The Income Tax Department has released the utility of ITR 1 and ITR 4 for the financial year 2019-20 i.e. Assessment Year 2020-21. Please note that the above ITRs are available to be filed directly online also.
ITR-1 is to be filed by those:
| For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) |
ITR 4 is to be filed by those:
For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
The filing season has begin with the introduction of utilities for ITR 1 and ITR 4 by the department. Those who do not have complicated computation and expect a tax refund should take advantage and file quickly, as soon as possible.
