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All you need to know about ITR-1 before filing for AY 2020-21

Income Tax Department has issued all the Income Tax Return Form for AY 2020-21 as on 22nd September 2020 i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

As the extended due date for filing the ITR Form for Assessment Year 2020-21 is approaching, Taxpayer needs to know about the latest changes in ITR Form for AY 2020-21.

There are many changes in each ITR Form in this year i.e. AY 2020-21. We are going to discuss ITR-1 in detail so that it can be a useful guide for the taxpayer in filing their IT Return for Financial Year 2019-20 (AY 2020-21).

Income Tax Department has issued a checklist of documents that taxpayers can refer before filing their ITR-1 for AY 2020-21 which are as follows:

  • For General Information taxpayers need PAN/ Aadhaar Number/Enrolment ID
  • In case of Salary – Taxpayer is required to obtain Form 16 from respective employer(s) in case of more than one employment in a Financial Year.
  • In case of House property details: Taxpayer is required to get their Housing Loan account statement for the Full financial Year i.e. FY 2019-20 in order to claim the correct amount of interest on housing loan and Rent receipts.
  • Where there is income from other sources such as Interest Income: Taxpayer is required to obtain such relevant interest income certificate.
  • Where taxpayer is claiming deduction under Chapter VI-A they need to obtain the relevant supporting documents such as receipt of donation eligible for 80G deduction that contains all the relevant information.
  • Taxpayer must reconcile and verify their payment details with their Form 26AS.
  • In case where Tax has been deducted at source taxpayer need to verify details such as TAN, amount of credit reflected in Form 26AS under Salary, Non-Salary, Rent etc.
  • Getter details of exempted income for reporting purposes.
  • Details pertaining to all the active bank account(s) held by the taxpayer in India.

Q1: Who should file ITR-1?

 Ans: ITR-1 should be filed by any Individual who is a resident (other than not ordinarily resident) having total income up to Rs.50 Lakhs, having income from salaries, having income from one house property, having income from other sources such as Interest on Fixed Deposit etc. and having Agricultural income up to Rs. 5,000/-.

Q2: Who are not eligible to file ITR-1?

Ans: Individual who is either a Director in a company or has invested in Unlisted Equity Shares.

Q3: Modes of preparing the ITR-1?

Ans: Taxpayer can prepare and submit ITR-1 in an online mode while login to their Income Tax Portal or else they can either use Excel Utility to prepare offline or can use Java Utility to prepare data in an offline mode then they can generate XML file that can be uploaded by the taxpayer on the Income Tax Portal.

Excel Utility for ITR-1 AY 2020-21 

To know more about how to file ITR-1 through Excel Utility for Assessment Year 2020-21. Click Here.

Java Utility for ITR-1 AY 2020-21

2 Form 16 in a Financial Year Avoid Common Mistakes

File ITR-1 with Form 16 online

Compute Income Tax Liability for FY 2019-20

Pay Income Tax Challan Offline

ITR-V vs ITR Acknowledgment

How to fill Schedule 112A

ITR-3 AY 2020-21

ITR-2 AY 2020-21

ITR-6 AY 2020-21

How to File ITR-4 AY 2020-21

Relief & Rebated under Income Tax

CA Devesh Thakur

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