Income Tax Return (ITR) 1 AY 2020-21
ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs.
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:
- House property
- Pension or salary
- Other sources
- Agriculture Income upto 5,0000
Details Required To File ITR 1 Online
- PAN Card
- Mobile no
- Email address
- Aadhar number
- Form-16
- Interest certificates from banks and post office
- Form-16A/Form-16B/Form-16C
- Form 26AS
- Tax-saving investment proofs
- Documentary proofs to claim deductions under section 80D to 80U
- Home loan statement from bank/NBFC
- Capital gains
- Pre-validation of bank account for ECS refund
- Aadhaar card
- Collect details of investment in unlisted shares
- Collect bank account details
- Update bank and post office savings account passbook, PPF account passbook
- Salary slips
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.
Penalty for missing deadline
According to revised norms under the IT act an individual is liable to pay maximum of Rs 10,000 penalty after missing the deadline of ITR filing. While in case an individual total income does not exceed 5 lakhs then a penalty of only Rs 1,000 is applicable. The last date of filing ITR-1 for FY 2019-20 has been extended to November 30, 2020.
The tax department has also revised the I-T return forms to allow assessees to avail benefits of various timeline extensions granted by the government following the Covid-19 pandemic.
Author: Team Atmoz