ITR-1 for AY 2020-21 made available on Income Tax e-filing portal

The Central Board of direct taxes (CBDT) today announced that it has opened the window for filing of income tax returns (ITR) for financial year 2019-20 for those using ITR 1 form. 

ITR-1 for AY 2020-21 made available on Income Tax e-filing portal

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 covid-19 related relief measures, had extended the tax-saving deadline to June 30, 2020 from March 31, 2020 for FY 2019-20.

CA JUNCTION INDIA

Also known as Sahaj, ITR 1 form is primarily used by salaried individuals earning upto Rs. 50 lakh in a year. The two-page form can also be used by those having income from one house property and income from other sources like interest, etc. However, the benefit of the simpler ITR 1 form is not available to individuals, who are either director in a company or has invested in unlisted equity shares.

Also Read: CBDT notifies IT Return forms for AY 2020-21: Seeks new disclosures for electricity consumption, travel expenditures

The Department further notified that the other Income Tax Return Forms will soon be made available on the e-filing portal.

About CA Junction

Check Also

Cabinet approves the MOU between the ICAI and Vereniging van Registercontrollers(VRC), the Netherlands

Cabinet approves the MOU between the ICAI and Vereniging van Registercontrollers(VRC), the Netherlands

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the signing of the Memorandum …

2 comments

  1. Ремонт промышленной электроники KINGSHILL ELECTRONIC PRODUCTS https://prom-electric.ru/remont-promyshlennoj-elektroniki-kingshill-electronic-products/ Диагностика промышленной электроники KINGSHILL ELECTRONIC PRODUCTS. Доставка.

Leave a Reply

Your email address will not be published. Required fields are marked *