All about New ITR-1 E forms for FY2019-20  AY2020-21

The income tax department of India has released the ITR -1 form for the Financial Year 2019-2020. This ITR-1 Form is available is two format first is in excel and second is in Java format. On 29^th of May this form was released by the Income tax department. It allows the individuals to claim deductions on the tax savings investments dated between 1^st April 2020 and 30^th June 2020. This is being done in order to provide the Coronavirus relief measures. The income tax department has extended the tax saving deadline from Mar 31, 2020 to June 30^th 2020 to fill up the ITR-1 Form to get the income tax benefit.

Now let’s explore some of the important points regarding the ITR -1 Forms

Who has the right to use the ITR-1 Form?     

Individual taxpayer can use the ITR-1 Tax return form. There are also certain norms that individuals need to maintain in order to file the ITR-1 return file.

• An individual must be the citizen of India to file the ITR-1 return file. NRI cannot use the ITR-1 return file.
• An individual income must not exceed Rs 50 lakh otherwise his eligibility to file this return file may get declined.
• The sources of the income of an individual must be the salary income, pension income and one other the house property and the family pension.
• In a financial year the agricultural income must be up to Rs 5000
• You cannot file your tax return using the ITR-1 if you the director of a company and possess more than one house property.

What is the process to file the tax return of ITR-1?  

There are basically two ways by which a tax payer can file the tax return file. Either you can upload the tax return file in an XML format or by submitting it directly on the online basis.

First you need to download the java utility form on the e-filing website in the excel format. After that you need to fill in the information and generate the XML file this will help you to upload in the income tax department e-filing website.

Another process using which you can fill up the form is by logging in the e-filing website of the income tax department and filling up the form in a proper manner. To get the benefits of the income tax returns easily.

What will happen if an individual misses the tax saving deadline 30^th June 2020?

Until the period of the assessment year 2017-2018 there was no penalty on the late submission of income tax returns file. But from the assessment year 2018-2019 the penalty was imposed on the late submission on the income tax return file. New section of 235 F was imposed by the government as per the income tax act where an individual have to pay the penalty amount up to Rs 10000 for filing the return of the income tax if the due dates are over.

If the taxpayer pays the tax after the first due date is over then he have to pay Rs 5000 and in case of further delay till January 2021 the taxpayer will have to pay Rs 10000 penalty. If the total income of the tax payer is less than Rs 500000 then the tax payers have to pay Rs 1000.

To know more in detail you can click on this link to get better information and to fill up the ITR-1 File https://www.incometaxindiaefiling.gov.in/home.

Now let’s find out the income tax slabs for the tax payers that you need to know

Income tax slabs for the resident individuals who are below the 60 Years of Age for the assessment year 2020-2021   

Income tax slabs for the resident individuals who are senior citizens of 60 years of age or less than 80 years for the assessment year 2020-2021  

Income tax slabs for the resident individuals who are the super senior citizens of 80 years and above for the assessment year 2020-2021  

Hence, from the above information it has become clear that these are the dates and the income tax returns slabs you need to know in order to file the return file in the right time.