Who is Eligible to File ITR 1 for AY 2019-20?
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
- Income from Salary/Pension
- Income from One House Property (excluding cases where loss is brought forward from previous years)
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
- In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
- Who cannot file ITR 1 for AY 2019-20
- An individual having income above Rs 50 lakh cannot use this form.
who have earned income through the following means are not eligible
to file form ITR 1
More than one
House Property
Lottery, Racehorses,
Legal Gambling etc.
Taxable capital gains (Short term and Long term)
Agricultural income
exceeding Rs. 5,000
Business and
Profession
Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
How do I file my ITR-1 Form
An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form. Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1
You can submit your ITR-1 Form either online or offline.
Offline:
Only the following persons have the option to file the return in paper form
An individual at the age of 80 years or more at any time during the previous year
An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in
the return of income For offline, the return is furnished in a physical paper form. The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.
Online/Electronically:
By transmitting the data electronically and then submitting the verification of the return in the form of
ITR-V to CPC, Bengaluru. By filing the return online and e-verifying the ITR-V through net banking/aadhaar OTP/EVC.
If you submit your ITR-1 Form electronically, the acknowledgement will be sent to your registered email
id. You can also choose to download it manually from the income tax website. You are then required to
sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
Alternatively, you can e-verify your return.
Income Tax Rate for Individuals – AY 2019-20
Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.
Income Tax Rate for Individuals – AY (Current Year) 2019-20
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals less than 60 years - TAXABLE INCOMETAX RATE
- Up to Rs. 2,50,000Nil
- Rs. 2,50,000 to 5,00,0005 %
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals betwen 60 years and 80 years - TAXABLE INCOMETAX RATE
- Up to Rs. 3,00,000Nil
- Rs. 3,00,000 to 5,00,0005 %
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals above 80 years - TAXABLE INCOMETAX RATE
- Up to 5,00,000Nil
- Rs. 5,00,000 to 10,00,00020%
- Above Rs. 10,00,00030%
- Above Rs. 10,00,00030%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)
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FAQs
- Salary/Pension
- One house property (excluding cases where loss is brought forward from previous years): This includes earning from rental income or payment of home loan interest. In case, if you earning any rental income or payment of home loan from more than one house, then you have to file ITR – 2 instead of ITR – 1.
- Other sources (excluding any winnings from lottery, income from race horses etc.) like interest income from bank, dividends, etc.
- Income from more than one house property
- Step 1: Go to the link: https://incometaxindiaefiling.gov.in/downloads/offlineUtilities?lang=eng
- Step 2: Select the Assessment Year for which you want to file ITR.
- Step 3: Then select the way in which you want to e-file your ITR. There are two ways of filing ITR-
- Using Excel Utility
- Using Java Utility
- Step 4 : Using the Excel utility-
- For this first you need to generate the xml:
- Download the excel utility of the ITR 1.
- Then fill all the mandatory and applicable fields.
- Then, validate the data entered in all the sheets by clicking on "Validate" button available in respective sheets.
- Click on "Calculate Tax" button on sheet "PART A GENERAL" or "PART B-TI-TTI"
- Verify your data Click on "Generate XML" button at sheet "PART A GENERAL" or "PART B-TI-TTI"
- Then submit the generated xml file to the income tax department:
- Login the using the link incometaxindiaefiling.gov.in
- Enter your credentials.
- Go to e-File Menu Select "Income tax return" Select "Assessment Year" as "2017- 18" Select "ITR" as "ITR 1"
- Browse and Select your valid XML Generated
- Click on submit button
- Step 4 : Using the Java Utility-
- Steps for submitting ITR using the Java utility :
- Fill all the mandatory and applicable fields.
- Verify your data by Clicking on "Save" button on the Menu Bar.
- Click on "Submit" button on the Menu Bar.
- Enter your Login Credentials .
- Click on Submit button.
- Form 16 issued by your employer (In case you have switched jobs during the year, then Form 16 from all your employers)
- Form 26AS;
- Pass Book of Bank / Bank certificate; and
- PAN Card
- Aadhaar Card
- Tax saving deduction details
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