lukesh sethiJun, 04 2020 12:51 PM
ITR-1 form for A.Y. 2020-21 has been declared by Income Tax Department on 1st June.
ITR-1 is Income tax preparation form and utility for individuals for filing income tax return in below cases :
A) Income from Salaries or pension or family pension or Employee provident fund taxable income
B) Income from Only One House Property
C) Income from Other sources (interest etc.)
D) Income from Agricultural activities upto Rs. 5000
4. Individual who is not director of any company
5. Individual who is not holding any equity share in unlisted company.
So from above analysis we have concluded that ITR-1 is not applicable to below persons :
In ITR-1 Form of A.Y 2020-21 below information is more asked you have to fill while filing Income tax return :
A new Column for detail of investment and saving done during period 01/04/2020 to 30/06/2020 for deduction to be claimed in Income tax return.
So if you have paid for life insurance, donation, medical insurance or NPS or any other investment or saving during period 01/04/2020 to 30/06/2020, you can claim deduction in ITR-1, but overall limit for claiming deduction shall be same as in previous year like Rs. 150000/- limit for section 80C, Rs. 25000/- for Section 80D and similarly in other section as well.
CA Lukesh Sethi