The Income Tax Department has segregated individuals as per earnings and the source of the earnings. Every taxpayer with an annual taxable income of above ₹7 Lakhs has to pay taxes if they have chosen the new direct tax regime.
For ease of filing ITR (Income Tax Returns), the Income Tax authorities have notified 7 different types of ITR forms. You can file your return using ITR-1 SAHAJ and ITR 4 SUGAM online through the IT Department’s e-Filing portal.
The former is also called the ITR-1. It is a form that you need to fill out while filing your return if your total taxable income is up to ₹50 Lakhs. Read on to know more about ITR-1 form and how you can file it online.
ITR-1, also known as the SAHAJ form, is to be filed by resident taxpayers having an annual taxable income of up to ₹50 Lakhs. This includes individuals who have income from the following sources:
Income from salary
Income from single-house property
Agricultural income of up to ₹5,000
Income from other sources
Before you understand how to fill ITR-1, you need to know the structure of this form. Here is the structure of the ITR-1 form:
Part A: Personal Details
Part B: Information on Gross Income
Part C: Exemptions and Total Taxable Income
Part D: Calculation of payable Tax
Part E: Information on Tax Deducted at Source (TDS)
Part F: Self-assessment of taxation and authentication of advance tax
Part G: Information about investments made in the assessment year
Any resident taxpayer is eligible for ITR-1 filing, provided that they fulfil the following conditions:
Total annual income in the assessment year must not be more than ₹50 Lakhs
If you receive income from salary, single house property, an agricultural income of up to ₹5,000, or other sources
If you have earned interest from savings accounts or investments made in banks, post offices, tax refunds, and received enhanced compensation
You will need the following documents for filing the SAHAJ ITR form:
PAN card as it contains your tax identification number
Aadhaar Card is mandatory as per Section 139AA of the Income Tax Act
Form 16: It is a crucial document for filing ITR-1 for salaried employees, which provided by the employer
Form 26AS: This document provides a summary of TDS and TCS deducted from your income
Receipts for Exemption: You will need to provide details about exemptions if you failed to provide these details to your employer
Investment Certificates: In order to avail of exemptions on premium paid and on investments, you may need to furnish investment certificates
In case you are wondering how to file ITR-1, keep in mind that you can do so either online or offline.
Here is how you can complete your ITR-1 filing online:
Access the Income Tax Department’s e-Filing portal
Log in to the portal using your user ID, password and enter the Captcha code
Go to the ‘e-File’ menu
Open the ‘Income Tax Return’ link
On the ITR page, select the assessment year, ITR form number, and ITR-1 as the form type
Click on continue and fill out the applicable fields in your ITR-1 form
From the ‘Taxes Paid and Verification’ tab, choose the right verification method
Click on ‘Submit’ to complete your ITR-1 filing
This process is easy and convenient and allows you to fill in the details over time. The IT portal allows you to ‘Save Draft’ and come back to the form over up to 30 days.
To sum up, ITR-1 is a form that you need to file if your total annual income is below ₹50 Lakhs. You can file this form either online or offline. For an easy and hassle-free ITR filing experience, you can file your ITR-1 form on the Income Tax Department’s e-Filing portal.
You can file your ITR-1 form online on the Income Tax Department’s e-Filing portal.
The due date for filing ITR-1 for individuals is July 31, 2023.
Capital gains, income from business and profession, and income from more than one house property are not included in the ITR-1 form.
In addition, income from winning a lottery, racing horses, and income generated from sources in accordance with Section 5A are also not included in this form.
There are no ITR-1 filing charges, and you can file your ITR for free if you are doing it on your own.