How to file ITR-1 online for FY 2021-22

How to file ITR-1 online for FY 2021-22

The due date to file an Income-tax return (ITR) by an individual taxpayer [not subject to tax audit as per the provisions of Income-tax Act, 1961 for the Financial Year (FY) 2021-22 or Assessment year (AY) 2022-23 currently is July 31, 2022.

Who can use Form ITR-1

A resident and ordinary resident (ROR) taxpayer having a total income up to Rs 50 lakh from salary, one house property and income from other sources can file an ITR using Form ITR-1.

However, Form ITR-1 cannot be used by a taxpayer who is either a Director in a company or has invested in unlisted equity shares or in cases where tax has been deducted at source (TDS) on certain cash payments or if income tax is deferred on Employee Stock Option Plans or has agricultural income above Rs 5,000.

Choosing tax regime in Form ITR 1

The optional new tax regime was introduced from the FY 2020-21 (AY 2022-23), and a taxpayer at the time of filing ITR must choose whether he/she wants to opt for such regime under section 115BAC of the Act if beneficial vis-à-vis the regular tax regime. A taxpayer filing Form ITR-1 can change the tax regime from the one declared to the employer at the time of deduction of tax at source on salary payment or considered for payment of advance tax during the course of the year.

ITR filing mode

A taxpayer can submit Form ITR-1 electronically. This can be done via a completely online method or in a partially online and partly offline method. In the latter mode, one needs to download the prefilled JSON file and use the JSON utility to fill the details before uploading the same on the income tax e-filing website to complete the filing process.

Pre-filled information

Form ITR-1, if filed completely online, comes with certain pre-filled information such as personal details, salary income, dividend income, interest income etc. However, if you use partial online and partial offline method, then individual taxpayer will be required to download JSON utility from new income tax portal. The pre-filled data will required to be imported to the JSON utility...Read More

Source By: economictimes