ITR-1 e-form for FY 2019-20 now available on income tax department website

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After notifying the income tax return (ITR) forms for FY 2019-20, on May 29, 2020, the income tax department has released the ITR-1 utility (e-form) on its e-filing website. The ITR-1 form is available in Excel and Java formats.

One point to note about the latest ITR-1 form is that it allows individuals to claim the deductions on tax-saving investments made between April 1, 2020 and June 30, 2020 under the DI Schedule. This is because the government, as part of its initial coronavirus-related relief measures, had extended the tax-saving deadline to June 30, 2020 from March 31, 2020 for FY 2019-20.

Here is a look at who can use ITR-1 and how to file your return using this form.

Who can use ITR-1?

ITR-1 is the tax return form used most commonly by individual taxpayers. For FY 2019-20, individuals who satisfy these conditions can use ITR-1 to file their returns:

a) Individual should be a resident. NRIs cannot use the ITR-1 to file their income tax return;

b) Total income of resident individual should not exceed Rs 50 lakh;

c) The sources of total income should be salary income, one house property, other sources of income such as interest income, pension etc.; and

d) Agriculture income up to Rs 5,000 in a financial year

However, if you are a Director of a company or have invested in unlisted equity shares or have more than one house property, then you cannot file your tax-return using ITR-1.

Souces : Economics times