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Taxpayer Alert! Salaried assessees having income up to Rs 50 lakh may file ITR now

Taxpayer Alert! Salaried assessees having income up to Rs 50 lakh may file ITR now

After almost five months after notifying Income Tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) on January 3, 2020, ITR-1 has been uploaded on the income tax portal incometaxindiaefiling.gov.in on June 2, 2020. However, ITR-4 has not been uploaded on the portal yet.
Availability of the ITR-1 on the income tax portal has paved way for the Resident individuals, especially salaried taxpayers, to start filing their returns subject to fulfillment of certain criteria.

According to the income tax portal, ITR-1 is meant for Individuals being 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 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).
Filing ITR is mandatory for assessees having gross total income over Rs 2,50,000 and/or in case any tax is deducted at source (TDS) while making any payment to the assessees.

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