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%.