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ITR-1 Return

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A Complete Guide to ITR 1 Form, The Sahaj Form

The ITR 1 Form contains a straightforward process. It is also called ‘Sahaj’ and applies to you if, in a financial year, the total income is less than Rs. 50 lakhs. Your income sources can be pension, one house property, salary and more. Thus, this form covers basic income sources and deductions and has a user-friendly interface.

Who Can File ITR 1?

A salaried person
A pensioner
A person owning single house property
A person with an agricultural income of less than Rs. 5,000
A person with a Total income of less than Rs. 50 lakhs
A person getting Interests from the savings account
A person getting interest from compensation, deposits and tax refunds
Other sources

How to File ITR 1?

You do not have to attach any documents. However, be ready with a few to enter the correct details in the ITR 1 Form.

Step 1:

Log into the official Income Tax Department portal and log in using your password and user ID.

Step 2:

Click ‘e-file’ on the horizontal navigation bar and select ‘Income Tax Returns’ from the dropdown list. One more dropdown list appears. Select ‘File Income Tax Returns’ from that dropdown list.

Step 3:

Select the assessment year and mode of filing (online is recommended).

Step 4:

You may resume filing or start with a new one. Select the ITR-1 form and mention the reason for filing.

Step 5:

The Sahaj form contains five parts. The first part contains your general information, the second is about your income, and the third is about the deductions and taxable income. The fourth part is about the payable tax computation and the fifth is regarding your additional information.

Step 6:

If you have tax liabilities (after a tax computation), you may decide to ‘pay now’ (recommended) or ‘pay later.’ No tax liabilities means your eligibility for a refund.

Step 7:

Preview your return and proceed to validation. Further, preview and proceed for verification. Select the verification method (e-verify now is recommended) and click on ‘Continue.’

Step 8:

Finally, you will get an acknowledgement regarding a successful filing. Download the receipt for future records.

Documents for ITR 1 Filing Online and Offline

You do not have to attach these forms, but keep them ready to fill required details in the form;

Your Aadhaar Card and PAN card. Ensure that your Aadhaar card is linked to the PAN card.
House Rent Receipts for claiming HRA deductions.
Investment Proofs.
Bank Statements to verify income and expenses.
Form 26AS. It contains details of TDS, TCS, and other tax-related information.
Form 16. It is issued by your employer and it contains information regarding your salary income and TDS deducted.

If you have these documents for ITR 1 filing online, you may proceed to file the form.

Who Cannot File the ITR 1 Form?

You cannot file the ITR 1 form under the following circumstances:

Income exceeding Rs. 50 lakhs
Business or Professional Income
Capital Gains and unlisted equity shares
Earning from lottery winnings, racehorses and more
Multiple House Properties
Not Ordinarily Resident (RNOR)
Agricultural Income exceeding Rs. 5,000

Relax and Let the Right Tax Consultant Handle Your ITR-1 Filing

Final Words

A reliable tax consultant will help you be ready with the required documents and details to be filled in the ITR 1 form. ITR-1 (Sahaj) is a simplified income tax return form designed for individuals with relatively straightforward income profiles. If your income profile doesn’t match the ITR-1 criteria, you might need to file a different ITR form like ITR-2 or ITR-3. So, always verify your eligibility before filing.

FAQs

When Is the Due Date for Filing ITR 1?

The due date is typically July 31st for most individuals, but there might be extensions for certain categories.

For What Is the Section 80C Used In ITR 1?

Section 80C helps claim deductions and other eligible sections while filing ITR 1.

Can I claim an HRA deduction in ITR 1?

Yes, you can claim an HRA deduction if you meet the eligibility criteria.

What Is the Penalty for Late ITR 1 Form Filing?

Those having an income above Rs. 5 lakhs must pay Rs. 5,000 as a penalty while those below the threshold might end up paying Rs. 1,000. A delay in paying the penalties will result in increasing interest over the penalty. The interest rates can go to 50% or 200%. A more severe case leads to imprisonment.

How Do I Link My Aadhaar with My PAN for ITR 1 Filing?

You can link your Aadhaar and PAN through the Income Tax Department’s website or the Aadhaar portal.