ITR-1 Sahaj Form

How to File ITR-1 SAHAJ Form Online?

ITR-1 Sahaj Form:-It is one of the seven forms notified by the Income Tax Department to categorize the taxpayers as per their sources of income. Income Tax Return, is a vital document in which taxpayers report their all income and Deductions and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures.

DisyTax offers a seamless and efficient solution for filing Income Tax Returns using the ITR1 form in India. Our team of experts guides you through the entire process, ensuring that you meet your tax compliance obligations effortlessly. Get started today!

What is ITR?

An Income Tax Return (ITR) is a document used by taxpayers to report their income earned in different heads of Income tax and the corresponding tax liability to the income tax department. It serves as a formal declaration of an individual or entity’s financial information, ensuring transparency and compliance with tax regulations.

The ITR landscape includes seven different forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each taxpayer is required to file their ITR form on or before the notified due date. The applicability of ITR form depends on various factors such as the sources of income, the amount of income earned, and the taxpayer’s category such as individuals, HUFs (Hindu Undivided Families), companies, and partnership, LLP etc.

What is ITR 1 Sahaj Form?

• ITR 1 or SAHAJ is a type of return filing form for individuals earning an income from Pension or Salaries, single House property or other sources.
• It is one of the 7 forms notified by the Income Tax Department to categorize the taxpayers as per their source of income.
• It is a simple form used for Income Tax Return filing & submitting your income, deductions, and tax details to the income tax department.
• ITR-1 is a simplified one-page form for individuals receiving Income of up to Rs 50 lakh from the following sources:
  • Income from salary/pension
  • Income from one house property (excluding cases where loss is brought forward from previous years), and
  • Income from other sources (excluding winning from the lottery and income from race horses)

The ITR-1 Form simplifies the procedure for eligible individuals to disclose their income tax information, offering a convenient and effective approach to fulfilling their tax obligations.

Who Can File ITR1 Form?

ITR1 is applicable to Resident Individuals who meet the following criteria:

• Income Threshold:The individual’s total income for the financial year must not exceed Rs. 50 lakh.

Permissible Income Sources:

ITR-1 is suitable for individuals whose income comes from the following sources:

• Salary

• Income from a One house property

• Family pension income

• Agricultural income (up to Rs. 5,000)

• Other sources include:

  • • Interest from Savings Accounts

    • Interest from Deposits (Bank / Post Office / Cooperative Society)

    • Interest from Income Tax Refund

    • Interest received on Enhanced Compensation

    • Any other Interest Income

    • Family Pension

• Clubbing of Income:

  Combining income with a spouse’s or a minor’s income is allowed only if the source of income falls within the specified limits mentioned above.

Note:-Filing your Income Tax Return (ITR) is mandatory if your Gross Total Income exceeds the basic exemption limit, before claiming deductions under Sections 80C to 80U, as per Section 139 of the Income Tax Act.
You must be filed even the total income below the exemption limit, if you meet specific criteria like high deposits, significant expenditures, or substantial business/professional income.

Individuals are not eligible to file ITR1 form:-

• Resident Not Ordinarily Resident (RNOR) and Non-Resident Indian (NRI) individuals
• Whose total income exceeds Rs.50 lakh
• Individuals with agricultural income exceeds Rs.5,000
• Individuals whose income derived from activities like lottery, race horses, legal gambling, etc.
• Individual who derives income from capital gains, both short-term and long-term
• Individuals who have invested in unlisted equity shares
• Individuals whose income from business or profession
• Individuals serving as Directors in a company
• Individuals availing tax deduction under section 194N of the Income Tax Act
• Individuals with deferred income tax on Employee Stock Ownership Plan (ESOP) received from an eligible start-up employer
• Individuals who generate income from more than one house property
• Individuals who is not covered under eligibility criteria outlined for ITR-1 filing.

ITR-1 Due Date

The due date for ITR 1 is 31^st July of each assessment year. It’s crucial to meet this deadline to ensure that your income tax return is filed on time and in compliance with tax regulations.

Structure of ITR Form 1: A Comprehensive Overview

While ITR Form 1 may seem straightforward, it requires careful attention during the filling process. ITR-1 (Sahaj) is organized into 5 distinct parts and 2 schedules to ensure clarity. These segments include:

Part A: General Information

• Personal details such as name, PAN number, age, gender, and date of birth.
• Ward and assessing officer details (if known).
• Communication address, contact number, city, and state.
• Filing date and Aadhaar details.

Part B: Gross Total Income

• Information on gross total income, including earnings from salary, property, and other sources.

Part C: Deductions and Total Taxable Income

• Details related to deductions under sections 80C, 80D, 80U, and 80G.

Part D: Computation of Tax Payable

• Rows covering tax computation, status, rebates, post-rebate taxes, TDS claims, etc.
• D20 for bank account details, including account number, bank name, IFSC code, and account type, with an option to specify the account for refund, if applicable.

Part E: Other Information

• Various additional details as required by the tax authorities.

Additionally, the form comprises two schedules:

• Schedule IT
• Schedule TDS & TCS
• The final step in the process involves the verification of the information provided.

Documents Required for ITR 1 Return filing

ITR 1 (Sahaj) Forms are attachment-less forms. This means that taxpayers need not required to attach any documents.

However, taxpayers should retain the following documents for their records and be prepared to produce them before tax authorities if requested, particularly in situations like assessments or inquiries.

• Form 16:Provided by all your employers for the relevant financial year.
• Form 26AS:Ensure that the TDS details in Form 16 match those in Part A of Form 26AS.
• Receipts:Retain receipts for exemptions or deductions (e.g., HRA allowance or Section 80C/80D deductions) not submitted to your employer on time to claim them directly on your income tax return.
• PAN Card:Your Permanent Account Number (PAN) card is essential for identification.
• Bank Interest Certificates:Details of interest earned from bank accounts, such as bank passbooks or fixed deposit certificates.
• Bank Statement
• Details of Other Income
• Home Loan Repayment Schedule
• Rental Receipts
• Donation Receipts
• Insurance Payments receipt
• Mutual Fund Investments
• Medical Bills
• School / College Bills
• Salary Slips

Income that shall not form part of ITR 1 form

The ITR-1 form excludes certain categories of income, including:

• Profits and Gains from Business or Profession (PGBP)

• Income from More than One House Property

• Capital Gains (Short-term or Long-term) (CG)

Specific Other Sources of Income:

• Income from owning and maintaining race horses

• Winnings from lotteries

• Income subject to special rates under Section 115BBDA or Section 115BBE

• Income is meant to be distributed as per the regulations of section 5A

Penalty for late Filing of ITR 1 Form

Late filing of income tax returns can result in various penalties, depending on your total income.

• Individuals with a total income exceeding Rs 5 lakh will have to pay late fees under section 234F of Rs 5,000, while those with income below this threshold limit may incur a reduced penalty as late fees of Rs 1,000.
• Additionally, if you owe taxes and fail to file the return by the due date, you will be liable for additional Interest us 234A, 234B, 234C of Income Tax Act.
• In more severe cases, penalties can be imposed for underreporting or misreporting of income. Underreporting may lead to penalties of up to 50% of the tax underreported, while misreporting can result in penalties of up to 200% of the misreported tax amount.
• Furthermore, repeated failure to file tax returns despite reminders from tax authorities may lead to prosecution procedures. This could result in imprisonment ranging from 3 months to 7 years, depending on the outstanding tax liabilities.

It is crucial to file your ITR1 promptly and accurately to avoid these legal and financial consequences.

How can DisyTax help in ITR-1 Sahaj Form filing?

DisyTax provides valuable assistance in filing your ITR-1 (Sahaj) income tax return. We start by helping you select the appropriate form based on your income sources, ensuring accuracy in filing.

We meticulously calculate your tax liability, perform error checks, and prioritize timely filing to avoid the risk of penalties or tax notices. If eligible, we assist in processing your income tax refund efficiently.

Our team of tax experts is available to address your queries and provide guidance throughout the process. DisyTax also keeps you updated on tax law changes and deadlines, ensuring your compliance with the latest regulations. With our secure platform, you can trust us to safeguard your financial data while simplifying your ITR-1 filing experience.

Contact DisyTax for seamless and efficient solution for filing Income Tax Returns using the ITR1 form in India.

ITR-1 Return Filing FAQ’s

What is ITR-1 Sahaj?

ITR-1 Sahaj is an income tax return form designed for individual taxpayers in India with a total income of up to Rs. 50 lakhs. It simplifies the process of filing income tax returns.

Who can file ITR Sahaj

Resident individuals in India whose income is below Rs. Fifty lakhs are earned from sources like Salary, Single House Property, or Other Sources, which can file ITR Sahaj.

Can ITR-1 be filed by Non-Resident Indians (NRIs)?

No, ITR-1 is specifically for resident individuals. NRIs have their own designated forms for tax filing.

What is the due date for filing ITR Sahaj?

The due date for filing ITR-1 Sahaj is typically July 31st of each assessment year. However, this date may vary, so checking for the latest deadline is essential.

Are there any penalties for late ITR 1 filing?

Yes, late ITR 1 filing can result in penalties as late fees from Rs. 1,000 to Rs. 5,000, depending on your total income. Additional interest may also be charged on outstanding tax liabilities.

Is ITR 1 an annexure less form?

The ITR 1 form is an annexure-less return; there is no need to attach any documents such as Form 16 or Form 26 AS with the ITR 1 form.

Can I claim deductions in ITR-1 Sahaj?

You can claim deductions under various sections like 80C, 80D, 80U, and 80G in ITR-1 Sahaj, provided you meet the eligibility criteria. Deduction varies as per Tax regime opted.

Can I file ITR-1 Sahaj if I have more than one house property?

No, if you have income from more than one house property, you cannot use ITR-1 Sahaj. You would need to use a different ITR form.

Is it mandatory to e-file ITR-1 Sahaj, or can I file it physically?

E-filing is mandatory for individuals with over Rs. 5 lakhs. However, its recommended for everyone as it simplifies the process and ensures faster processing.

Can I file ITR-1 if I have taxable capital gains?

No, if you have taxable capital gains, whether short-term or long-term, you cannot use ITR-1 Sahaj.

What happens if I do not file my ITR-1 Sahaj on time?

Late filing may lead to penalties, additional interest on tax dues, and the loss of certain deductions and exemptions. In severe cases, it can result in prosecution procedures.

How do I calculate my tax liability in ITR-1?

You can calculate your tax liability in ITR-1 by providing income details, deductions, and exemptions. The form will automatically calculate the tax payable.

Can I file ITR-1 if I have business income?

No, ITR-1 Sahaj is not suitable for individuals with business income. You must use a different ITR form, such as ITR-3 or ITR-4.

Can I file ITR-1 if I received income from lottery winnings or gambling?

No, income from activities like lottery winnings or gambling is not eligible for ITR-1 Sahaj. You would need to use a different form.

Can I claim a refund of excess taxes paid through ITR-1?

Yes, You can claim a refund of excess taxes paid by providing your bank account details in ITR-1 Sahaj.

Is Aadhaar linking mandatory for filing ITR-1?

Not mandatory but linking your Aadhaar can simplify the e-filing process and ensure quicker return processing

Can I file ITR-1 Sahaj if I have foreign income?

No, If you have foreign income or assets, ITR-1 Sahaj may not be suitable. You may need to use a different ITR form, such as ITR-2.

Can I file ITR-1 if I am an individual serving as a Director in a company?

No, if you are serving as a Director in a company, you cannot use ITR-1 Sahaj. You would need to use a different form.

Can I revise my ITR-1 Sahaj after filing it?

Yes, You can revise your ITR-1 within the specified time frame if you discover any errors or omissions in your original filing.