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itr-1-form-filing-income-tax-return

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ITR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

Assesses who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

Who can use ITR-1 Form ?

ITR-1 must be filed by individuals whose source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).

Who should not file ITR-1 Form ?

ITR-1 form should not be filed for below cases :

  1. Income that exceeds Rs. 50 Lakhs
  2. Assesses has Taxable Capital Gains
  3. Assesses has any of the below sources of income :
    • Income from foreign assets
    • Agricultural income that exceeds Rs. 5000
    • Income from Business or Profession
    • Income from more than one house property
When should ITR-1 be filed ?

ITR-1 form is to be used when the assesses has income that is within Rs. 50 Lakhs and when the source of income falls into any of the below categories :

  1. Income from Salary/ Pension
  2. Income from just one house property
  3. Income from other sources excluding Winning from Lottery, Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000.
What is the due date for filing ITR-1 Form ?

ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.

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Description

Procedure for Filing ITR 1 Form

Form ITR 1 can be submitted to the Income Dax Department in multiple method:

  1. The return can be filed in paper form.
  2. The return can be filed online using a digital signature of the taxpayer.
  3. The return can be filed online using electronic verification code.
  4. The return can be filed online followed by submission of ITR-V by post.

In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assesses for his/her records, the other copy duly signed by the assesses, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.

Only the following persons have an option to file return in paper form:

An individual of the age of 80 years or more at any time during the previous year; or An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.

Procedure for Filing ITR 1 Form

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