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The Income Tax Department has categorized the taxpayers into the group to ease the tax compliances this categorization is done based on the income and the sources of the income. ITR 1 Return filing in India is for people with an income of up to Rs.50 lakh.
This article is a comprehensive guide to understand the ITR 1 Sahaj Form. Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act,1961. Post computation it is necessary for the taxpayer to file the Income Tax Returns.
1) Under ‘Part C – Deductions and Taxable Total Income’ a new field, 80CCH, has been added to allow deductions for contributions to the Agnipath scheme
2) Under ‘PART E – Other Information,’ where details of all bank accounts held in India at any time during the previous year (excluding dormant accounts)