ITR 1 Form is released for year ending 31.3.2020
Wait is over for Salary people to file ITR.
Now Salary person can file Income tax return for year ending 31.3.2020 (FY 2019-20 and AY 2020-21) as Income tax departments has issued much awaited ITR 1 on 2nd June 2020.
Due date to file ITR 1 is 30th November 2020 for year AY 2020-21.
This ITR 1 has come with changes or amendments and asking some more details about financial transaction of salary person. Salary person has to provide information about only salary income till last year. This ITR 1 form asking other financial information like amount spent on electricity during last year.
ITR 1 can file by following person
- Ordinary resident: Individuals being a resident (Other than ordinary resident) and having Total Income up to Rs 50 L from salary in last year
- One House Property: The person has one house property (Self occupied or let-out)
- Bank Interest: The person has interest income from bank. Post office etc (Saving accounts, FD, PPF or NSC etc)
- Agriculture Income: Agriculture Income Upton Rs 5000 in last year
Following salary person cannot file ITR 1
- Director in any company: Salary person is director in any company
- Shareholder in Private Limited: The salary person is shareholder in any private limited company
- Salary More Than Rs 50 L: Salary person having income from salary is more than Rs 50 L in year
- Any other Income: Salary person having business or capital gain income
- More Than two House: Salary person has more than one house (Self occupied or let out or deemed to be let out)
- Other source Income: Salary person has any other income apart from interest on bank (Lottery Income etc)
This year Income Tax Departments is asking other financial information form salary person (not balance sheet and profit and loss accounts). As we know all businessman has to file balance sheet and profit & Loss accounts which disclosed all financial information related to the person. This year Income tax department is asking financial information from all salary people too but not in form of balance sheet and profit & loss accounts.
All salary persons has to answer following question before submitting Income Tax return for FY 2019-2020 AY 2020-21
Deposited into bank: Had you deposited more than Rs 1 cr in one or more bank accounts during previous year?
Spent on Foreign Travel: Had you spent more than Rs 2 Lakhs on foreign travel on yourself or anyone?
Electricity Bill: Had you spent more than Rs 1 Lakhs on electricity in last year?
Investments under section 80 for deduction: If you had made investment under section 80 between April 2020 to June 2020, the investment has to separately disclose.
Medical Insurance: This time ITR 1 has separate sheet for section 80D medical Insurance and salary person has give information about medical insurance and its family member if you taken medical insurance for them.
So it is advisable to all salary person be careful and provide correct information about above questioner before filing and submitting ITR 1 for year ending 31.3.2020.