ITR 1 Form is filed by the taxpayers and taxpayers the people being a Resident (other than Not usually Resident) having Total financial gain up to INR 50 lakhs, using Income in Salaries, a single residence house, different Resources and Agricultural financial up to INR five thousand. (Not for a personal agency is either Director in an exceedingly company or has invested within Unlisted Equity Shares). Also, to notice down, from now onwards, as mentioned by the tax department, furnishing PAN and Aadhaar card details on the official website of the taxation Department is mandatory.
Income tax online return has notified ITR forms for taxpayers supported their supply of Income so as to make an easy tax compliance structure. Therefore, you’re needed to furnish the return as per the source of your Income.
Eligibility to File ITR 1 online for AY 2020-21
ITR-1 is filed by the taxpayers whose Income is up to Rs 50 lakhs from below-mentioned sources:
• If the Income is from one house property (the case where losses of previous years carried forward don’t included to be during this ITR)
• If the source of Income is pension or earning.
• If the source of Income is different sources.
• If the clubbed Income of the minor or wife is shown, then ITR-1 may be filed only just in case their source of Income as mentioned within the on top of points.
Not Eligible for ITR 1 Filing online for AY 2020-21
• Such person can need to file return in ITR-2 or ITR-3, because the case could also be.
• The payer whose Income is over Rs 50 lakhs isn’t eligible to furnish this kind.
• Non-residents and RNOR (Residents not ordinarily resident) cannot file ITR 1.
• Taxpayers who have 2 or more house properties don’t to be eligible.
• Assesses having Income under business or profession head don’t to be eligible.
• Taxpayers who have long or short capital gains.
• Taxpayers whose Income from agriculture means that is larger than Rs. 5,000.
• The taxpayer who claims relief for foreign taxes paid or claim double taxation relief as mentioned in section 90/90A/91.
• ITR 1 can’t be used by residents having any asset (including financial interest in any entity) located outside India or signing communication authority in any account located outside India.
How to file the new ITR-1 Form?
If you’re filing your return offline using ITR-1 From, the return shall be furnished within the paper form. While submitting your physical paper return, the taxation Department will issue you an acknowledgement there and then.
But as per the taxation law, only following taxpayers have the option of filing the itr online filing in paper form:
• The Super senior citizens, that’s the people who are, 80 years or above.
• Individual/ HUF whose return doesn’t have any claim for refund within the return of Income and whose Income is up to Rs 5,00,000.
If you wish to file your Income tax efiling Online, then you may have 2 choices and that they are:
• You can need to Prepare and submit the Income tax return online.
• Then you will have to upload xml by using offline utilities.
How to prepare and submit your ITR-1 From online
• You will Log in to incometaxindiaefiling.gov.in together with your User ID, Password, Date of Birth and Captcha.
• As soon as you log in, you will see an option, “Filing of Income tax return.” you will have to Click on it.
• The ITR Form Name, Assessment Year and the submission mode, will have to prepare and submit it.
• Fill in the details and click on the ‘Submit’ button. you will get a message that “Your return has been submitted successfully and ITR-V are generated”.
• Click on the link and download it as serves because it is an acknowledgement. ITR-V will be sent to your registered email.
How to upload XML using offline facilities
Visit the official Income-tax Department website. On the house page, you will find an option choice on the right-hand side named ‘Offline utilities”. you will have to just click on it.
• Then you will have to click on the option “Income tax return Preparation Utilities”.
• Select the Assessment Year that you would like to file income tax return.
• Then Download the offline utility through that you would like to e-file your ITR (excel Utility or Java Utility).
• Prepare the return offline and upload the XML generated through offline utilities to the choice on “Filing of Income-tax Return” on the official income tax website.