ITR 1 Return Filing

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About ITR 1 Return Filing

ITR 1 Sahaj Form

To make tax compliance easier, the Income Tax Department has categorised taxpayers into many groups based on income and its source. So, you need to file your returns accordingly. ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs.50 lakh.

Who is Eligible to File ITR-1

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)
  • Income from other sources (excluding winning from lottery and income from race horses)
  • In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.

Who cannot file ITR-1

  • An individual with an income above Rs 50 lakh.
  • An individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year.
  • Residents not ordinarily resident (RNOR) and non-residents.
  • Individuals  who have earned income through the following means:
    • More than one house property
    • Lottery, racehorses, legal gambling, etc.
    • Taxable capital gains (Short-term and Long-term)
    • Agricultural income exceeding Rs. 5,000
    • Business and profession
    • A Resident that has assets (including financial interest in any entity) outside India or is a signing authority in any account located outside India
    • Individuals claiming relief of foreign tax paid or double taxation relief under section 90/90A/91
    • Deferred income tax on ESOP received from an eligible start-up

Documents required to file ITR 1

  • Form 16
  • Salary slips
  • Interest Certificates from the Post offices and Banks
  • Form 16A/16B/16C
  • Form 26AS
  • Tax saving investment proof
  • Deduction under the Section 80 D to 80 U
  • Home Loan statement from the NBFC or the Bank
  • Capital Gains.

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FAQ Related to ITR-1 Return Filing

How to file ITR 1?

ITR 1 can be filed both offline as well online.

While filing ITR 1 is it necessary to show the interest income from other sources if the TDS is already deducted?

Yes, it is necessary to include interest income from other sources even if the tax is deducted by the bank.

Who can File ITR 1?
 
ITR 1 can be used by individuals who is a resident of India for tax purposes only. Also, all the taxpayers with income only under any or all three heads of income that includes Salaries, Income from House Property, and Income from other sources are eligible to file ITR 1.

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