The income tax department has declared the opening of ITR filing windows for the taxpayers using ITR form 1. The majority of the Income-tax filing procedures are being digitalized but even then some of the users are using ITR form 1. Due to the transmission of coronavirus, the IT department has to hold up the process of issuing ITR forms that is why the Income-tax department has opened windows for filing ITR forms. They also extended the deadline for submission of returns from July 31 to November 30 2020.E-filing is available for ITR 1 for the AY 2020-21. All other ITR forms starting from 1 to 7 already issued in the previous week.
ITR 1 form is mainly used by salaried employees for the individuals whose income level is up to 50 lakhs. The two-page form can be used one for those owing house property and the second page for income from other sources.
But the benefit of a single ITR form is available for available either director or investor of the unlisted company not available for Individual. The ITR form 1 has an additional 3 questions regarding details of depositors in the current account, foreign traveling expenses, and electricity bills. The new ITR form 1 also demands the assesses to provide details regarding tax saving Investments or donations made from April 2020 to June 30 2020 for the Financial year 2019-20 and also the relaxation is given by the Finance Ministry due to COVID 19. And for those assesses who have missed in making some of the investments under sec 80 c (SIP, LIC, and PPF), etc. and for medical claim (80 D) and 80 G (donations) can claim for that. Earlier Income Tax department had withdrawn ITR 1 and ITR 4
As a result of the sorting of income tax rules. The new ITR Form requires an additional table for disclosing details regarding tax saving Investment for FY 19-20. Archit Gupta Founder and CEO of clear tax aforesaid that the taxpayers make sure that they maximize the benefits under section 80c.The department of Finance issued ITR 1(Sahaj), ITR 2, ITR 3, ITR 4, ITR 6, ITR 7, and ITR 5 forms.
