ITR filing for FY 2020-21: Salaried people can file ITR-1 SAHAJ, but THESE 8 type of people can't

New Delhi: While most of us would be preparing all the paper and documents for filing of Income Tax Return (ITRs), knowing the exact ITR form for filing ITR is very important This year, taxpayers will be filing ITR for assessment year 2021-22 or FY 2020-21.

The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers. The form this time seeks an assessee's details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others. This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to Rs 50 lakh:

1. Salary/Pension            

2. One House Property

3. Other sources (Interest, Family Pension, Dividend etc.)             

4. Agricultural Income up to Rs 5,000

However, ITR-1 cannot be used by the following 8 types of person 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

(e) has income from any source outside India

(f) is a person in whose case tax has been deducted u/s 194N

(g) is a person in whose case payment or deduction of tax has been deferred on ESOP

(h) who has any brought forward loss or loss to be carried forward under any head of income

According to a report, earlier the last date to file income tax return for FY 2020-21 was supposed to be September 30 and now it seems that the filing of ITR will be extended as the website’s glitches have not been fixed yet. Many users reported complaints about the glitches on social media.