Simplified ITR-1 (Sahaj) Filing Guide

What is ITR?

ITR, or Income Tax Return, is a crucial document where taxpayers report their income and taxes to the income tax department. ITR-1, commonly known as Sahaj, is designed for individuals with income up to Rs.50 lakhs, simplifying the process for most salaried individuals.

What is ITR-1 Sahaj Form?

ITR-1 is a simplified form for resident individuals with income below Rs.50 lakhs from sources like salary, a single house property, and other sources. It streamlines the disclosure of income tax information, making compliance convenient.

Who Can File ITR-1

Applicable to Resident Individuals meeting these criteria:

• Income below Rs. 50 lakhs.
• Income sources: Salary, single-house property, family pension, and certain other sources.
• Can club income with a spouse or minor if within specified limits.

Who Cannot File ITR-1

Not eligible for those:

• Not Resident Individuals or Non-Resident Indians.
• Total income exceeds Rs. 50 lakhs.
• Agricultural income surpasses Rs. 5,000.
• Income from specified activities like lottery, racehorses, etc.
• With taxable capital gains, unlisted equity shares, business income, directorships, ESOPs, or multiple house properties.

ITR-1 Due Date

Typically due on July 31st of each assessment year. Meeting this deadline is crucial for timely and compliant tax filing.

Structure of ITR Form 1: A Comprehensive Overview

• Part A: General Information
  • Personal details, PAN, age, gender.
  • Ward and assessing officer details.
  • Communication address, contact details.
  • Filing date and Aadhaar details.
• Part B: Gross Total Income
  • Information on gross total income from salary, property, and other sources.
• Part C: Deductions and Total Taxable Income
  • Details on deductions under sections 80C, 80D, 80U, and 80G.
• Part D: Computation of Tax Payable
  • Tax computation, status, rebates, post-rebate taxes, TDS claims, etc.
  • Bank account details for refunds.
• Part E: Other Information
  • Additional details as required.

Includes two schedules:

• Schedule IT
• Schedule TDS & TCS

Documents Required for Filing ITR 1

Retain the following documents:

• Form 16
• Form 26AS
• Receipts for exemptions or deductions
• PAN Card
• Bank investment certificates

Required Details in ITR1 Form

Various sections requiring specific information:

• Personal details
• Gross total income
• Deductions under sections 80C, 80D, 80U, and 80G
• Tax computation and TDS claims

Penalty for late Filing of ITR-1

Late filing may incur penalties:

• Individuals with total income > Rs. 5 lakh: Rs. 5,000
• Individuals with income below Rs. 5 lakh: Rs. 1,000
• Additional interest of 1% per month for delayed filing

How can Vyapar Samadhan help in ITR-1 (Sahaj)?

Vyapar Samadhan simplifies ITR-1 filing:

• Assisting in form selection based on income sources.
• Accurate tax liability calculations and error checks.
• Timely filing to avoid penalties.
• Assistance in processing income tax refunds.
• Guidance from tax experts.

Make your tax filing easier with Vyapar Samadhan! Get started now.