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.

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.