How to File ITR 1 Sahaj Form Online for AY 2020-21 (Easily)

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 are carried forward are not included in this ITR)
• If the source of income is pension or salary
• If the source of income is other sources
• If the clubbed income of minor or wife is shown, then ITR-1 can be filed only in case their source of income as mentioned in the above points.

Not Eligible for ITR 1 Filing Online for AY 2020-21

• For the assessment year 2020-21, an individual, or Hindu Undivided Family, which has joint ownership of a house property, cannot file return of income in ITR -1.
• Such person will have to file return in ITR-2 or ITR-3, as the case may be.
• The taxpayer whose income is more than Rs 50 lakhs is not eligible to furnish this form.
• Non-residents and RNOR (Residents not ordinarily resident) cannot file ITR 1.
• Taxpayers who have two or more house properties are not eligible.
• Assessees having income under business or profession head are not eligible.
• Taxpayers who have long or short-term capital gains
• Taxpayers whose income from agriculture means is greater 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 cannot be used by residents having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

Penalty if Miss the Income Tax Return Filing Deadline

As per revised rules under section 234F of IT act from 1st April, 2017 notifies that an individual is liable to pay maximum INR 10,000 penalty after missing the 31st July deadline of ITR filing. While in case an individual total income does not exceed 5 lakhs then a penalty of only INR 1,000 is applicable.

Modifications Details in ITR 1 Sahaj Form

• INR 50,000 standard deductions
• No applicability on directors of any company
• No applicability on individuals holding unlisted equity shares of any company
• No changes in computation
• ITR 1 & ITR 4 offline availability for senior-most citizens aged more than 80 years
• Section wise return filing is segregated within the normal filing return and response to the notice
• Salary bifurcation will be done as the standard deduction, entertainment allowance and professional tax
• Pensioners column has been added in the nature of employment
• Details of Employer like TAN of Employer (mandatory if tax is deducted), Name of employer, Nature of Employer), Address of Employer, Town/City, State, PIN/ ZIP Code has been inserted under the head income from salary.
• Deletion of details of Return of Income filed in response to notice u/s 153A and 153C.

-A new deduction of 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2),80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U has been added in the deductions column.

• Point of the amount of rent which cannot be realized has been inserted under the head house property.
• The individual income from one house property, salaries and other sources summing up to 50 lakhs, this condition retains its place even after changes

Due Date for Filing ITR 1 Online AY 2020-21

• Every year ITR -1 has to be filed on or before 30 Nov of the following year. After that, a late fee under section 234F is levied
• Applicable Income Tax Rates for FY 2019-20 (AY 2020-21)

Guide to File Income Tax Return (ITR) 1 Online:

ITR 1 is divided into 7 sections where:

Part A – General Information

This tab includes details of the following general fields:

• Name
• Address
• PAN number
• Mobile no.
• Email address
• Aadhar number
• Return filing details
• Nature of employment viz Govt/PSU/Pensioners/Other

Part B – Gross total income

This tab includes details related to gross total income:

Part B1

• Details of Employer like TAN , Name, Nature& Address of Employer
• Salary details
• All the allowances which are exempted
• All the value of perquisites
• Net salary
• Deduction in u/s 16
• Income chargeable under the head ‘salaries’

Part B2

• Gross Rent received
• Tax paid to local authorities
• Annual value
• 30% of the annual value
• Interest payable on borrowed capital
• Arrears/unrealized rent less than 30%

-Income chargeable under head ‘house property’

Part B3

• Deduction u/s 57(iia)

Part B4 – Gross total income

• (B1 + B2 + B3)

Part C – Deductions u/c VI-A and Taxable total income

This tab includes all the deductions and taxable total income

Here the deduction limit will be as per income tax act

• 80C,80CCC,80CCD(1),80CCD(1B),80CCD(2),80DD,80DDB,80E,80EE,80EEA,80EEB,80GG,80GGC,80U
• Value of Total deduction
• Total income (B4 – C1)

Part D – Computation of tax payable

This tab includes all the valuation of tax payable

• D1 Tax payable on total income
• D2 Rebate u/s 87A
• D3 Tax after rebate
• D4 Cess on D3
• D5 Total tax and cess
• D6 Relief u/s 89(1)
• D7 Interest u/s 234A
• D8 Interest u/s 234B
• D9 Interest u/s 234C
• D10 Fee u/s 234F
• D11 Total tax, fee, and interest
• D12 Total tax paid
• D13 Amount payable
• D14 Refund
• Exempt income

Part E – Other Information

This tab includes banking details

• IFSC Code of the bank
• Name of the bank
• Account Number

Schedule-IT: IT Details of advance tax and self-assessment tax payments

• BSR code
• Date of deposit
• Serial number of challan
• Tax Paid

Schedule-TDS: TDS details of TDS/TCS

• TAN of deductor/ PAN of tenant
• Name of deductor
• Gross payment
• Year of tax deduction
• Tax deducted
• TDS/TCS credit

Schedule DI – Details of Investment

• Eligible amount of deduction during FY 2019-20 (As per Part C- Deductions and taxable total income)
• Deduction attributable to investment/expenditure made between 01.04.2020 to 30.06.2020

Verification

The taxpayer has to verify and self-attest the form at the last by signing the verification content after entering all the details such as name, parent name and PAN details.

Medium To Online Furnish Income Tax Return 1 (ITR)

An ITR-1 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS.

Also, super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR.

Offline here means to furnish the return form in paper format.

File ITR 1 Online or Electronically:

While furnishing ITR-1 online, feed the details and e-verify return using EVC via Bank

Account/Net Banking/Demat Account/Aadhar OTP or

Feed the details using electronic medium and send a physical copy of ITR V to Centralized Processing Centre (CPC), Bengaluru through speed post or normal post.

When you furnish the ITR-1 return form using electronic medium, the receipt will be seen in the inbox of the registered email id. It can also be downloaded from the official income tax website manually. After downloading the acknowledgement, you need to sign the form and then send to the CPC office, Bangalore before completing 120 days counting from the e-filing date. On the other side, it is not required to send the ITR V to the CPC if EVC/OTP option is used.

File ITR 1 SAHAJ Form Offline

If the age of the person is 80 or more years during the respective tax period or in the previous year.

Important Terms To Understand In ITR-1 SAHAJ Form for AY 2020-21

Notice Number: Notice Number is required to be mentioned when the taxpayer furnishes the return in answer to the notice issued by the Income Tax Department.

Revised Return: There is an option of re-file, so if you have made certain mistakes, you can rectify them again. For the FY 2019-20 the taxpayer can furnish the revised return on or before 31 March 2021.

Advance Tax: If the tax on other income is above Rs. 10,000 in a year, the assessee is required to calculate and deposit the advance tax. This advance tax is to be paid on a quarterly basis such as on, June, December, September and March.

Annexure-less Return: Annexure-less return which means it doesn’t require to affix any documents with the ITR-1 Form.