ITR 1 (SAHAJ) Form for Income Tax Return Filing

Banner

Get Instant Quote

I agree with terms of using this service.

ITR 1 (SAHAJ) Form for Income Tax Return Filing

It is crucial for the taxpayers of India to file income tax returns. But when it comes to Income tax return filing, it will be crucial or can be confusing to choose the right form. In order to choose the right one, taxpayers have to determine their residential status in India (among resident, non-resident, or resident but not ordinarily resident) one of the simplest forms that have been provided by Income Tax Department for filing individual Income Tax return is ITR 1 which is also known as “SAHAJ”.

You should choose the correct ITR form wisely in order to comply with tax regulations and safeguard your financial interests. Understand everything about ITR 1 properly with the help of top online income tax return filing portals like Click To Professionals.

What is ITR-1?

The ITR-1 is a form that has been used by individual taxpayers in order to report their income and tax payments to the income tax department. ITR-1 is also known as “Sahaj” that means ‘easy’ in Hindi and reflects the simple and straightforward nature of this particular form. This form is specifically designed for Income Tax Return Filing for salaried employees as well as by pensioners who can meet the certain eligibility criteria.

Protecting your rights ⦿ Tailored solutions for your business ⦿ Protecting your rights ⦿ Tailored solutions for your business ⦿ Protecting your rights ⦿ Protecting your rights ⦿ Tailored solutions for your business ⦿ Protecting your rights ⦿ Tailored solutions for your business ⦿ Protecting your rights ⦿

Who is Eligible for filing ITR-1?

We will provide you with a general understanding of who is typically eligible to file ITR 1 form in India. The ITR-1 form in India is primarily meant for the salaried individuals. Here are the key eligibility criteria for filing ITR-1. It can be filed by the Resident Individuals whose total income during financial year includes the following:

Income from Salary or Pension

Income that has been received as salary or pension.
Your total income should not be more than Rs. 50 lakhs.

Income from One House Property

Income from a single house property (except such cases where losses are brought forward from previous years)

Income from Other Resources

Interest Income from saving accounts, fixed deposits, recurring deposits, etc.
Income from family pension
Income from Income Tax Refunds

Agricultural Income

You need to report the agricultural income within a specified limit in the form ITR-1.
The agricultural income up to Rs. 5,000/-

Who is Not Eligible to File ITR-1?

You are not eligible to file ITR-1, if, in case you:

Are a RNOR i.e. Resident Not Ordinarily Resident and NRI i.e. Non- Resident Indian
Have total income exceeding Rs. 50 lakhs
Have agricultural income more than Rs. 5000/-
Have income from lottery, horse race, legal gambling etc
Have taxable long term & short term capital gains
Have invested in unlisted equity shares
Have income from business or profession

Have foreign assets or income
Are the Director in a company
Have tax deduction under section 194N of Income Tax Act
Have deferred Income Tax on ESOP that has been received by the employer being an eligible start – up
Own & have income from more than one house property
Are not covered under the eligibility conditions for ITR 1

In order to understand the eligibility criteria properly, you should seek the professional guidance of Income Tax Return Filing consultants.

Protections Under ITR-1 Form

If your primary source of income is your salary, ITR 1 is a straightforward choice for you. It offers protection by allowing you to report your salary income with ease
Individuals who have gained income from the sale of assets like property or stocks may find it challenging to use ITR 1 as it does not provide the necessary protection for these types of income
If you have foreign assets, ITR 1 does not provide the protection you need. You might not be able to adequately report foreign income and assets

In cases where an audit is likely, ITR 1 might not provide adequate protection. It's designed for simpler financial structures
In cases where an audit is likely, ITR 1 might not provide adequate protection. It's designed for simpler financial structures
For individuals with non-resident income, ITR 1 may not offer sufficient protection or flexibility
Income from lotteries, horse racing, and other specified sources can't be adequately protected in ITR 1

Income Tax Return Due Date

Structure of Form ITR-1

The form ITR-1 which has been used to file Income Tax Return divides into different sections. In order to navigate the complexities of tax laws, you should have to understand the structure of form ITR-1 accurately. Here is the detailed structure of the form:

This section consists of the basic details of the taxpayer including full name, PAN Number, Aadhaar Number, date of birth, contact information and bank account details.

Under this section you have to enter and verify income from all the sources including salary, family pension, house property and other sources which are income from interests. Additionally, you have to give the details of any exempt income (if any).

In this section you have to mention about the numerous deductions applicable to you including deductions under section 80D, 80C, 80G, etc.
You also have to mention the total taxable income after deductions.

Under this section, you will find the computed tax liability on the basis of the information that has been provided by you in the previous sections. If the amount is negative then you can claim it as refund and if it is positive then you have to pay the tax.

This section includes the declaration by the taxpayers.

Under this section you need to fill the details of advance tax as well as TDS i.e. Tax Deducted at Source.

You can gather the complete information about the detailed structure of form ITR-1 with the help of expert Income Tax Filing professionals.

Income Tax Return Process

The process of Income Tax Return includes a number of tricky steps. You should have to understand its process properly for which you can seek the professional guidance of expert ITR filing consultants. The major steps are as given below:

Step 1: Official website of e- filing

Firstly, you have to visit the official website of e- filing of income tax return which is https://www.incometax.gov.in/iec/foportal/

Step 2: Register/ login

After login, if you are a first time user you have to register yourself.
If you are the repeat user you have to log in to the website.
You have to enter your PAN as your user id and then click ‘Continue’.
You have to check the security message given in the tick box.
Then, you have to enter your password & click on the ‘Continue’ button.

Step 3: Selecting the option of 'File Income Tax Returns'

After logging in, you will see the e- file menu on the menu bar. When you click on the e – file menu then, you will get the option of ‘Income Tax Returns’ on clicking which you will see the option of ‘File Income Tax Return’ and you have to click on that option.

Step 4: Select the assessment year

You will be redirected to the page of Income Tax return where you have to select the ‘assessment year’ and the ‘mode of filing’ for which you wish to file the income tax return and then you have to click on ‘Continue’

Step 5: Select the status

After that, you have to select the status of filing ITR as Individual and click on ‘Continue’

Step 6: Select the ITR type

After that, you have to select the ITR form and you have to choose the ITR 1 then you have to fill the following details:

Personal information: Your basic details including your full name, PAN, Aadhaar Number, contact details, bank account details.
Gross total income: You have to enter & verify your total income from all the sources along with the details of exempt income.
Total deductions: The information about the deductions that you need to be claimed under the different sections.
Tax paid: Reflects the tax paid by you from all the sources but not been limited to TDS, TCS, Advance Tax & Self – assessment
Total tax liability: This section reflects the total tax liability as per the information provided by you previously. If the amount is negative then it can be claimed as the refund and if the amount is positive then you have to pay the following amount as tax.

Step 7: Reason for filing ITR

You have to choose the reason for filing the ITR. You have to select the correct option that has been applicable to your situation:

Taxable income is more than the basic exemption limit
Meets specific criteria & compulsory requirement of filing the ITR
Others

Step 8: Submit bank account details & other information

You need to add your bank details. If already submitted, then you have to make sure that it has been pre- validated. You have to review the correctness of pre- filled information that has appeared on the new page.

Step 9: Tax Computation summary

Your screen will display the summary of the tax computation according to your given information and you will get to know if you have to pay any tax or you are eligible for a tax refund. Then, you have to enter the place of your residence to preview and submit your ITR.

Step 10: E- Verification of ITR

E- Verification of ITR is the most crucial step. Your Income Tax Return will be incomplete until you verify it. You have the option to e – verify the ITR via Aadhaar OTP, Net banking EVC i.e. Electronic Verification Code or by sending a physical copy of ITR to CPC Bengaluru.

Step 11: Submission of ITR

At last, you have to click on the ‘Submit’ button to submit your ITR. After submission you will get the acknowledgment from the Income Tax department at your given email id.

Find a local agent for your legal
& registration service

Essential Documents Required for Filing ITR-1

PAN Card of the Taxpayer
Aadhaar Card
Form 16 that includes details of salary income and TDS
Form 26AS for verification of TDS
Receipts of exemptions and deductions
Bank Statements/ Passbooks
Proof of Investments
Rental Income Details

Key Points to Remember While Filing ITR-1

You should take care of some of the key considerations while filing income tax return with the help of ITR-1 which are as given below:

Ensure Accuracy

You should have to double-check all the details before submission in order to avoid errors and penalties.

Declare All Income

You have to make sure about declaration of all income including all the sources of income even if it gets exempted from tax.

Claim Deductions Wisely

You have to maximize tax-saving instruments as per section 80C as well as other applicable sections.

File Before Due Date

You should take care about the due dates if ITR Filing. Filing after the due date may attract penalties and interest on unpaid taxes.

Save Acknowledgement

It will be better for you to keep a copy of its acknowledgment for the future reference.

Common Mistakes to Avoid While Filing ITR-1

Although the process of filing ITR-1 is very simple, still you have to take care of some mistakes that you should avoid while filing this form. Such common mistakes are as given below:

Penalties for Non-Filing of ITR-1

If you fail to file your ITR on time or provide incorrect information can lead to the hefty penalties which are as given below:

Late Filing Penalty u/s 234F

Interest on Outstanding Tax

Prosecution

Final Words

It is an essential responsibility for individual taxpayers in India to file income tax returns. Filing ITR-1 is a simple and essential process for salaried individuals and pensioners in India. Income Tax Return Filing not only will make sure about the compliance with the law but also provides numerous benefits including tax refunds and proof of income. You can file their income tax returns precisely and on time by sticking to the eligibility criteria and following the above mentioned steps. Income Tax Return is a big step towards contributing to national development along with protecting your financial health. Just remember timely compliance not just avoids penalties but also helps in maintaining a clear financial record.

What are you waiting for? Contact the experts of Click To Professional now and take a successful step towards a better financial future.

Banner

Get Instant Quote