ITR filing window for those using ITR 1 form opened by Income tax department

ITR 1 (Sahaj) form is primarily used by salaried individuals earning upto 50 lakh in a year. The two-page form can also be used by those having income from one house property and income from other sources like interest, etc.

However, the benefit of ITR 1 form is not available to individuals, who are either director in a company or has invested in unlisted equity shares.

This year’s ITR 1 form has three additional questions for taxpayers seeking details of deposits in current account, foreign travel spending and electricity bills. These are the three new questions in ITR 1 form:

1) Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year? (Yes/No)

2) Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person? (Yes/ No)

3) Have you incurred expenditure of amount or aggregate of amount exceeding 1 lakh on the consumption of electricity during the previous year? (Yes/No)

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