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PERSONAL FINANCE FINANCIAL PLANNING TAX PLANNING BANK ACCOUNTS CREDIT CARDS INSURANCE DEPOSITS STOCKS MUTUAL FUNDS
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ITR1 SAHAJ FOR FY 2020-21(AY2021-22)
BUDGET PROPOSALS FOR FY 2020-21 BY FM Ms NIRMALASITHARAMAN ON 02.02.2020
TO VIEW/HEAR THE SPEECH ,CLICK HERE
TO VIEW/HEAR THE SPEECH ,CLICK HERE
The article is read by more than 3,000 readers and used for filing IT RETURNS
OUR ARTICLE
TAX PLANNING FOR FY 2020-21
HAS ALREADY BECOME POPULAR
HAVE YOU READ ?
New Updated Article :
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2020-21
HAS ALREADY BECOME POPULAR
HAVE YOU READ ?
New Updated Article :
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Do you know ? There are 11 Tax rebates you can claim while submitting IT Returns , when when you have not even made any fresh investments .
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
YOU CAN STILL SUBMIT YOUR ITR1 SAHAJ :
Dated 03.01.2022 : The last date for submission of Income tax returns for the Financial Year 2020-21 , without auditing is over now ( Last date was 31.12.2021 ( For the audit cases , the last date is 15.02.2022 ) . If you have not been able to submit your IT RETURNS so far , you can still submit the belated returns , of course along with a penalty .
Belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects
1 PENALTY :
Levy of fee under section 234F* as detailed below:
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year. ( In the current year , there is no penalty for submission of IT Returns up to 31.12.2021 )
b) Maximum of Rs 10,000 beyond 31st , December ( However Rs 5,000 is fixed penalty for FY 2020-21 ) . Further , if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000. only
2. INTEREST : Interest of 1 % of tax due every month under section 234A.
3. CARRY FORWARD OF LOSSES : Loss (other than loss under the head “Income from house property”) cannot be carried forward.
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
Dated 03.01.2022 : The last date for submission of Income tax returns for the Financial Year 2020-21 , without auditing is over now ( Last date was 31.12.2021 ( For the audit cases , the last date is 15.02.2022 ) . If you have not been able to submit your IT RETURNS so far , you can still submit the belated returns , of course along with a penalty .
Belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects
1 PENALTY :
Levy of fee under section 234F* as detailed below:
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year. ( In the current year , there is no penalty for submission of IT Returns up to 31.12.2021 )
b) Maximum of Rs 10,000 beyond 31st , December ( However Rs 5,000 is fixed penalty for FY 2020-21 ) . Further , if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000. only
2. INTEREST : Interest of 1 % of tax due every month under section 234A.
3. CARRY FORWARD OF LOSSES : Loss (other than loss under the head “Income from house property”) cannot be carried forward.
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
NEW E-FILING PORTAL OF INCOME TAX DEPARTMENT IS NOW OPEN
Dated 07.06.2021 : Today late in the evening , new e-filing website of income tax department e-filing 2.0 was thrown open for public .
You may now visit the website https://www.incometax.gov.in/iec/foportal .
To login to the site , CLICK HERE Use your PAN Number as your user ID . The old password you were using in the earlier site will continue to be your password .
NOTE : All the services may not be available now and it may take some more time to operationalize all the features . The new tax payment system will be launched only on June 18th,2021 in the portal .
Income tax payers will be able to effectively submit their income tax returns for FY 2020-21 ( AY 2021-22 ) duly matched with form 26As only on or after 1st , July 2021 . However tax payers have time up to 30th , September 2021 to file their IT Returns .
TO DOWNLOAD FORM 26AS FROM THE NEW E-FILING WEBSITE , CLICK HERE
08.06.2021 : Presently the new portal is having some glitches and we understand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will bring out detailed guidelines and tips for filing IT Returns using the portal . As 26AS will be updated with the input of banks , demat companies , mutual funds etc up to 30th , June 2021 , one can file the matched return only after 1st, July 2021 . Before that time , we shall endeavor to bring our updated step by step guide for your use .
We will come out with further details in due course .
If you have received salary / pension gratuity arrears during FY 2020-21 , YOU HAVE TO FILE FORM 10E before filing IT Returns to claim tax relief under section 89 of income Tax Act . For details of how to file FORM 10E , click here
Dated 07.06.2021 : Today late in the evening , new e-filing website of income tax department e-filing 2.0 was thrown open for public .
You may now visit the website https://www.incometax.gov.in/iec/foportal .
To login to the site , CLICK HERE Use your PAN Number as your user ID . The old password you were using in the earlier site will continue to be your password .
NOTE : All the services may not be available now and it may take some more time to operationalize all the features . The new tax payment system will be launched only on June 18th,2021 in the portal .
Income tax payers will be able to effectively submit their income tax returns for FY 2020-21 ( AY 2021-22 ) duly matched with form 26As only on or after 1st , July 2021 . However tax payers have time up to 30th , September 2021 to file their IT Returns .
TO DOWNLOAD FORM 26AS FROM THE NEW E-FILING WEBSITE , CLICK HERE
08.06.2021 : Presently the new portal is having some glitches and we understand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will bring out detailed guidelines and tips for filing IT Returns using the portal . As 26AS will be updated with the input of banks , demat companies , mutual funds etc up to 30th , June 2021 , one can file the matched return only after 1st, July 2021 . Before that time , we shall endeavor to bring our updated step by step guide for your use .
We will come out with further details in due course .
If you have received salary / pension gratuity arrears during FY 2020-21 , YOU HAVE TO FILE FORM 10E before filing IT Returns to claim tax relief under section 89 of income Tax Act . For details of how to file FORM 10E , click here
WHO HAS TO FILE IT RETURNS ?
Every individual or Hindu Undivided Family ( HUF ) is obliged to submit Income Tax returns if they meet following criterion .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
WHO CAN FILE ITR1 FOR AY 2021-22 ? ITR1 FOR WHOM ?
ITR1 SAHAJ Form is to be used by an individual
a. who is a resident other than not ordinarily resident,
b. whose total income for the Assessment Year 2020-21 does not exceed Rs. 50 lakh and
c. who has income under the following heads:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Interest income and/ or family pension taxable under Other Sources.
NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
a. who is a resident other than not ordinarily resident,
b. whose total income for the Assessment Year 2020-21 does not exceed Rs. 50 lakh and
c. who has income under the following heads:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Interest income and/ or family pension taxable under Other Sources.
NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
WHO IS NOT ELIGIBLE TO SUBMIT ITR1 ?
A. This Return Form should not be used by an individual who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section 115BBE;
(e) Income to be apportioned in accordance with provisions of section 5A; or
(f) Agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by an individual who has any claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head ‘Income from house property’;
(b) loss under the head ‘Income from other sources’;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
If you are not eligible to file ITR1 , CLICK HERE to find which ITR FORM YOU CAN SUBMIT
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section 115BBE;
(e) Income to be apportioned in accordance with provisions of section 5A; or
(f) Agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by an individual who has any claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head ‘Income from house property’;
(b) loss under the head ‘Income from other sources’;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
If you are not eligible to file ITR1 , CLICK HERE to find which ITR FORM YOU CAN SUBMIT
FREE IT RETURNS ON-LINE FILING
There are various portals services of which you can use and file IT Returns without paying any fees .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
DOCUMENTS REQUIRED TO FILE ITR1 SAHAJ FOR SALARIED PERSONS / PENSIONERS
NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
Due Date for filing IT Returns for individuals for FY 2020-21 is 30th , September 2021 .
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns prepared by the income tax department . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Copy of last year return submitted .
9.Your bank name , account number and IFSC code of the bank branch .
10. quarter wise information on Divedends received .
11 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website or you may just verify the pre-filled form available on-line . You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department , if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
Due Date for filing IT Returns for individuals for FY 2020-21 is 30th , September 2021 .
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns prepared by the income tax department . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Copy of last year return submitted .
9.Your bank name , account number and IFSC code of the bank branch .
10. quarter wise information on Divedends received .
11 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website or you may just verify the pre-filled form available on-line . You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department , if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
HOW TO FILE ITR1 SAHAJ IN THE NEW INCOME TAX EFILING SITE ?
HOW TO FILE ON LINE IN THE NEW INCOME TAX E-FILING WEBSITE ?
The general procedure for submitting on-line in the new website is explained below :
HOW TO FILE ON LINE ON INCOME TAX E-FILING WEBSITE ?
1. GO TO NEW INCOME TAX E-FILING WEBSITE
2. IF REGISTERED ALREADY , LOGIN USING YOUR PAN NUMBER AND PASSWORD ( OLD PASSWORD USED IN THE EARLIER SITE IS VALID HERE ALSO ) . OTHERWISE REGISTER WITH YOUR PAN NUMBER
3. Link PAN and Aadhaar , if not already linked
4. Pre-validate at least one bank account and nominate it for refund (recommended)
5. Link your mobile number with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Income Tax forms would be prefilled by the Income Tax Department from the fy 2020-21 onwards . All you have to do is to verify the correctness of data before submitting . The form has 25 sections and you have to verify the data in each sections .
7. You can file and submit your ITR through the following methods:
- Online Mode – through e-Filing portal
- Offline Mode – through Offline Utility
How to submit the IT returns on the e-filing website ?
a . Log in to the e-Filing portal using your user ID ( PAN Number ) and password.
b. On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
c. In the next screen , Select Assessment Year as 2021 – 22 and click Continue.
d. In the next screen , Select Mode of Filing as Online and click Proceed.
e. : You may may select ITR1 FORM , IF IT IS APPROPRIATE TO YOU .
f. Once you have selected the ITR applicable to you, note the list of documents needed and click Let’s Get Started.
g. In the next screen , Select the checkboxes applicable to you and click Continue.
h. : Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click Confirm at the end of each section. There are 5 sections in the form ITR1 SAHAJ and details you may view in the next section . ( To know more about details to be verified in ITR1 -SAHAJ , go to the next section below )
i. Enter your income and deduction details in the different section. After completing and confirming all the sections of the form, click Proceed.
j. In case there is a tax liability , You will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page.
k.
- It is recommended to use the Pay Now option. Carefully note the BSR Code and Challan Serial Number and enter them in the details of payment.
- If you opt to Pay Later, you can make the payment after filing your Income Tax Return, but there is a risk of being considered as an assessee in default, and liability to pay interest on tax payable may arise.
l. Go and pay tax
m. After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.
n. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
o. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
p.
- Refer to How to e-Verify
- If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.
- Please make sure you have pre-validated your bank account so that any refunds due maybe credited to your bank account.
IMPORTANT NOTES :
1. Employers , banks , demat companies , mutual funds etc have time up to 30th , June 2021 for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes till 30th , June 2021 . Further if income tax department extends the deadline , till the deadline is reached . Hence as of now , one can file the matched return only after 1st, July 2021 .
3 . Presently the new portal is having glitches . Many are unable to proceed further than updating profiles . We understand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will update the position to you .
DETAILS TO BE VERIFIED IN ITR1 SAHAJ FOR FY 2020-21
ITR1 Sahaj for Fy 2020-21 ( ay 2021-22 ) has 5 sections in it . They are
1. Personal Information
2. Gross Total Income
3. Total Deductions
4. Tax Paid
5. Total Tax Liability
1. VERIFY PERSONAL INFORMATION : This section will have following sub-sections :
1 Profile
2 Filing section
3. Are you opting for New or Old Regime ? ( Read below section carefully to note the implications of your answer )
4. Bank Details
You need to verify the pre-filled data which is auto-filled from your e-Filing profile. You will not be able to edit some of your personal data directly in the form. However, you can make the necessary changes by going to your e-Filing profile. You can edit your contact details, filing type details and bank details in the form.
2. VERIFY YOUR INCOME SOURCE DETAILS :
The details of your income already reported by your employers , banks , mutual funds & others would be pre-filled here from Form 26AS. You have to verify the correctness of the data . If there are errors , take up with respective organization . if you have any other income , you may add
3. VERIFY DEDUCTIONS CLAIMED :
If income tax departments knows about your tax exempt investments , for example through Form 16 , they would have pre-filled the section . However you may all the deductions & rebates you are allowed if deductions are not shown .
4. VERIFY TAX PAID :
Details of tax deducted at source , as reported in Form 26AS , would be shown here . Check all the taxes deducted by your employer or bank is properly credited to your account . if not take up with the concerned .
5. VERIFY TAX COMPUTATION :
The section will contain your total income tax liability as computed from the information available from earlier section .
Once you confirm , you may submit the form by going to income tax returns > file income tax returns . Choose ay as 1921-22 and select
filing type as on-line .
IMPORTANT NOTES :
1. Employers , banks , demat companies , mutual funds etc have time up to 30th , June 2021 for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes till 30th , June 2021 . Further if income tax department extends the deadline , till the deadline is reached . Hence as of now , one can file the matched return only after 1st, July 2021 .
3 . Presently the new portal is having some glitches . Many are unable to proceed further than updating profiles . Wunderstand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will update the position to you .
1. Personal Information
2. Gross Total Income
3. Total Deductions
4. Tax Paid
5. Total Tax Liability
1. VERIFY PERSONAL INFORMATION : This section will have following sub-sections :
1 Profile
2 Filing section
3. Are you opting for New or Old Regime ? ( Read below section carefully to note the implications of your answer )
4. Bank Details
You need to verify the pre-filled data which is auto-filled from your e-Filing profile. You will not be able to edit some of your personal data directly in the form. However, you can make the necessary changes by going to your e-Filing profile. You can edit your contact details, filing type details and bank details in the form.
2. VERIFY YOUR INCOME SOURCE DETAILS :
The details of your income already reported by your employers , banks , mutual funds & others would be pre-filled here from Form 26AS. You have to verify the correctness of the data . If there are errors , take up with respective organization . if you have any other income , you may add
3. VERIFY DEDUCTIONS CLAIMED :
If income tax departments knows about your tax exempt investments , for example through Form 16 , they would have pre-filled the section . However you may all the deductions & rebates you are allowed if deductions are not shown .
4. VERIFY TAX PAID :
Details of tax deducted at source , as reported in Form 26AS , would be shown here . Check all the taxes deducted by your employer or bank is properly credited to your account . if not take up with the concerned .
5. VERIFY TAX COMPUTATION :
The section will contain your total income tax liability as computed from the information available from earlier section .
Once you confirm , you may submit the form by going to income tax returns > file income tax returns . Choose ay as 1921-22 and select
filing type as on-line .
IMPORTANT NOTES :
1. Employers , banks , demat companies , mutual funds etc have time up to 30th , June 2021 for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes till 30th , June 2021 . Further if income tax department extends the deadline , till the deadline is reached . Hence as of now , one can file the matched return only after 1st, July 2021 .
3 . Presently the new portal is having some glitches . Many are unable to proceed further than updating profiles . Wunderstand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will update the position to you .
SELECT BETWEEN OLD AND NEW TAX REGIMES
While filing IT Returns , there is a question : Are you opting for new tax regime u/s 115BAC ? Yes No
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
SOME IMPORTANT POINTS TO BE NOTED WHILE FILLING ITR1
1. Name should be as per PAN card
2. NATURE OF EMPLOYMENT :
Please tick the applicable check box-
(a) If you are a Central Government Employee, tick 'Central Govt'
(b) If you are a State Government Employee, tick 'State Govt'
(c) If you are an employee of Public Sector Enterprise (whether Central or State Government), tick 'Public
Sector Undertaking'
(d) If you are drawing pension, tick 'Pensioners'
(e) If you are an employee of Private Sector concern, tick 'Others'
(f) If you have income from Family Pension, etc., tick ‘Not applicable’
SALARY DETAILS :
List of types of salary payment :-
1. Basic Salary
2. Dearness Allowance (DA)
3. Conveyance Allowance
4. House Rent Allowance (HRA)
5. Leave Travel Allowance (LTA)
6. Children Education Allowance (CEA)
7.
7. Other Allowance
8. The Contribution made by the employer towards pension
scheme as referred under section 80CCD
9. Amount deemed to be income under rule 6 of Part-A of
Fourth Schedule
10. Amount deemed to be income under rule 11(4) of Part-A of
Fourth Schedule
11. Annuity or pension
12. Commuted Pension
13. Gratuity
14. Fees/ commission
15. Advance of salary
16. Leave Encashment
17. Others (please enter the details in the text box)
In case of doubt in filling any column , you may take the help of clarifications given by the IT Department ,
by CLICKING HERE
1. Name should be as per PAN card
2. NATURE OF EMPLOYMENT :
Please tick the applicable check box-
(a) If you are a Central Government Employee, tick 'Central Govt'
(b) If you are a State Government Employee, tick 'State Govt'
(c) If you are an employee of Public Sector Enterprise (whether Central or State Government), tick 'Public
Sector Undertaking'
(d) If you are drawing pension, tick 'Pensioners'
(e) If you are an employee of Private Sector concern, tick 'Others'
(f) If you have income from Family Pension, etc., tick ‘Not applicable’
SALARY DETAILS :
List of types of salary payment :-
1. Basic Salary
2. Dearness Allowance (DA)
3. Conveyance Allowance
4. House Rent Allowance (HRA)
5. Leave Travel Allowance (LTA)
6. Children Education Allowance (CEA)
7.
7. Other Allowance
8. The Contribution made by the employer towards pension
scheme as referred under section 80CCD
9. Amount deemed to be income under rule 6 of Part-A of
Fourth Schedule
10. Amount deemed to be income under rule 11(4) of Part-A of
Fourth Schedule
11. Annuity or pension
12. Commuted Pension
13. Gratuity
14. Fees/ commission
15. Advance of salary
16. Leave Encashment
17. Others (please enter the details in the text box)
In case of doubt in filling any column , you may take the help of clarifications given by the IT Department ,
by CLICKING HERE
MATCHING OF FORM 26AS WITH YOUR IT RETURNS
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2020-21 in their new e-filing portal . This will be backed with the information hey receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
In this context , 26AS for FY 2020 -21 may not be reflecting all the transactions in your accounts like salary payment / pensions / interest payments especially done in the last quarter of the year as bankers / mutual funds / demat holders / employers have time up to 30th , June for submitting their information on you . Hence wait till 30th , june 2021 to download form 26AS and verify the returns .
To know how to download Form 26AS in the new website , CLICK HERE
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2020-21 in their new e-filing portal . This will be backed with the information hey receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
In this context , 26AS for FY 2020 -21 may not be reflecting all the transactions in your accounts like salary payment / pensions / interest payments especially done in the last quarter of the year as bankers / mutual funds / demat holders / employers have time up to 30th , June for submitting their information on you . Hence wait till 30th , june 2021 to download form 26AS and verify the returns .
To know how to download Form 26AS in the new website , CLICK HERE
HOW TO E-PAY INCOME TAX ?
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Submission of IT Return is not complete without verifying the same .For various ways of verification ,CLICK HERE
INCOME TAX DEPARTMENT WARNS SALARIED PERSONS AGAINST WRONG DECLARATIONS WHILE FILING OF IT RETURNS :
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
IMPORTANCE OF FILING RETURNS WITHIN DUE DATE
The Due date for submission of above returns fixed for the Financial Year 2020-21 is now 30.09.2021 . However ,it is advisable to file as early as possible to avoid last moment scramble to get relevant papers / details for filing the same .
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay Rs. 5000 if return is furnished on or before 31 December of assessment year.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay Rs. 5000 if return is furnished on or before 31 December of assessment year.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
E-VERIFICATION OF RETURNS FILED THROUGH E -FILING
Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG, CLICK HERE
We value your opinions , comments and suggestions. We shall be happy to your feedback on the contents of the Article . For Feedback form , CLICK HERE
THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX PROVISIONS WHICH ARE GENERALLY USEFUL .YET IT DOES NOT CARRY ALL THE PROVISIONS AND HENCE YOU ARE ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES FOR AUTHENTIC COMPLETE INFORMATION . ESPECIALLY THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME OR COMPLEX INVESTMENTS MAY CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED ACCOUNTANT FOR ANY CLARIFICATION. READERS ARE ALSO WELCOME TO SEND FEEDBACK . YOU CAN DOWNLOAD THE FORM HERE . WE ARE OPEN FOR CORRECTION IF NEEDED
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