HOW TO FILE ITR-1 Form AY 2020-21

HOW TO FILE ITR-1 Form AY 2020-21 

What is ITR-1 or ITR-1 Sahaj Form?

ITR-1 means the form which is filed by the Individual assessee who earned income from specified sources as we are going to discuss in this article. As its name suggest SAHAJ, The Income Tax Department structure it in same way to make tax compliances easier.ITR-1 is available in both the mode that is Online and Offline mode for filing the Income Tax Return.

An Individual who is having salary income can file his ITR-1 by himself by creating Login Id on https://www.incometaxindiaefiling.gov.in/home

WHO CAN FILE ITR-1

ITR -1 is filed by the Resident Individuals having Income upto Rs. 50, 00,000 from the following sources:

• Income from Salary/ Pension
• Income from House Property (but not include cases where losses of previous years are carried forward).
• Income from Other Sources (including Agriculture Income not exceeding Rs. 5,000)
• Also if clubbing provision applicable then source of income of Spouse/ minor child  should be only from as mentioned in above points.

 Due Date for Filing ITR-1

Filing of return of income is mandatory, if the Gross total income (before any exemption) is more than basic exemption limit.

ITR-1 has to be filed on or before 31st July of the assessment year. The Government via press conference dated 13th May, 2020 announced that the due date of filing of returns has been extended from 31st July to 30th November, 2020 for the Assessment Year 2020-21 (i.e. income earned for the period of 2019-20).

After understanding about ITR-1, Who can file this form and the due date of ITR filing. Lets see How ITR-1 Looks Like

Part A includes basic details like assessee's Name, Address, Date of Birth, PAN, Aadhar No. Etc.

Part B includes Income details:

Part C includes the details of Deductions for investments or savings assessee made.

Part D Shows the Computation of Total Income as per the details fill in above steps.

Part E Includes assessee bank details such as account number, Branch IFSC code, Bank Name. If assessees have more than one bank account then they should mention all the accounts.

This schedule includes TDS/TCS details, which will be auto populated from 26AS of the assessee. TDS is the form of tax already paid by assessee on income earned. Hence assessee take credit of this tax paid from his gross Tax Liability. 

In this IT Schedule assessee need to fill the detail of Advance Tax and Self Assessment Tax, if paid.

After seeing the ITR-1 form now let’s understand how to file income tax return online and Offline step by step.

There are two way to file ITR-1 either Online or Offline.In case of Online filing you just login and select the form fill it and submit,after verification.On the other hand in offline mode you first need to download the form then fill and upload file as XML.

	AY 2019-20		AY 2020-21
ITR-1 Offline	16,10,948	40.03%	2,33,446	23.95%
ITR-1 Online	24,13,065	59.97%	7,41,074	76.05%
ITR-1 Sub Total	40,24,013		9,74,520

From the above data we can understand that in AY 2019-20 return filed by online mode was 59.97% however only 40.03% return filed by Offline mode.In AY 2020-21 filing via online mode increase to 76.05% and via offline mode only 23.95%.This is because filing through Online mode is easier than Offline mode. 

Step-1 Documents required- Your PAN number, Aadhar number, Personal details, Income Details, Saving Details, Bank account details.

Step-2 How to Login to e-filing portal

• Go to e-filing portal at https://www.incometaxindiaefiling.gov.in/home
• If already registered on the portal, click on ‘Login Here” to login to e-filing portal. 
• If not already registered on e-filing portal. Click on “Register Yourself”

Step-3 After successful login, first view your 26AS by clicking My Account Tab and check your TDS credit.Then you have to go Income Tax return under e-file tab and fill following details:

•       Assessment year (i.e. 2020-21)

•       ITR form number (i.e. ITR-1),

•       Filing Type (i.e. original or revised) and

•     Submission mode (if you filing return online mode than select prepare and Submit Online or if you filing return offline mode than select upload XML) and continue.

Step 4 In this step you need to fill all your details and pay tax, if any. Then submit the form.

Step 5 This last step is very important otherwise your ITR become defective after 120 days. After submission your ITR you need to verify your return from any of the following method:

1.          Aadhar based OTP

2.         Generating EVC through Net Banking

3.       Sending Signed ITR-V or Acknowledgement    

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