ITR Form 1 – AY 2019-20
A resident individual with a total income up to Rs 50 lakh can use ITR-1 to file for AY 2019-20. Such individuals can report salary income, income from one house property, income from other sources and agricultural income up to Rs. 5,000 in this form.
ITR-1 form is no longer applicable to a taxpayer who is a director of a company or has held unlisted equity shares at any time during the financial year.
The individual having salary income will have to report details of the various deductions under “Part A- Income from Salary” section. These details will cover standard deduction, exempted allowances like house rent allowance. Also, it is now required to give income details, like interest received on a savings account and interest received on fixed deposit, under “Income from other sources”.
The last date to file the Return is 31st July.
For any assistance in this regard, contact us.