Income Tax Return: Salaried employee will have to fill ITR-1 ‘Sahaj’ form, this time will have to give this detail

0
4825
ITR Filing For AY 2020-21 Definitely Needs Taxpayers Attention

There are 7 types of Income Tax Return (ITR) and taxpayers of different categories have to fill the form fixed for their category.



There are 7 types of Income Tax Return (ITR) and taxpayers of different categories have to fill the form fixed for their category. This category is decided on the basis of taxpayer’s status, nature of income and threshold limit, nature of business or individual’s work, etc. If you are salaried or salaried class taxpayer, then you have to fill the ITR-1 ‘Sahaj’ form.

Also Read: Fixed Deposit Scheme: Senior citizens will get more interest on FD, SBI Wecare Deposit Scheme is the best

ITR-1 ‘Sahaj’ form is mainly for the people receiving salary. It is for those Indian citizens whose total income is up to 50 lakh rupees. They get this income from interest like salary, a house property and other sources and agricultural income is up to Rs 5000. ITR-1 is not ‘Sahaj’ for individuals who are either directors in a company or who have invested in unlisted equity shares.

Significantly, the last date for filing income tax return for the assessment year 2020-21 has been increased to 30 November 2020. Let us now explain what is in the new ITR 1 ‘Sahaj’ form for the assessment year 2020-21 and what additional information has been sought from the taxpayers in it…

Income details

  • Income from salary / pension (for ordinary citizens)
  • Income or loss from One House Property
  • Family pension (for common citizens)
  • Income from other sources (other than income that is taxed at a special rate that includes lottery wins and race horses or losses within them)

‘Schedule DI’ for investments made over an extended period

Due to Kovid 19, the deadline for investment, deposit, payment etc. was raised to 31 July 2020 to claim tax deduction for the financial year 2019-20. This is for claiming under Chapter VI-A, Section 10AA and Section 54 to 54GB. There was no such option in the ITR form issued in January, in which deduction can be taken if taxpayers invest after the end of the financial year. Hence ITR forms were re-issued in May and a new schedule has been inserted in DI ITR forms, so that taxpayers can take advantage of deduction on investments or deposits made during the extended period. Schedule DI, ITR 1 is also in ‘Sahaj’ form.

Details on filing returns under the 7th rule of section 139 (1)

In order to ensure that those who are carrying out high-value transactions, give income tax returns, the Seventh Rule was added in Section 139 by the Finance (No. 2) Act, 2019. Under this rule, every person who does not need to file a return because his income does not exceed the maximum exemption limit, will have to file ITR if he has:

  • Have deposited more than 1 crore rupees in one or more current account kept in bank or co-operative bank.
  • Because of traveling abroad, he has spent 2 lakh rupees or more for himself or any other person.
  • Have spent more than 1 lakh rupees for payment of electricity bill.
  • If a person has to file income return for the conditions under the seventh rule of section 139 (1), then he has to fill the appropriate details in the ITR form. These include the amount deposited in the current account, the amount spent for traveling abroad, or the amount given for the electricity bill.

Do not give this information now

ITR-1 released in January sought detailed information related to salary and house property income such as TAN, employer name and home address, tenant details like name, PAN and Aadhaar. According to the current ITR-1, these details are no longer sought.

LEAVE A REPLY

Please enter your comment!
Please enter your name here