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ITR-1 Sahaj Form

ITR-1 Sahaj Form

What is the ITR-1 Form?

The ITR-1 Form, also called Sahaj (meaning easy in Hindi), is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income).

The due date of filing the ITR-1 form for the Financial Year 2014-15 is August 31, 2015.

Who is eligible to file the ITR-1 Form?

ITR -1 should be filed for an assessment year, when Total Income of an Individual includes:

  • 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 case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.


Who is not eligible to file the ITR-1 Return?

Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means:

  • more than one Property
  • Lottery, Racehorses, Legal Gambling etc.
  • non tax-exempted capital gains (Short term and Long term)
  • agricultural means exceeding Rs. 5000
  • Business and Profession
  • Individual who is a Resident and has
    • assets (including financial interest in any entity) outside India or
    • signing authority in any account located outside India.
  • Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

    What is the structure of the ITR-1 Form?

    ITR-1 is divided into:

    • Part A: Personal Details
    • Part B: Gross Total Income
    • Part C: Deductions and Taxable Total Income
    • Part D: Tax Computation and Tax Status
    • Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
    • Schedule TDS1: Details of Tax Deducted at Source from Salary (As per Form 16 issued by employer)
    • Schedule TDS2: Details of Tax Deducted at Source from Income other than Salary (As per Form 16A, issued by Deductor(s))
    • Supplementary Schedules TDS1, TDS2 and IT

    The ITR-1 Form can also not be used if you are claiming double taxation relief under Section 90/90A/91.


    How do I fill out the ITR-1 Form?

    Documents which you should keep in hand before filling out your ITR-1 form are:

    • Form 16s, issued by all your employers for the given Financial Year
    • Form 26AS – remember to verify that 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

    The ITR-1 Form can also not be used if you are claiming double taxation relief under Section 90/90A/91.


    What do the following terms mean?

    Revised Return: If you have already filed your income tax return but you later discover that you have made a mistake in it, you can re-file. This is called a Revised Return. For the Financial Year 2014-15, you can file your Revised Return till March 31, 2016.

    Notice Number: You should fill this in only if you are filing your return in response to a notice from the Income Tax Department.

    Advance Tax: For salaried individuals, TDS mostly takes care of advance tax payments. However you might have other forms of income – like interest on savings bank accounts, fixed deposits, rental income, bonds or capital gains. If tax on income is more than Rs. 10,000 per year, you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly installments in September, December and March.

    Self Assessment Tax Payments: This is the difference between tax payable and tax paid and it needs to be paid before you file your return. When you fill out the form for the first time, you won’t know whether Self Assessment Tax has to be paid or not. So fill out the form first along with the Advance Tax details, if paid. Compute your income and if after computing, you find that tax is still payable pay it and then fill in the details in this section.

    Annexure-less Return: ITR-1 Form is an Annexure-less return. This means that you do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.

How do I file my ITR-1 Form?

You can submit your ITR-1 Form either online or offline. From the Financial Year 2013-14, all taxpayers earning more than Rs. 5 lakhs must furnish their Income Tax Returns electronically, through either Mode 3 or Mode 4 mentioned here.

Offline:

  • By furnishing a return in a physical paper form
  • By furnishing a bar-coded return

The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.

Online/Electronically:

  • 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 acknowledgment 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.

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