Income Tax Return for AY 2020-21: Who can file ITR1, documents checklist2 min read . Updated: 25 Oct 2020, 02:06 PM IST
Do not wait for the last day to file your taxes to avoid any last time hassle.
ITR 1 form also known as Sahaj is mainly for salaried individuals earning up to ₹50 lakh annually. Only resident individuals can file ITR-1. The Central Board of Direct Taxes (CBDT) on Saturday has extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020. But you should not wait for the last day to file your taxes to avoid any last time hassle. To start with you should know which ITR should you file. Next step is to complete the documents that you would need to file the ITR form. Here's is some help to those who will need to file ITR 1.
Who can file ITR 1
Return in Form ITR-1 can be filed by an ordinary resident individual (not HUF) having an income of up to ₹50 lakh. Total income for this purpose includes the following:
1) income from salary or pension
2) income from one house property
3) income other sources such as interest from bank account (excluding winning from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE)
4) agricultural income upto ₹5,000
It is to be noted that in cases where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this return Form can be used only if the income being clubbed falls into the above income categories.
Documents checklist you will need to file ITR 1 Form
Keep these documents handy while filing your income tax return via ITR Form 1 (Sahaj)
General information: PAN number, Aadhaar number or enrollment ID in case you don't remember your Aadhaar number
Salary/ pension : Form 16 from your employer, or multiple employers if you changed your job during the year
Income from house property : Rent receipts, housing loan for deduction of interest
Income from other sources: Your bank statement or passbook for computation of interest earned on bank accounts, fixed deposits, time deposits, post office savings passbook, winnings from lottery details, details of clubbed income
Claiming deduction under various sections : Keep these documents or numbers ready before filing your income tax return:
- contribution towards provident fund, NPS
- child's school tuition fee paid during the financial year
- life insurance premium payment
- health insurance premium payment
- stamp duty and registration charges
- principal repayment on your home loan
- equity linked savings scheme or mutual fund investment
- receipts with details of donation eligible for 80G
Fill up Schedule DI : A new Schedule DI has been inserted this year for claiming deduction under Part B of Section VIA on any investment, deposits or payments made during the extended period between April 1, 2020 and July 31, 2020.
Form 26AS : Verify the tax payment details as available in your form 26AS
TDS Details: Verify the TAN details and the amount of credit available in your Form 16 ( for salary), Form 16A ( Non salary) and Form 16 C (Rent)
Other information: Details of agriculture income, dividend income, details of all active bank accounts held in India. You should select minimum one bank account for refund credit