Income Tax Return (ITR) 1 Filing Form

The Income Tax Act, 1961 states that any person falling under the purview of the tax act has to pay tax on the income earned in a particular financial year. The assessee could be an individual, partnership, Hindu Undivided Family, or any other business entity.

The taxpayers have been categorized to ease the compliances. Each category of the taxpayer has to compute the taxable income in the manner as it is laid down in the Income Tax Act,1961. Post computation the Income-tax returns are filed on the for applicable to the taxpayer.

This article is a comprehensive guide to understand the ITR Sahaj Form 1. As the income tax department has categorized the taxpayers into many groups based on the income and the sources the returns need to be filed accordingly.

ITR-1 is for people with an income of up to Rs. 50 lakhs.

BASIC

iNR 499

Income tax return filing for an individual with salary income of less than Rs.5 lakhs.

STANDARD

iNR 2,199

Income tax return filing for an individual with salary income of less than Rs.10 lakhs.

PREMIUM

iNR 3,199

Income tax return filing for an individual with salary income of more than Rs.10 lakhs.

How can Form ITR-1 be filed?

Form ITR 1 can be filed both online and offline

Online Mode: The taxpayer can log in to the Income-tax portal and submit the return online by clicking on the “prepare and submit online” option. The other option of online submission of income tax returns is uploading XML.

Offline mode: Involves submission of ITR-1 in paper form via post to the CPC Department, Bangalore.

Super senior citizens (80 years and above) are exempted from online filing of the Income-tax return.

The verification regarding completion of the filing of Income Tax Return can be made in either of the two ways:

  • While filing the form online, fill in the details and e-verify the return by using EVC via Bank Account/Demat Account/Aadhar OTP/Net Banking; or
  • Upon completing the online submission of Form ITR-1, you will receive the receipt in your registered e-mail ID. Download this acknowledgment and post the print-out to the CPC office, Bangalore within 120 days of e-filing.

Who is Eligible to File ITR 1 for Fy 2020-21?

Who can file Form ITR-1?

ITR-1 Sahaj is to be filed by individuals whose income is not more than Rs. 50 Lakh from the following sources in a financial year:

Salaried person- Salary refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act,1961 includes the following under the salary income

  1. Wages
  2. Pension
  3. Annuity
  4. Advance salary paid
  5. Leave Encashment
  6. Fee, prerequisites, commission, profits besides or in lieu id the salary or wages
  7. Transferred balance in recognized provident fund
  8. Annual accretion to the recognized provident fund
  9. Central Government contribution or an employer contribution to Pension account as mentioned in Section 80 CCD of the Income Tax Act.
  10. One house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
  11. However, if the taxpayer is using the owner of a property from which he or she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession the same would be taxable under the heading “Income from business or profession”.
  12. Other sources (does not include income earned from winning lottery or racehorses)
  13. Agricultural income (Upto to Rs. 5000)

Documents required for ITR – 1 Sahaj form

What documents are required to file ITR -1 Sahaj form?

  • Form 16
  • Salary slips
  • Interest Certificates from the Post offices and Banks
  • Form 16A/16B/16C
  • Form 26AS
  • Tax-savings investment proof
  • Deductions under the Section 80 D to 80 U
  • Home Loan statement from the NBFC/ Bank
  • Capital Gains
Updated on 18/07/2021