The instructions issued by the Board are the guidelines to help the taxpayers for filling the particulars in ITR Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.
The Board in respect of the eligibility instructed that Return Form-1 is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the Assessment Year 2020-21 does not exceed Rs. 50 lakh and who has income under the heads namely Income from Salary or Pension; or Income from One House Property; or Interest income and/ or family pension taxable under Other Sources.
The Board further instructed that ITR Form-1 can not be filled by an individual who is a Director in a company; has held any unlisted equity shares at any time during the previous year; has any asset (including financial interest in any entity) located outside India; has signing authority in any account located outside India; or has income from any source outside India.
Further, this return form also cannot be used by an individual who has any income of the nature namely Profits and gains from business and professions; Capital gains; Income from more than one house property; and Income under the head other sources which is winnings from lottery; activity of owning and maintaining race horses; income taxable at special rates under section 115BBDA or section 115BBE.
The instructions stated that no document (including TDS certificate) should be attached to Return Form-1. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
The Return Form can be filed with the Income-tax Department both electronically or in paper form.
The form can be filed electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or Aadhaar OTP, or by sending duly signed paper Form ITR-V – Income Tax Return Verification Form by post
The Form ITR-V – Income Tax Return Verification Form should reach within 120 days from the date of e-filing the return. The confirmation of the receipt of ITR-V at Centralized Processing Centre will be sent to the assessee on e-mail ID registered in the e-filing account.
In case of filing of return in paper form at the designated offices of Income-tax Department, along with duly signed Form ITR-V. This mode of furnishing return is permissible only in case of super senior citizens (i.e. an individual of the age of 80 years or more at any time during the previous year).Subscribe Taxscan AdFree to view the Judgment