ITR-1 RETURN

Income Tax Return i.e. ITR is simply a form which has to be filed with the Income Tax Department. Some employees at the company term it as income tax return filing or an income tax filing. The main moto of online ITR filing is to make a report of income and the taxes that are paid to the government.

ITR-1 is also known as SAHAJ form. This Income Tax Return Form is for the resident individual taxpayer whose total income for a financial year includes:
This is for the person whose income source is only Salary or Pension.
A person whose income source is from a One House Property.
Person who has no income from any business or by selling any other asset that he owns.
A person whose source of income is from various investments, schemes or fixed deposits etc
A person whose income from Agriculture is below Rs. 5000
A person who does not own any kind of asset or property outside India.
A person whose source of income isn't from any other country except India.
A person whose source of income is not from any jackpot such as lottery, horse racing etc.
Person who want to accumulate their spouse’s or underage child’s income with their own, as long as the income to be clubbed is in accordance within the criteria.
Assessment Year for which this Return Form is applicable ?
This Return Form is applicable for assessment year 2020-21 only, i.e., it relates to income earned during the Financial Year2019-20.

People who are not eligible to file ITR-1?

Persons whose income is more than 50LPA.
A person who earns more than 5000 by means of Agriculture.
A person who is a director in a company.
A person who has income from more than one housing property.
A person who have foreign asset or income from any foreign means.
A person who is a resident is not ordinarily a resident (RNOR) and non-resident.
A person claiming double taxation relief under Section 90/90A/91.

How can I file my ITR-1 Form?

You can file your ITR-1 either offline or through the online process
1) Offline:
The following individuals are eligible to file the return in paper form:
An individual who is 80 years or more at any time during the previous year.
An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
For offline use, the return is issued in a physical paper form. At the time of submission you will be provided with an acknowledgement from the Income Tax Department.

2) Online/Electronically:
You would have to transmit data electronically and then submit the verification of the return in the form of ITR-V to CPC.
By filing the return online and e-verifying the ITR-V through net banking/aadhar OTP/EVC. What is the structure of the ITR-1 Form?

The Form of ITR-1 is divided into the following categories:
Part 1: Personal Details of Taxpayers
Part 2: Taxpayer's Gross Total Income
Part 3: Deductions and Taxable Total Income
Part 4: Tax Computation and Tax Status
Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
Scheduled TDS: Details of Tax Deducted at Source
The Major Changes that were introduced in the AY 2020-21 for ITR 1 are:

Individual taxpayers who meet the criteria of (a) incurring expenses above Rs 2 lakh on foreign travel or (b) cash deposits above Rs 1 crore with a bank or (c) electricity expenditure above Rs 1 lakh should also file ITR-1.
ITR-1 can also be filed by Resident individuals who own a single property in joint ownership but the total income should be up to Rs 50 lakh. The amount of the investment or deposits or payments should be separately disclosed by the Taxpayers.