After notifying the income tax return (ITR) forms for FY 2019-20, on May 29, 2020, the income tax department has released the ITR-1 utility (e-form) on its e-filing website. The ITR-1 form is available in Excel and Java formats.
One point to note about the latest ITR-1 form is that it allows individuals to claim the deductions on tax-saving investments made between April 1, 2020 and June 30, 2020 under the DI Schedule. This is because the government, as part of its initial coronavirus-related relief measures, had extended the tax-saving deadline to June 30, 2020 from March 31, 2020 for FY 2019-20.
Here is a look at who can use ITR-1 and how to file your return using this form.
Who can use ITR-1?
ITR-1 is the tax return form used most commonly by individual taxpayers. For FY 2019-20, individuals who satisfy these conditions can use ITR-1 to file their returns:
a) Individual should be a resident. NRIs cannot use the ITR-1 to file their income tax return
b) Total income of resident individual should not exceed Rs 50 lakh
c) The sources of total income should be salary income, one house property, other sources of income such as interest income, pension etc. and
d) Agriculture income up to Rs 5,000 in a financial year
However, if you are a Director of a company or have invested in unlisted equity shares or have more than one house property, then you cannot file your tax-return using ITR-1.
How to file tax return using ITR-1?
There are two ways a taxpayer can file ITR-1 – Either by uploading an XML file or by directly preparing and submitting it online.
To file ITR-1 by uploading an XML file, an individual is required to download the Excel or Java utility from the e-filing website, fill in the information, generate an XML file and finally upload the same on the income tax department’s e-filing website.
Another method is by logging in to your account on the department’s e-filing website, and then entering the information directly in the online form and submitting it. This method does not require downloading of Excel and/or Java utility.