ITR1 Sahaj form is the simplest form among all the forms for filing income tax return. Therefore, the form is named ‘Sahaj.’
ITR 1 Sahaj (Form 1) is a simplified one-page form for individuals with income up to Rs.50 lakhs. The form will apply to you if, your income includes the following:
If you have income above Rs.50 lakhs, then you cannot file ITR 1. The form will not find applicability if, your income includes the following:
The simplified structure of ITR 1 form includes the following sections:
In this section you are required to fill your personal details like name, sex, age, residential status, address, contact number, etc.
Here you can fill in details of income from salary/pension as mentioned in Form 16/TDS certificate issued by your employer. If there was more than one employer during the year then give the details in respect of total salaries received from various employers. If you have any interest income or rental income or loss (on account of housing loan interest) from a single house property then you can fill it here. In case of loss, use ITR 2.
In this part one needs to fill all the relevant details of your tax saving investment or expenses eligible for tax deductions and total taxable income after calculation.
You have to now club Advance tax, Self-assessment Tax, TDS, TCS under ‘Total Tax Paid.’ You also need to enter details of all exempt income, e.g., dividend income, agricultural income, etc.
Here, you are required to give the details of all the savings and current accounts held by you at any time during the previous year (excluding dormant accounts not operational for more than 3 years). You have to submit the details of cash deposited in any account other than the current and savings account (viz. loan accounts, etc. However, details of cash deposited are to be provided, if the aggregate amount of cash deposited during the period from 9th November, 2016 to 30th December, 2016 is Rs.2 lakhs or more.
If you have paid any advance tax or some self-assessment tax then enter the details viz. BSR code of the bank through which the payment was made, date of payment, serial number of the challan and amount of the taxes paid against that challan.
You have to give the details as per Form 16 issued by the employer/employers in respect of salary income. You have to mention the details as per Form 16A issued by a person in respect of interest income and other sources of income. Also, furnish the details of TCS as per Form 27D issued by the tax collector.
In the verification section, you have to fill the date and sign in the space given. The Income Tax Department will not accept your return if there is no valid signature.
You must not attach any document (including TDS certificate) to this return form. If you enclose such documents with this return form, then it will be detached and returned to you.
People, who are over 80 years of age or individual and HUF with total income less than Rs.5 lakhs and no claim of refund in the return of income, have the option to file a tax return in paper form. Only one copy of the return form is required to be filed. You will receive an acknowledgement from the Income Tax Department after submission of your physical paper return; after that acknowledgement/ITR-V should be duly filled.
You will have to fill and submit the return form online. Once you e-file your tax return, ITR-V will be generated and sent to you over your email. You need to print and send ITR-V to CPC, Bengaluru, (you will have to print out two copies of Form ITR-V. One copy of ITR-V, duly signed by you, has to be sent by post to – CPC office, Bengaluru. The other copy should be retained by you for your record) or e-verify the ITR-V through net banking/aadhaar/OTP/EVC (if you take the online route and submit your return form electronically , then you will receive the acknowledgement on your registered email-id).
To know how to send ITR-V, click on the below link :
|Changes in ITR 1||Details|
|Mandatory Quoting of Aadhaar Number||As per section 139AA, taxpayers must quote Adhaar number or Adhaar enrolment number while filing ITR|
|Disclosure of cash deposited during demonetization||If you have deposited Rs.2 lakhs or more then, you need to report cash deposited by you in all the bank accounts during the period from 9th November, 2016 to 30th December, 2016|
|Disclosure of all bank accounts||Details of all savings and current accounts except dormant (not operational for more than 3 years) accounts|
|Simplified one page ITR Sahaj (Form 1) for salaried class||1. The govt. has removed columns that are not used frequently by taxpayers.
2. But, retained deductions column often used by taxpayers under section 80C, 80D, 80G and 80TTA. To claim deduction under another provision of chapter VI-A, you can mention that section in the column titled as ‘Any Other.’
3. Schedules of TDS and TCS have been merged in one.
4. Addition of a new column to report dividend income as well as long-term capital gains exempt under Section 10(34) and Section 10(38) respectively.