Skip to main content

Posts

Showing posts from September, 2020

Which ITR should you file for AY20-21

The due date for filing Income Tax Returns for Assessment Year 2020- 21 is fast approaching. In order to avoid last minute hassles and resulting errors, it is very important to start preparation for filing Income Tax Returns.
The first step for filing Income Tax Returns is to identify the appropriate Income Tax Forms applicable to you or your entity. Incorrect forms selected, might result in providing incorrect information or spending double time for refiling the correct form.
The below article specifies the criteria for selecting appropriate Income Tax Returns for Assessment Year 2020- 21 (Previous Year 2019-20)


ITR 1ITR 1 shall be filed by  Individuals being a Resident (other than Not Ordinarily Resident); Having Total Income upto Rs.50 lakhs; Having Income from Salaries, One House Property, Other Sources (Interest etc.), andAgricultural Income upto Rs.5 thousand
However ITR 1 is not Applicable for 
Individual who is either Director in a company or Has invested in Unlisted Equity Shares)
I…