ITR-1 notified: Here is how to file Income Tax Returns for AY 2020-21

The Income Tax Department has notified the income tax returns for assessment year (AY) 2020-21 making it mandatory for assessees to file I-T returns for high-value transactions. The high-value transactions include among others deposits in a current account worth over Rs 1 crore, electricity bill payment of Rs 1 lakh or more, and spending on foreign travel of Rs 2 lakh and above. The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats.

Here is how you can file your return using this form

How to file tax returns using ITR-1?

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