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Learn about Form ITR-1 [Sahaj] for FY 2018-19

Who can file Form ITR-1?

ITR-1 can be filed by an individual, who is:

  • a resident (other than not ordinarily resident)
  • having total income up to Rs.50 lakh,
  • having Income from Salaries, one house property, other sources (Interest etc.), and
  • agricultural income up to Rs.5,000.

Changes in ITR 1 for FY 2018-19 from FY 2017-18

  • An individual who is satisfying all the conditions as mentioned above, can not file his/ her return of income in form ITR-1 if he/ she is:
    • either a director of a company, or
    • has invested in unlisted equity shares.
  • Salaried employees are now required to report:
    • the value of perquisites,
    • profit in lieu of salary,
    • exempt allowances, and
    • deductions for entertainment allowance, professional tax and standard deduction separately.
  • Now standard deduction of 40,000 is allowed to every individual having salary income and for the same a new field has been added in the new ITR’s.
  • A new field has been added in the head of house property named “deemed let out”
  • In new ITR, assessee required to show their arrear/ unrealized rent received during this year separately after standard deduction of 30%.
  • If an assessee is claiming a deduction for receiving family pension under section 57(iia), then he is required to mention that separately as separate field has been added in new form.
  • In deduction section new sub heads namely 80GGA for donations and 80TTB for Interest on Fixed Deposits to Senior Citizens are added.
  • In new ITR, health and education cess will be charged at the rate of 4%.

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