The Income Tax (I-T) department on Tuesday said it has opened the window for filing the income tax return (ITR) for financial year 2019-20 for those using ITR 1 form.
ITR 1, also known as Sahaj, is available for individuals who are residents having total income up to Rs 50 lakh, having income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000.
The department has released the ITR-1 on its e-filing website. It is available in excel and java formats.
For the assessment year 2020-21 (financial year 2019-20), the department has notified the ITR forms twice. In the month of January 2020, the department notified two ITR forms (ITR-1 and ITR-4). Now, in the month of May 2020, all ITR forms (ITR-1 to ITR-7) have been notified, which will be soon available for filing, the income tax department said.
When the ITR form 1 was notified in January 2020, new rule was introduced saying that ITR 1 cannot be used by a person who owns a house property in joint-ownership and for those who has entered into specified transactions mentioned in the seventh provision to section 139(1), that is, payment of electricity bill in excess of Rs 1 lakh, a deposit of more than Rs 1 crore in one or more current accounts, etc.
Immediately after notifying this, the government announced to withdraw the prohibition on filing of return in ITR-1 and ITR-4.
"The recent notification maintains status-quo by removing these prohibitions. Thus, a person owning a property in joint-ownership or covered under the seventh provision can file return in ITR-1 if they fulfill other conditions," explains Naveen Wadhwa, Taxmann.
Additionally, a new schedule has been inserted in the form to seek details of the investment, deposit and payments made during the extended period till June 2020 for claiming deductions. The due date for filing tax returns in assessment year 2020-21 (financial year 2019-20) is November 30, instead of July 31.
The new ITR forms have also introduced new additional columns and schedules to capture new, yet essential information.
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