ITR-1 form for A.Y. 2020-21 released for e-filing by Income Tax Department.

What is Income Tax Filing Process?

Income Tax Filing is the process of declaring your taxable income, deductions and tax payments for the applicable financial year.

What is the due date for ITR Filing for A/Y 2020-21?

The last date for filing tax returns is July 31 for non-audit cases. However, for this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.

checklist

Who are eligible to file ITR-1?

Any individual being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5 thousand.

Who are not eligible to file ITR-1?

Any person who is either Director in a company or has invested in unlisted equity shares.

Any person whose income of Windfall sources (lottery and gambling), agriculture income exceeds Rs. 5000 and capital assets income.

Last minute checklist for error free ITR filing

1. Permanent Account Number (PAN)

2. Aadhaar Number

3. Form 16 from employer. An employee who has change the job in financial year can have 2 or more form 16.

4. TDS certificate

5. Interest statements showing interest earned on savings bank account and fixed deposits

6. Proof of tax saving investments/expenses (80C to 80U)

7. Bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.

8. Other investment documents, such as statement of interest paid on education/ house loans, etc

9. Match your tax details with 26 AS

Must ask these questions while filing ITR to the concern person.

1. Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?

2. Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?

3. Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?

Verify the return

It is important to verify your return otherwise your ITR filing will be invalidated. You can opt for either physical verification or e-verification.

For physical verification you need to print a copy of ITR-V (Income Tax Return Verification form) that should be signed in blue ink, and the physical copy sent to the Centralized Processing Centre (CPC) Bengaluru via ordinary post within 120 days of filing ITR.

Alternatively, you can complete e-verification within 120 days of ITR filing through several modes, including Internet banking, bank ATM, bank account number, Demat account number, and aadhaar OTP.

Disclaimer:  This is meant purely for general education purpose.While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

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