ITR 1 form notification

Ask the Community Income Tax
1

Hi,

What are the new points in ITR 1 Form from new notification? Please share the details.

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2

Modifications Details in ITR 1 Sahaj Form

  • INR 50,000 standard deductions
  • No applicability on directors of any company
  • No applicability on individuals holding unlisted equity shares of any company
  • No changes in computation
  • ITR 1 & ITR 4 offline availability for senior-most citizens aged more than 80 years
  • Section wise return filing is segregated within the normal filing return and response to the notice
  • Salary bifurcation will be done as the standard deduction, entertainment allowance and professional tax
  • Pensioners column has been added in the nature of employment
  • Details of Employer like TAN of Employer (mandatory if tax is deducted), Name of employer, Nature of Employer), Address of Employer, Town/City, State, PIN/ ZIP Code has been inserted under the head income from salary.
  • Deletion of details of Return of Income filed in response to notice u/s 153A and 153C.
    • A new deduction of 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2),
      80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U has been added in the deductions column.
  • Point of the amount of rent which cannot be realized has been inserted under the head house property.
  • The individual income from one house property, salaries and other sources summing up to 50 lakhs, this condition retains its place even after changes
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3

Hello Ankit,
Kindly confirm whether standard deduction of 50000 is applicable to directors if they are employee of the company.
Regards, Sreeja

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4

Hi @Sreeja

I don’t think so, it’s applicable. Since they are a director (even being an employee).

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5

Hi,

Its applicable, if payments are processed under the salary and U/s 92B .

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