ITR-1 is the simplest ITR form and it is filed by individuals as well as HUFs.
Who can fill an ITR-1 Form?
Individual/ HUFs who are having following sources of income are eligible to file ITR-1 (SAHAJ) form-
- Income from salary,
- Income/ loss from only one house property,
- Income from other sources like interest from a savings account, interest from fixed deposits etc.
Who cannot file ITR-1 (SAHAJ)?
Individual/ HUFs having following incomes cannot file ITR-1 (SAHAJ) form: -
- Income from more than one house property,
- Previous year's brought forward loss from house property,
- Income from capital gains from the sale of shares, property, etc.
- Income from business/ profession,
- Income from agricultural activities, that is more than Rs. 5,000
- Casual incomes, like a lottery, card games, horse race, etc.
- Income from Foreign sources.
- The resident taxpayer having any bank account or any foreign asset like shares, property, etc. overseas.
Documents required to fill ITR-1 (SAHAJ)
Here is a list of documents that are required to fill-up ITR-1: -
- If you are a salaried taxpayer, you will need Form 16 issued by your employer to enter salary details.
- If you have gained interest on your Fixed deposits or saving bank account and TDS has been deducted on the same, you will have to provide TDS certificate, which is Form 16A issued by deductors to enter interest details.
- You will require Form 26AS to verify TDS deducted from your salary as well as TDS other than salary.
- If you are living in a rented accommodation, then you will have to provide your rent receipts for the rent you have paid, it will help you to claim HRA exemption.
- You will need your bank passbook, fixed deposit receipts (FDRs) to calculate the total amount of interest income.
- If you have received rent from your rented house property, then you will have to provide rental receipts to calculate rental income.
- You will also require documents or proofs for claiming tax saving deductions under section 80C, 80D, 80G, 80GG such as life & health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc, if the same were not mentioned in your Form 16.
You must remember that the due date for filing ITR-1 is 31st July
What does ITR-1 (SAHAJ) form contain?
This ITR for is basically divided into 6 sections, they are as follows: -
- Personal details: -
The taxpayer is required to provide personal details like PAN, Name, Address, Gender, Date of birth, Contact details, etc.
- Gross Total Income: -
The sum of all incomes like salary, house property, and other sources is considered as "Gross Total Income". Further details related to various incomes are supposed to be filled in respective income schedule.
The taxpayer will have to enter income details.
- Deductions and Total Taxable Income: -
There are quite a few tax-saving deductions in Income Tax Act. For claiming available deductions a taxpayer must enter his/her deduction details.
Some of the commonly used tax deductions are as follows-
- Sec. 80C- Life insurance, PPF, PF, NSC, tuition fees, specified mutual funds, etc.
- Sec. 80CCC & CCD- Investment in pension funds and schemes of Central Government.
- 80D-Health insurance & preventive medical check-up.
- 80E-Interest payment of higher education loan.
- 80G-Donation made to various funds and charitable institutions.
- 80TTA-Savings bank & post office account interest.
Tax computation and tax status: -
The tax liability of a taxpayer will be computed as per incomes and the taxpayer can claim taxes paid by him/her as TDS, advance tax, self-assessment tax, etc.
Tax status can be referred as Nil tax, tax payable or tax refundable.
- Verification: -
The taxpayer needs to sign the return with a description that information furnished by him is correct.
- Schedules: -
In the end, taxpayer is required to fill-up the various schedules as follows-
- Details of taxpayer’s advance & self-assessment tax paid.
- Details of taxpayer’s TDS from salary as mentioned in Form 16 issued by the employer.
- Details of taxpayer’s TDS other than salary like the TDS on interest from Fixed deposits as per Form 16A issued by tax deductors.
- Details of taxpayer’s TCS (tax collected at source) according to Form 27D issued by tax collectors.
The above-mentioned schedule is applicable if the total income of the taxpayer is more than Rs. 50 lakhs during a financial year.
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