ITR-1 EFiling <= 25 Lakhs
The Income Tax Return Form 1 (ITR-1), also known as Sahaj, is a simplified income tax return form for individuals earning income from straightforward sources. It is designed to make tax filing easy for salaried individuals and those with limited income sources.
Documents required:
1. Aadhar Card photocopy
2. PAN Card photocopy
3. Aadhar registered mobile number
4. Personal Email ID
5. Bank statement of respective filing year
6. Form-16 of respective filing year
7. Salary/income proofs of respective filing year
8. Investment Proofs of respective filing year
Key Due Dates
Filing Due Date: 31st July of the assessment year.
Revised Return: Can be filed up to 31st December of the assessment year.
Belated Return: Can also be filed by 31st December, subject to penalties.
Penalties for Non-Filing
Late Filing Fee under Section 234F:
₹1,000 if total income is less than ₹5 lakh.
₹5,000 if total income exceeds ₹5 lakh.
Interest under Section 234A: 1% per month on unpaid tax.
Advantages of ITR-1
Simplified Process: Designed for individuals with basic income sources.
Auto-Fill Feature: Minimizes errors by fetching pre-filled data.
Quick Refunds: Faster processing of refunds for accurately filed returns.
Who Should File ITR-1?
ITR-1 is applicable to resident individuals with the following income sources:
Salary or Pension: Income from employment or pension.
One House Property: Income from a single property (excluding cases of brought forward loss or income from multiple properties).
Other Sources: Income from interest (savings accounts, fixed deposits, recurring deposits), family pension, etc.
Agricultural Income: Up to ₹5,000.
Income Threshold:
Total income must be up to ₹50 lakh.
Who Should NOT File ITR-1?
ITR-1 is not applicable to the following:
Non-Resident Indians (NRIs) or Resident but Not Ordinarily Resident (RNOR).
Individuals with income:
Above ₹50 lakh.
From more than one house property.
From capital gains (short-term or long-term).
From business or profession (including presumptive income under Section 44AD,
44ADA, or 44AE). From winnings such as lotteries, horse races, etc.
Those with foreign assets or foreign income.
Those claiming relief under Double Taxation Avoidance Agreement (DTAA).
Those with agricultural income exceeding ₹5,000.
Directors in a company or holding unlisted equity shares.
Key Features of ITR-1
Simplified Filing:
Designed for individuals with straightforward income sources.
Online and Offline Options:
Can be filed online through the e-Filing portal or offline using the ITR-1 utility.
Standard Deduction:
Automatically accounts for standard deduction of ₹50,000 (for salaried individuals).
Pre-Filled Data: The form auto-populates data from Form 16, Form 26AS, and Annual Information Statement (AIS).
Structure of ITR-1
The form is divided into sections for streamlined reporting:
Part A: General Information
Personal details like name, PAN, Aadhaar, address, filing section, contact details, and residential status.
Part B: Gross Total Income
Income from:
Salary or Pension.
One House Property (self-occupied or rented out).
Other Sources (interest, family pension, etc.).
Part C: Deductions and Taxable Income
Deductions under Chapter VI-A, including:
Section 80C: Investments in PPF, LIC, NSC, etc.
Section 80D: Medical insurance premium.
Other deductions like 80E, 80G, 80TTA, etc.
Part D: Tax Computation
Tax payable or refund due after considering:
Rebate under Section 87A (for income up to ₹7 lakh under the new regime or ₹5 lakh under the old regime).
Tax deducted at source (TDS).
Verification Section
Declaration and signature.
FAQs
1. Can NRIs file ITR-1?
No, ITR-1 is only for resident individuals.
2. Can I file ITR-1 for rental income?
Yes, but only if income is from one house property and no losses are carried forward.
3. Can I use ITR-1 for agricultural income?
Yes, but only if agricultural income is up to ₹5,000.
4. Is ITR-1 applicable for pensioners?
Yes, pension income is treated as salary income and can be filed under ITR-1.
