Filing Your ITR-1 Form on the Income Tax Portal

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Filing of the ITR-1 form, otherwise known as SAHAJ, is a must for most salaried individuals in India. Here’s a look at everything you need to know about ITR-1 and how to file it.

An Overview on ITR-1

The Indian Income Tax Act, 1961 is an important piece of legislature that lays down all the rules regarding the payment of income tax in India. Failure to comply with the rules and regulations mentioned in this act can lead to hefty penalties being levied on the offender. Therefore, people who have a job and fall within the taxable bracket have to ensure they are paying their taxes on time. While filing your income tax returns, choosing the right form is crucial, as if you submit the wrong form your filing will be reflected under the defective list, which implies that re-filing is necessary. If you need help determining which ITR form you need to file, get in touch with our tax specialists without further ado.

ITR-1 must be filled out by residents whose total income is not more than ₹50 lakhs. The source of such income can be from:”

Salary or pension

One house property or

Other sources.

Hence, ITR-1 is the return filed by most salaried professionals in India. However, if you have secured capital gains or own more than one property in India, you will not be eligible to file ITR-1. Also, if the income of your spouse or minor child is clubbed with yours, you are eligible to file ITR-1 only if the clubbed income falls under ₹50 Lakhs. Care must also be taken to ensure that ITR-1 is filed without any attachments. No document, not even a TDS certificate must be attached to this form. Further, the assessee must file only one copy of the form. If the form was filed physically, then ITR-V must also be duly filled..

Income tax returns online

Additionally, this form cannot be filed by any individual who has a source of income included in the below-mentioned list:

Profits from business and professions

Capital gains

Income arising from a second property

Income from lottery or racehorses

Additionally, Income taxable as per rules laid down in Section 115BBDA and 115BBE

Income that falls under Section 5A

Any income from agricultural activities that exceed ₹5,000.

Section 80(2)DDB

Section 80RRB

Section 80P

Further, ITR-1 shall not be filed by individuals who seek to claim the following deductions or tax relief:

Loss under income from house property

Loss under income from other sources

Relief under Section 90 or Section 91

Claims made under Section 57, excluding clause (iia)

TDS credit in the hands of another individual.

Structure of ITR-1

Form 4 was provided to the Ministry of Corporate Affairs for notifying LLPs of partner changes. The form must be submitted online in a PDF. A practicing-chartered accountant or CMA company secretary certification form is necessary.

Attachments to the LLP Form 4

ITR-1 contains the following parts:

Part-A:

General information like PAN, Name, DOB, Contact number, Email Address, etc.

Part-b:

Gross total income details like salary, deductions, standard deductions, entertainment allowance, income from house property and other sources

Part-c:

Deductions like Government pension schemes, health insurance, medical treatment, educational loans, donations made to charitable trusts, etc.

Part-d:

Computation of tax payable

Part-E:

Other information like details of the assesses bank account.

How to File ITR-1:

You can file ITR-1 either online or offline. Here’s a look at how you can do so:

The e-filing option available on the IT Department’s web portal can be used to file ITR-1 online. After filing the form, verification may be done by:

Attaching a DSC to the verification form

The electronic verification code method

Sending signed Form ITR-V to the following address within 120 days from filing the return – Post Bag No. 1, Electronic City Office, Bengaluru— 560500, Karnataka.

For filing ITR-1 offline, the taxpayer must submit a hard copy of the form to the appropriate office of the IT Dept along with Form-V as a sign of acknowledgement. This form of filing is only allowed for super-senior citizens, citizens who are above 80 years of age.

ITR-1 Form: Online Filing Procedure:

Step 1

Step 2

Then go to E-File >>Income Tax Return

Step 3

Ensure that your PAN number is auto-populated correctly. Next, select the assessment year and select the ‘ITR Form Name’ as 1 and click on Continue

Step 4

The Instructions tab must be read by the assessee before filing the form

Step 5

The General Information tab which includes your personal details needs to be verified

Step 6

The Computation of Tax tab contains all the details regarding salary income, income from property, interest on income and deductions claimed. The tax payable is auto-calculated by the portal, and the taxpayer must cross-check and verify this amount before proceeding further.

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