Are you salaried employee filing ITR 1 Sahaj each year? Check new eligible condition for FY 2018-19 before filing

Salaried employee check if you are eligible to file ITR 1 Sahaj Form for FY 2018-19 AY 2019-20. Salaried person cannot file ITR 1 if they have following 12 transactions

More than 3.11 Crore individuals have filed Income Tax Return form ITR 1 (Sahaj) for Financial Year 2017-18. For the Financial Year 2018-19 and Assessment Year 2019-20 Following are the condition  to be satisfied:

1) Individual should not hold any unlisted equity shares in company – Public or Private

2) Individual should not be director in any company

3) Individual should have total income of not more than 50 Lakh Rupees

4) Individual should have only one house property earning rental income

5) Individual cannot file if any part of income on which tax has been deducted in hands of a person other than individual who is fuiling returns

6) Income from other source like interest / etc should not be more than Rs 5000/-

7) There should be no brought forward loss or loss to be carried forward

8) There should be No income from lottery, race horses, or unexplained income

9) No clubbing the income of another person—spouse or minor child—with her own income

10)Individual should not have assets (including financial interest in any entity) located outside India;

11) Individual should not have signing authority in any account located outside India;

12) Individual should not have income to be apportioned in accordance with provisions of section 5A;

Further,

  • Extra details to be mention at the time of claiming deduction in Chapter VI – A like 80C
  • Extra details to be provided for exempt income

Source : https://www.expertmile.com/articles/2673

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