ITR 1 Sahaj form has been released by Income Tax Department of India. ITR 1 Sahaj is the income tax return for salaried individuals. Individuals having income from salary, pension and interest income can use this form.
Who can use form ITR 1
This form is used by an individual whose total income includes:-
- Income from one house property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Note: Further, in case where the income of another person like spouse, minor child, etc is to be clubbed with the income of the assessee, ITR 1 can be used only if the income being clubbed falls into the above income categories
Who cannot use form ITR 1
This form should not be used by an individual whose total income includes:-
- Income from more than one house property; or
- Income from Winning from Lottery or income from Race houses; or
- Income under the head ‘Capital Gains‘. Example, short-term capital gains or long-term capital gains from sale of house , plot, share etc; or
- Agricultural income in excess of ₹5,000.00; or
- Income from Business or Profession; or
- Loss under the head ‘Income from other sources’; or
- Person claiming relief under section 90 and/or 91; or
- Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
- Any resident having income from outside India
Documents which you should keep in hand before filling out your ITR 1 form are:-
- Form 16s, issued by your employers for a financial year
- Form 26AS – verify the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS
- If you have not been able to submit proof of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer on time, keep these receipts handy to claim them on your income tax return directly.
- PAN card
- Interest from bank account details – bank passbook or FD certificate
How to file ITR 1 Form?
You can submit your ITR 1 either online or offline. All taxpayers earning more than ₹5 lakhs must furnish their income tax returns electronically.
- By furnishing a return in a physical paper form
- By furnishing a bar-coded return
The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.
- By furnishing the return electronically under digital signature
- By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V
If you submit your ITR 1 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.