ITR-1 form, also referred as “Sahaj” form, is designed for the salaried person to file income tax return. Sahaj stands for “Easy” in Hindi and any salaried person including pensioners, family pension holder and person earn income by interest can use this form to file ITR. Usually, the deadline for filing income tax return with ITR-1 Form is 31st of July ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to INR 5 thousand. (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares). Also to note down, from now onwards, as mentioned by the tax department, furnishing PAN and Aadhaar card details on the official website of the Income Tax Department is mandatory, we are the best income tax return and gst return filing consultants in bangalore, chennai & delhi.
Individuals who have earned their Income for a Financial Year only through the following means are eligible to fill the ITR-1 SAHAJ form:
• Earning from Salary or pension.
• Earning from one House Property which must exclude the losses carry forwarded from last year.
• Income from Other Sources excluding the earnings generated from lottery and horse race.
• In case an income of not more than Rs.5,000 is generated from agriculture.
• The total income that is generated can be a maximum of Rs.50 lakh
• In case of clubbed Income Tax Returns, where a spouse or a minor is included in the tax returns, this can be done only if their income too is limited to the specifications laid down above. we are the best income tax and gst return filing consultants in bangalore, chennai & delhi.
Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means:
• Income is generated from more than one house property.
• Earnings from lottery, horserace or legal gambling etc.
• Taxable short term and long term capital gains
• Income that is generated from agriculture is more than Rs.5,000.
• Income is generated from profession or business.
• The taxpayer who claims relief for foreign taxes paid or claim double taxation relief as mentioned in section 90/90A/91.
• The total income that has been generated is more than Rs.50,000.
• Resident Individual who has any Income from any source outside India or has any asset outside India or has signing authority in any account located outside India
• Non-residents and RNOR (Residents not ordinarily resident) cannot file ITR 1.
• During the financial year, if any investments were present in unlisted equity shares
• In case the individual is the director of a company.
• For the assessment year 2020-21, an individual, or Hindu Undivided Family, which has joint ownership of a house property, cannot file return of income in ITR -1.
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ITR-1 or Sahaj Form has the following sections included into it:
1. Part A: personal details such as name, PAN number and address.
2. Part B: Gross total income for the financial year.
3. Part C: Details of all deductions and total taxable income.
4. Part D: Details of tax calculation and tax status.
5. Schedule IT: Details of advance tax and self-assessment tax payments.
6. Schedule TDS1: Details of TDS deducted from salary as mentioned in Form 16 issued by your employer.
7. Schedule TDS2: Details of TDS deducted from income from other sources as mentioned in Form 16A issued by the deductor
8. Supplementary schedules of TDS1, TDS2 and IT.
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• Part A – General Information
• Part B – Gross total Income
• Part C – Deductions and taxable total income
• Part D – Computation of Tax Payable
• Part E – Bank Information
• Schedule IT – Detail of Advance Tax and Self Assessment Tax payments
• Schedule TDS – Detail of TDS/TCS.
• Verification
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