Clipped from: https://economictimes.indiatimes.com
The latest ITR-1 has introduced a new schedule ‘Schedule DI’ to allow an individual to claim the deductions on the tax-saving investments made between April 1, 2020, and June 30, 2020.
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.
How to file tax return using ITR-1?
There are two ways a taxpayer can file ITR-1 – Either by uploading an XML file or by directly preparing and submitting it online.
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 in 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, and then entering the information directly in the online form and submitting it. This method does not require downloading of Excel and/or Java utility.
The last date of filing ITR-1 for FY 2019-20 has been extended to November 30, 2020.