ITR-1 Return Filing
Documents required
- Form-16
- Interest certificates from Post Offices & Banks
- Tax-Savings Investment Proofs
- Deductions under Section 80D to 80U
- Home Loan statement from NBFC/Bank
- Aadhar Card
- Aadhar OTP
Whats included in package
- ITR ACKNOWLEDEMNET
- CA SUPPORT
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All About Form ITR-1 (SAHAJ) for AY 2020-21
Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The person (commonly referred to as “assessee”) could be an individual, partnership, Hindu Undivided Family or any other business entity.
The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.
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Documents required for ITR-1 filing
- Form-16
- Salary Slips
- Interest certificates from Post Offices & Banks
- Form 16A/16B/16C
- Form 26AS
- Tax-Savings Investment Proofs
- Deductions under Section 80D to 80U
- Home Loan statement from NBFC/Bank
- Capital Gains
- Aadhar Card & OTP
Who all can file Form ITR-1?
Salary/Pension
Salary refers to the remuneration/consideration that a person receives for the services that he/she renders under a contract of employment. For an amount to be considered salary, the existence of employer-employee relationship is must.
One House Property
If the taxpayer I the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxable under the heading “Income from Business or Profession.
Other sources
Includes Income like Ineterst income on Savaing Deposits, Fixed Deposits and other Interest Income, Agricultural Income (Up to INR 5,000), Dividend Income on shares, Income Earned by Minor Child,Winnings from Lottery, Game Shows, Puzzles, Exempt Income, Family Pension.
Changes made in the Form ITR-1 in the Assessment Year 2020-21Form ITR-1 can no longer be filed by an individual who has brought forward/carry forward loss under the head “Income from house property.”
In case an individual has rented out the house property, the name and PAN/Aadhaar details of the tenant in would be required to be entered in the Form ITR-1.
An additional disclosure column has been added in the first part of the Form ITR-1. Here, the taxpayer would be required to reveal whether he/she holds a valid Indian passport. The passport number would be required to enter in case the taxpayer holds an Indian passport.
The column of “Nature of Employment” has been removed from Part A of the Form ITR-1 and shifted to Part B along with the Salary Schedule of the form.
A new column under the heading “Income from other sources” has been introduced for making deduction under section 57(iv). This is for entering any interest/compensation or enhanced compensation that has been received under Section 56(2)(viii)
In Part C, new deduction under Sections 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U, have been added.
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