Edited highlights
0:09 In this video, we will discuss the five things that you need to keep in mind when you use the ITR- 1 Form while filing income tax returns this year
0:48 The first thing that you need to keep in mind is that this time there is a standard deduction of Rs 40,000 and you need to account for it during income tax filing
1:06 There is an exemption of upto Rs 50,000 for senior citizen for interest income from savings bank accounts, fixed deposits (FDs) and post office deposits
1:24 If you claiming income tax exemptions for some incomes like HRA you need to mention them and the relevant clauses in the Income Tax Act
1:34 If you claiming income tax exemptions for some incomes like HRA you need to mention them and the relevant clauses in the Income Tax Act
1:48 In case you have agricultural income that is Rs 5,000 or more, you can use ITR-1 Form, else you will need to use ITR-2 Form
