News

ITR Filing: People with high salary, equity, MF investments may face compatibility issues

ITR Filing: People with high salary, equity, MF investments may face compatibility issues

 

After much delay due the disruptions caused by the Covid-19 pandemic, Income Tax Return (ITR) excel utilities of ITR-2 and ITR-3 have been uploaded on the Income Tax e-filing site. Along with excel utility, the Java utility is also available on the site for ITR-2.

The utilities of ITR-1 (Sahaj) and ITR-4 (Sugam) were uploaded earlier, even as the due date of filing return of income has been extended from July 31, 2020 to November 30, 2020 for the assessees whose income needn’t be audited.

ITR-1 or Sahaj is for Resident Individuals (other than Not Ordinarily Resident) having Income from Salaries, One House Property, Other Sources (Interest etc.) and Agricultural Income up to Rs 5,000.

However, a salaried taxpayer having total income of above Rs 50 lakh or an Individual who is either a Director in a company or has invested in Unlisted Equity Shares can’t file ITR-1. Even investors in listed equity shares and/or equity-oriented mutual funds (MFs), who have redeemed their investments or have Capital Gains from sale of property etc, can’t avail the benefit of filing ITR-1

Top