The CBDT had notified the New Income Tax Return Form 1 to Form 7 for the assessment year (AY) 2020-21. However, in this article we are going to discuss in details about ITR-1 (Sahaj), including the key changes made in ITR 1 for AY 2020-21. Income tax return filing is currently available only for those who wish to file ITR -1, ITR-2 and ITR-4 for AY 2020-21. The income tax department has informed that ITR-1, ITR-2 and ITR 4 for AY 2020-21 is available for e-Filing by downloading either excel or Java utility while other ITRs will be available shortly.
Eligibility to File ITR-1
ITR-1 is simplified one-page tax return form used most commonly by individual taxpayers. For FY 2019-20 (AY 2020-21) individuals who satisfies the following condition can use ITR-1 to file their return:
Read more on: https://taxguru.in/income-tax/unlock-itr-1-sahaj.html
© 2018 CA Chandan Agarwal. All rights reserved.