ITR-1 Form: These important changes made in ITR-1 or Sahaj Form (Indicative Image)
Person who has invested, traded or carries on business in listed equity shares, is a director of a company, is tax deductible under section 194N of the Income Tax Act, owns more than one house and draws rent, such person ITR Will not come under -1.
ITR-1 Form (ITR-1) Many people fill in. There are many nuances in this form which have to be understood. If you fill the form without understanding it, then there is scope for mistake. This increases the risk of getting notices. In this it is also important to know who can fill this form and who cannot. Some changes have been made in this form, it is important to know and understand about them too. ITR Form-1 is called Sahaj, which is filled by small and medium taxpayers. If a person earns up to Rs 50 lakh in a year from salary, house rent or other sources, then he can through Sahaj Form i.e. ITR-1 income tax return ,ITR) can be filled.
Let us now know who cannot fill the ITR-1 form. The Income Tax Department has made some changes and told who can fill this form and who cannot. According to Income Tax, no non-resident Indian (NRI) can fill this form. Those whose total income is more than 50 lakhs, they cannot also fill the Sahaj or ITR-1 form. Those who have agricultural income of more than Rs 5000, which is earned from lottery, race course, legal gambling, they can also not fill this form.
Person who has invested, traded or carries on business in listed equity shares, is a director of a company, is tax deductible under section 194N of the Income Tax Act, owns more than one house and draws rent, such person ITR Will not come under -1. A person falling in this category cannot fill ITR-1 or Sahaj Form.
What happened in ITR-1
Changes have been made in ITR-1 for assessment year 2021-22. A new section 115BAC has been added to it. According to this change, if you opt for the new tax regime under section 115BAC, then select Yes in the new ITR form, otherwise you will have to choose No. Keep in mind that the option of new tax regime under section 115BAC will be available only till the due date of filing ITR under section 139(1).
Documents for ITR-1
For filling ITR-1 form, you will need Form 16, receipt of income from house rent, receipt for payment of investment. You do not need to enclose these documents in the ITR file, either manually or electronically. But all these documents should be kept with you so that later it can be presented before the tax authorities if needed.