:

1. Quoting of Aadhar Number is mandator-

Every person is mandatorily required to quote Aadhaar number within the return of income. If a person doesn’t possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar form within the ITR.

2. Disclosure of money deposits during demonetization

A new column has been introduced altogether ITR Forms to report on cash deposited by taxpayers in their bank accounts during the demonetization period, i.e., from November 9, 2016 to December 30, 2016. However, taxpayer are required to refill this column as long as they need deposited Rs 2 lakh or more during the demonetization period.

3. Disclosure of all Bank Accounts

The details of all the savings and current accounts held at any time during the previous year must be provided. However, it’s not mandatory to supply details of dormant accounts which aren’t operational for quite 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank.

4. Simplified one page ITR Form for Salaried class taxpayers (ITR 1 Sahaj)

Now the govt. . has notified simplified one page form ‘ITR-1 Sahaj’ for people having income up to Rs 50 lakhs from salary, pension, one house property and income from other sources. it’s removed columns which aren’t frequently employed by the taxpayers such as:

  • New ‘ITR-1 Sahaj’ has retained those deductions which are most often employed by the taxpayers like under Section 80C, 80D, 80G and 80TTA.If any taxpayer wants to say deduction under the other provision of chapter VI-A he can specify the relevant Section in column titled as ‘Any other’.
  • Schedules of TDS and TCS are merged into one so as to form ITR 1 shorter and simpler.
  • New columns are inserted to report dividend income and long-term capital gains exempt under Section 10(34) and Section 10(38) respectively. it’s mandatory to e file tax returns for those with future capital of Rs 2.5 lakhs or more ,even though their taxable income could also be below 2.5 lakhs.

How do I fill out the ITR-1 Form?

Documents which you ought to confine hand before filling out your ITR-1 form are:

Frequently Asked Questions

Answer: • If you’ve got income above Rs 50 lakhs , you’ll file ITR 2 ,ITR 3 or ITR 4 (Sugam) depending upon your source of income.

  • If you’re salaried individual having income above Rs 50 lakhs, you ought to file ITR 2.
  • And if you’re having income from business or profession, then you ought to file ITR 3.
  • In case you’re following presumptive income u/s 44AD /44AE, then you ought to file ITR 4 (sugam).

Answer: Yes .you can if the agricultural income doesn’t exceed Rs 5000.And If the agricultural income is quite Rs 5000, then you ought to file ITR 2.

Answer: The details of all the savings and current accounts held at any time during the previous year must be provided. However, it’s not mandatory to supply details of dormant accounts which aren’t operational for quite 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank. it’s to be provided within the Part E – other information of the ITR form.

Answer: Yes. Dividend income from mutual funds is exempt under sec 10(35).It is to shown partially D under the top Exempt Income(others). However, from fiscal year 2020-21 onwards, dividend income from mutual funds is taxable within the hands of shareholders.

Answer: Revised Return: If you’ve got already filed your tax return but you later discover that you simply have made an error in it, you’ll refile. this is often called a Revised Return. For the fiscal year 2018-2019 you’ll file your Revised Return till March 31, 2020.

Notice Number: you ought to fill this in just if you’re filing your return in response to a notice from the tax Department.

Advance Tax: For salaried individuals, TDS mostly takes care of advance tax payments. However you would possibly produce other sorts of income – like interest on savings bank accounts, fixed deposits, income , bonds or capital gains. If tax on income is quite Rs. 10,000 per annum , you’re required to estimate your income and pay Advance Tax. This has got to be paid in quarterly installments in June, September, December and March.

Self Assessment Tax Payments: this is often the difference between tax payable and tax paid and it must be paid before you file your return. once you fill out the shape for the primary time, you won’t know whether Self Assessment Tax has got to be paid or not. So, fill out the shape first along side the Advance Tax details, if paid. Compute your income and if after computing, you discover that tax remains payable, pay it then fill within the details within the self-assessment tax paid section within the return.

Annexure-less Return: ITR-1 Form is an Annexure-less return. this suggests that you simply don’t need to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.

Answer: Aditya rents out his apartment. Since he owns only one property, he files ITR-1. what proportion should he pay in taxes?

Answer: You can submit your ITR-1 Form either online or offline. From the fiscal year 2013-14, all taxpayers earning quite Rs. 5 lakhs must furnish their tax Returns electronically.

Offline:

  • By furnishing a return during a physical paper form
  • The tax Department will issue you an acknowledgment at the time of submission of your physical paper return.

Electronic or online transmission

  • By transmitting the info electronically then submitting the verification of the return within the sort of ITR-V to CPC, Bengaluru.
  • By filing the return online and e-verifying the ITR-V through net banking/adhaar OTP/EVC. If you submit your ITR-1 Form electronically, the acknowledgment are going to be sent to your registered email id.
  • You also can prefer to download it manually from the tax website. you’re then required to sign it and send it to the tax Department’s CPC office in Bangalore within 120 days of e-filing.

Answer: We have a guide to assist you print and send your ITR-V to the CPC office . Read our Guide.

I am alleged to file ITR-2 and not ITR-1, if my maximum exempt income exceeds Rs. 5,000. What qualifies as exempted income?

You should file ITR-2 if your total exempted income exceeds Rs. 5,000. Certain incomes are exempt under Section 10 of the tax Act. Following are the samples of exempt income:

  • Agricultural income
  • LIC Maturity amount as per section 10 (10D)
  • Long term financial gain on listed shares and securities as per section 10(38)
  • Gratuity, leave encashment and pension could also be exempt under Section 10 of the Act.

Answer: Yes you’ll . Scroll through our guide to ascertain the method .

Answer: Yes. Our guide takes you thru the method step-by-step.

Answer: Yes, you ought to always include Interest Income under Income from Other Sources, albeit tax has been deducted by the bank.

Answer: The concept of medical reimbursement has been done away with in Budget 2018 and has been replaced by a typical deduction of Rs 40,000 effective 1 April 2018.

Answer: Yes, it’s mandatory to fill in your checking account details, whether you’ve got refund due or not. this is often because it’s been noticed that a lot of taxpayers find yourself paying quite their required liabilities . In such cases, it’s important for the tax Department to send refunds within a particular amount of your time . If you are doing not fill in your checking account details, the method would be considerably delayed.