![]() ![]() The taxpayer has any financial interest in an entity outside India and he/ she is a resident of India.The taxpayer has signing authority in any account outside India and he/ she is a resident of India.You have an investment in unlisted equity shares at any point of time during the financial year.The taxpayer has any foreign asset or foreign income.Agricultural income earned is more than Rs 5000 in the financial year.Total Annual Income exceeds Rs 50 lakh during the financial year.ITR-1 is not applicable to you if you satisfy any of the following conditions laid down by the income tax department: (excluding any income arising from winning lottery or racehorses) Income from house property (excluding cases where the taxpayers want to carry forward a loss from this head of income).ITR-1 is applicable to you if you earn an income under any of the following head of income during the financial year: ![]() Invest Now Who should file ITR 1 for the assessment year 2020-21? Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank. Such senior citizen taxpayers have only pension income and interest income as their annual income source. Union Budget 2021 proposes to exempt senior citizens from filing Form ITR 1. This article will help you know how to file Form ITR 1 online and offline. In this article, we have covered the applicability and non-applicability. Hence, before filing ITR 1 you must know the applicability. The income tax department categorizes the taxpayers on the basis of the total income and type of income. ITR 1, also known as Sahaj Form is applicable to taxpayers who have earned less than Rs 50 lakh in the financial year. Major Changes Made in ITR -1 for Assessment Year 2018-19.Major Changes Made in ITR -1 for Assessment Year 2019-20.Major Changes Made in ITR -1 for Assessment Year 2020-21.Details Required for e-filing Income Tax Return ITR-1 Sahaj.How to file ITR 1 Form for AY 2020-21 Offline?.How to file ITR 1 Form for AY 2020-21 with Excel Utility?.How to file ITR 1 Form for AY 2020-21 Online?.Who cannot file ITR 1 for the AY2020-21?.Who should file ITR 1 for the assessment year 2020-21?. ![]()
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