ITR-1 & ITR -4 E-Form For FY 2019-20 Now Available

The income tax department has released the ITR-1 & ITR-4 (e-form) on its e-filing website. Those form also available in Excel and Java formats for offline return.

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 coronavirus-related relief measures, had extended the tax-saving deadline to 30th June 2020 from 31st March 2020.

ITR-1 & ITR -4 E-Form For FY 2019-20 Now Available On Income Tax Department Website

Who can use ITR-1?

ITR-1 is the tax return form used most commonly by individual taxpayers. For FY 2019-20, individuals who satisfy these conditions can use ITR-1 to file their returns:
a) Individual should be a resident to file their income tax return; NRIs cannot use ITR-1.
b) Total income of resident individual upto Rs 50 lakh;
c) The sources of total income from salary, one house property, other sources of income such as interest income, pension, family pension etc.; and
d) Agriculture income up to Rs. 5,000 in a financial year.

(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

Who can use ITR-4?

a) For Individuals, HUFs and Firms being a Resident having Total Income upto Rs.50 lakhs. (Except LLP)
b) Income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE .

(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

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