Are you eligible to File ITR-1? Curious to know about the Major changes in ITR-1 AY 2020-21?
Q1. Who is eligible to file ITR-1 AY 2020-21?
Answer: Resident Individual other than not ordinarily resident whose total income is up to Rs. 50 Lakh during the previous year i.e. FY 2019-20, having income from salaries, one house property, income from other sources, and income from agriculture maximum up to Rs. 5,000/- (Five Thousand)
Q2. Who are not required to file ITR-1?
Answer: Those individuals who are either Director in a company or has invested in unlisted equity shares are not eligible to file ITR-1
Q3. Can I file ITR-1 in case of carry forward or set off of losses?
Answer: In the case of Income chargeable under the head “House property”, maximum loss from House property that can be set-off is INR 2,00,000. To avail the benefit of carrying forward and set off of a loss, please use “ITR-2”.
Let us explore our New ITR-1 for AY 2020-21
Changes in ITR-1
Part A: General Information
Are you filing return of income under the seventh proviso to Section 139(1) but otherwise not required to furnish return of Income?
If yes, then the assessee has to furnish the below-mentioned details in this year ITR-1
Note: To be filled only if a person is not required to furnish a return of income under section 139(1) but the filing of return of income become due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1)
- Have you deposited the amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current accounts during the previous year?
- Have you incurred expenditure of an amount or aggregate of the amount exceeding Rs. 2 Lakh for travel to a foreign country for yourself or for any other person?
- Have you incurred expenditure of amount or aggregate of the amount exceeding Rs.1 Lakh on the consumption of electricity during the previous year?
Part C: Deductions and Taxable Total Income
Whether you have made any investment/ deposit/ payments between 1st April 2020 to 30th June 2020 for the purpose of claiming any deduction under Part B of Chapter VI-A?
If you have made some investment, then select Yes and Fill schedule DI “Details of Investments”.
From this year i.e. from AY 2020-21 deduction under section 80CCG is not available since it has lapsed out. [Rajiv Gandhi Equity Savings Scheme]
Deduction in respect of Health Insurance Premium, the assessee is required to fill 80D Schedule and the total of such amount will get auto-populated in (f) of Part C in Point 5.
Below is the format for previous assessment year i.e. AY 2019-20
From AY 2020-21, the assessee has to fill separate Schedule for Section 80D
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CA Devesh Thakur