ITR-1 notified: Here is how to file Income Tax Returns for AY 2020-21

The Income Tax Department has notified the income tax returns for assessment year (AY) 2020-21 making it mandatory for assessees to file I-T returns for high-value transactions. The high-value transactions include among others deposits in a current account worth over Rs 1 crore, electricity bill payment of Rs 1 lakh or more, and spending on foreign travel of Rs 2 lakh and above. The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats.

Here is how you can file your return using this form

How to file tax returns using ITR-1?

The ITR-1 can be filed either by uploading an XML file or by directly preparing and submitting it online. You need to download the excel or the java version of the utility form, provide your information. Once you complete filling the asked details, ypu can generate an XML file and upload it on IT Dept's e-filing website. If you do not want to fill the excel sheet, you can also log in to your account on the department's e-filing website and fill in the asked details online and submit it.  

Who can file ITR-1 for AY 2020-21?

ITR-1 is filed by the taxpayers whose income is up to Rs 50 lakhs from below-mentioned sources:

* If the income is from one house property 

* If the source of income is pension or salary

* If the source of income is other sources

* If the clubbed income of minor or wife is shown, then ITR-1 can be filed only in case their source of income as mentioned in the above points.

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.

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