The Central Board of Direct Taxes (CBDT) announced the directions are guidelines to assist the assessee in furnishing the particulars in income tax return form‐1 for the AY 2021‐22 describing to the Financial Year 2020‐21.
What is ITR‐1 SAHAJ?
So as to make tax compliance simpler the income tax council has divided the assessee into various groups based on the income and its source. Thus you are urged to furnish the returns as per that. ITR-1 is also known as Sahaj Form and is for the person whose income is Rs 50 lakhs.
Who is Liable to Furnish ITR 1 for AY 2021-22
The resident can use the return form rather than not an ordinarily resident whose income for the Assessment year 2021-22 is less than Rs 50 lakh and whose income comes beneath the mentioned heads named Income from Salary/ Pension; or Income from One House Property; or Interest income and/ or family pension taxable below additional sources.
It is important that in the case where the income of the person such as a spouse, minor child etc. is to be clubbed along with the taxpayer’s income. This return form is subjected to use only if the income is clubbed into the mentioned income division.
Non-eligible Person, to Use This Return Form?
A director of any firm cannot use this return form who had ruled any unlisted equity shares in before year has any asset consisting of financial interest in any entity situated in foreign has signing authority in any account designated outside India, or holds income from an unspecified source outside India; has put off the tax on ESOP obtained through the employer posing a suitable start‐up; has withdrawn cash and TDS has been subtracted u/s 194N on this withdrawal.
Indeed an individual shall also not liable to use the return form who has any income from the mentioned circumstances i.e in the before the year the profits and gains through the business and professions, Capital gains; Income from more than one house property; Income beneath the cover other sources income to be distributed as per the provisions of section 5A, or Agricultural income in abundance of Rs.5,000.
Moreover, this return form shall also not be practiced through the person who had claimed for the loss/deductions/relief/tax credit, etc. and draws the forward loss or loss to be brought forward beneath the ‘Income from house property’ loss beneath the ‘Income from other sources’; any claim of relief beneath section 90 and/or section 91; other claims of deduction beneath section 57 excluding the deduction beneath the clause (iia) thereof (relating to family pension); or any claim of credit of tax deducted at source for any individual.
The Major Amendment With Respect to ITR for The Assessment Year 2020-21
Firstly the choice to claim advantages for the fresh tax regime u/s 115 BAC is furnished in ITR‐1. The option must be claimed until the expiry of the last date specified as per section 139(1).
In the second thing, the ITR 1 shall not be furnished through the taxpayers who pose TDS u/s 194N.
Thirdly, the resident person who possesses the Income‐Tax charged on ESOP is bound to furnish the ITR‐1.
The fourth one is the quarterly breakup of the dividend income which is to be given.
Fifthly, Schedule DI is eliminated.
The last is the donation date furnished in cash has been inserted to compute the liable amount of donation u/s 80GGA.
Technique to Furnish and Verification
All these return forms shall be furnished through the income tax department either electronically or in the form of a paper.
Towards furnishing the return electronically or on the e‐filing web portal of Income‐tax Department (www.incometaxindiaefiling.gov.in) [www.incometax.gov.in from 7‐June‐ 2021] and confirmed digitally signing the verification part, or authenticating through electronic verification code (EVC), or Aadhaar OTP, or by addressing duly signed paper Form ITR‐V ‐ Income Tax Return Verification Form by post to CPC at the “Centralized Processing Centre, Income Tax Department, Bengaluru 560500, Karnataka”.
Within 120 days from the e-filing return date, the Form ITR-5 income tax return verification form must take upon the same. The confirmation of the receipt of ITR-V at the Centralized Processing Centre will be sent to the taxpayer on an e‐mail ID recorded in the e‐filing account.
This return form can be furnished in the form of a paper at the designated offices of the income tax department and a duly signed form ITR-V. This mode of filing the return is permissible only for the case of the senior people whose age is 80 years or exceeds in the previous year.
Responsibility to Furnish The Return
Every person whose income prior to permitting the deductions beneath Chapter VI‐A of the Income Tax Act or deduction for capital gains (section 54 to 54GB), is more than the maximum amount and is not chargeable to the income tax is responsible to get filed his return. under Chapter VI‐A claim of deduction(s) is to be written in part c of this return form. If there is any issue then you should refer to the respective provisions of the Income‐tax Act.
Towards the case, if the new tax regime u/s 115 BAC has not been chosen the highest Rs 250000 is not be chargeable to the income tax assessment year 2021-22 for the case of a person whose age is less than 60 years.
For the case of the latest tax regime u/s 115 BAC has not been chosen the maximum of Rs 300000 that is not chargeable to the income tax for the assessment year 2021-22 for the case of the person who is a resident of India and whose age is of 60 years or exceeds at any time in the before the year 2020-21.
The next case is of the new tax regime u/s 115 BAC has not opted, the maximum of Rs 5,00,000 that is not chargeable to the income tax for the AY 2021-22 inside the case of the person who is a resident of India and of 80 years or exceeds any time in the preceding year 2020-21.
If the amended tax regime opted u/s 115 BAC, the maximum of Rs. 2,50,000 that is not chargeable towards the income tax for Assessment Year 2021‐22, towards a person whose age is less than 60 years if in case a person resident of India and poses an age of 60 years or exceeds in the preceding year 2020-21 and if an Indian resident who is of the age of 80 years or exceeds during the previous year 2020‐21.
If an individual whose income prior to permitting the deductions beneath Chapter VI‐A of the Income‐tax Act or deduction for capital gains (section 54 to 54GB), is lesser than the highest amount which not chargeable to the income tax however furnished one or exceeding conditions required to be responsible to file the return on the income named as Deposit of amount or average amount more than Rs 1 cr in one or exceeding current accounts, sustaining expenditure of the amount or average of amount whose value ie more than Rs 2 lakhs in traveling to a foreign country for yourself or the other individual and sustained expenditure of amount or average of amount for more than Rs 1 lakh upon the electricity consumption.
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