The income tax department today announced that it has opened the window for filing of income tax return for FY 2019-20 (AY20-21) for ITR-1 user. Due to the situation arising of corona-virus & nationwide lockdown the I-T department has delayed the process of issuing ITR forms this year. The ITR filing deadline has also been extended from July 31 to November 30.
"ITR 1 for AY 2020-21 is available for e-filing. Other ITRs will be available shortly," the income tax department said. Also known as Sahaj, ITR 1 form is primarily used by salaried individuals earning upto ₹50 lakh in a year. The two-page form can also be used by those having income from one house property and income from other sources like interest, etc. However, the benefit of the simpler ITR 1 form is not available to individuals, who are either director in a company or has invested in unlisted equity shares.
In the FY 2019-20 there are certain amendments & 3 additional question are added. These questions are as follows:
1. Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year? (Yes/No)
2.Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person? (Yes/ No)
3. Have you incurred expenditure of amount or aggregate of amount exceeding ₹1 lakh on consumption of electricity during the previous year? (Yes/No)"
The new ITR forms also require taxpayer to furnish details of tax saving investment or donation made during 1st quarter FY 2019-20. (Source)
