A Complete Guide to Filling ITR 1 Form

Jun 25, 2018 | 7 months ago | Read Time: 3 minutes | By iKnowledge Team

Filling forms can sometimes be a tedious process but the Income Tax Returns (ITR) 1 form is an easy one to file. This form is also called Sahaj as it is applicable to salaried employees, pension holders and individuals who earn income from one house property or other sources. However, this form is not eligible for the remaining categories of salaried individuals but people earning up to 50 lakhs.

Here is a quick guide ITR 1 Form’s eligibility, structure, procedure and key terms:

Who is eligible for filing ITR 1 (Sahaj)?

This is a single-page form concerning to individuals earning income up to Rs. 50 lakhs from the following means:

  • Amount received from payment/ pension
  • Returns from one house property

(This exclude circumstances where the loss is carried forward from previous years)

  • Profits received from other sources
  • Additionally, if the income of your spouse or minor child is merged with your income, you can still use this form.

Who is not eligible for filing Income Tax Return Form 1?

This form cannot be filled by individuals who earn above Rs 50 Lakhs

  • Individuals who earn from more than one house or property
  • People who get revenue from taxable capital gains (short and long-term)
  • Individuals who receive agricultural income more than Rs.5000
  • Earnings received from business or profession
  • An individual who is an Indian resident but has assets overseas or holds the right to an account in any other country.
  • Individuals with revenue from legal betting, racehorses, lottery, etc.
  • Individuals are not eligible if loss is claimed under the ‘Income from other sources’ bracket.
  • For an individual who is appealing release under Double Taxation Scheme.

How is ITR 1 Form (Sahaj) Structured?

The simplified ITR 1 Form is divided into following parts:

  • Part A: Individual/Generic information
  • Part B: The total income
  • Part C: Deductions and the taxable total income
  • Part D: Tax Computations and status
  • Schedule IT: This includes details of advance tax and self-assessment tax payments
  • Schedule TDS1: This includes details of the declaration of tax removed and collected at Source
  • Schedule TDS2: This includes TDS details of income from other sources than Salary (with reference to you Form 16A, issued by deductor (s))
  • Other Supplementary Schedules like TDS1, TDS2 and IT

How to File ITR 1 Form?

All taxpayers receiving an income of more than Rs 5 lakhs can use the offline or online mode to add their Income Tax Returns details. Once you submit the ITR Form 1 offline, you will receive an acknowledgment at the time of submission. If you submit your ITR-1 Form electronically, you will receive an acknowledgment to your registered email. Further, you need take a print and sign the document and post it to the Income Tax Department’s CPC office in Bangalore. This should be done within 120 days of e-filing.

What documents are needed for filing ITR 1 Form?

Below are the documents that you should keep within your reach while filing ITR 1 Form:

  • If you are a salaried person, you need Form 16 (Part B) of the stated financial year. Your employer will issue Form 16.
  • Form 26AS- Part A of Form 16 matches the Tax Deducted at Source (TDS) on your Form 26AS. So, remember to check the same.
  • If you are unable to provide details of deductions on tax-saving instruments under Section 80C to your employer on time, use these receipts for claiming them with your income tax returns
  • PAN card is an essential document
  • Bank documents such as passbook or Fixed Deposit Certificate for interest earned

What amendments are made in ITR Form 1 (Sahaj)?

  • Aadhaar Number

Aadhaar number is mandatory while filing a tax return. For individuals who do not have any Aadhar number but have applied for it, can mention the enrolment id of the Aadhar application form.

  • Disclosure of All Bank Accounts

Under this section, you need to add details of your active savings and current accounts from the previous financial year. Also, the account number added must match the Core Banking Solution (CBS) system of the bank.

  • Simplified ITR Form for Salaried Class Taxpayers (ITR 1 Sahaj)

The government has simplified the ITR 1 Form to one-page form by removing sections which are not often used by taxpayers.

Use this detailed guide and fill your ITR 1 Form, today!

Advt. no.: IA/Jun 2018/4120

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