Applicable ITR for Assessment Year 2020-21

• August 23, 2020
• CA Chandan Agarwal's Office

It is advised to choose the correct ITR form in order to avoid further notice of defective return. Following forms below gives you insight to file correct ITR form as per Nature of Income and Status of person A.Y. 2020-21:

ITR 1: (SAHAJ)

1. Resident Individual whose total income does not exceed 50 lakhs can use this form for return filing

2. Having income from Salaries, from one house property and Income from other sources

3. Agriculture income does not exceed Rs. 5000

4. A director in a company cannot use Form ITR-1 for return filing

5. And an individual holding shares of unlisted company also can’t file return in ITR-1

6. An individual having foreign income or foreign assets cannot file return in ITR-1.

Read more on: https://taxguru.in/income-tax/applicable-itr-assessment-year-2020-21.html