All you need to know about ITR-1 – Sahaj

Sahaj is the income tax return form. One of the easiest ITR forms this can be filled online, by any individual. Only a few documents are required and also the process is very simple. This is done after the income tax department releases the form, which is mostly done on 31^st July every year. And one can fill it before the deadline, and correction can be done before 31^st March of next year.

There are many ITR forms; these are Income tax return forms, which are to be filed by every individual for their income tax returns. The income tax department, every year publishes different income tax forms for different categories of taxpayers. Every ITR form is different in some aspect from the other. But the most common form is ITR-1 or sahaj, which is widely applicable and accepted.

The ITR forms are filed online through e- portal, they are available in formats –PDF, Java and excel. Excel and Java forms can be downloaded by those individuals who wish to fill the form online, and for those who physically submit the form can do so by giving PDF one’s print. But now it is stated that, any person having annual income more than 5 lakhs has to fill for their tax returns online.

Features of ITR-1- Sahaj

Sahaj is an income tax return form for salaried individuals. ITR-1 is the simplest forms that can be filled online.

Eligibility Criteria

This form can be filled by-

Individuals who earn a fixed monthly salary.
Pension holders
Family pension holders
Those people who earn interest from their saving resources, this is because this interest is considered as a salary/ income.
Income of one house property.
Income from other sources, except from those of lotteries or the money won in games.

The income tax department every year announces a date for filing for income tax refund, and submission of ITR forms. And usually it is 31^st July.

Exceptions to ITR-1 –Sahaj

As such salaried individuals are required to fill the ITR form, but then there are a few exceptions to it as well, and the exceptions are-

Those who earn income from more than one house property.
Those winning money from lottery, gambling, games, etc.
Those earning from capital gains, such as shares, etc.
Losses from other resources.
Residents who have a property outside India and is a earning source for them, or if they are a signatory for any accounts in foreign country.
Persons who are taking double taxation relief, for example who are taking relief from foreign country too.
Those earning from a profession or business.

Procedure of Filing for ITR-1 – Sahaj

Filling of this form, the process is quite simple and not complicated. Individuals do not even need to do much documentation or audit.

The ITR-1 form is divided into columns, where one needs to fill details like- gross income, personal details, taxable income with deductions, current amount of tax, TDS, etc.

Any individual can fill up the form either physically (if income is lower than rs. 5 lakhs annually.) or online through Java or excel forms.

Documents required for filing

When you are filing for income tax return forms, the documents are to be kept handy as the income tax department may ask for it for verification of documents.

The documents needed are–

Soft copy (hard copy in case of physical submission) of form no- 16 given by the employer.
Form 26AS downloaded from the site, while registration, (this is to compute and cross check of tax with form no-16)
Proof of investments for tax exemption under section 80C and 80D.
Details of income from interest such as passbook of bank or any other relevant documents.

After collection of these documents, one can file for ITR either online or physically. You can get in touch with Company Vakil for any legal query or registration support

Few other points related to Sahaj.

In case you have wrongly calculated or made any mistakes in filing the form first time. The income tax department gives you a chance of correcting it. This is called ‘revised returns’. This correction can be made till the end of next financial year, before 31^st March.
The income received from dividend of mutual funds is to be mentioned. It is to be declared as this dividend is exempt from tax under section 10(35). Income or profits from shares is not to be mentioned.
If your income from agriculture is less than Rs. 5000 or equal to Rs. 5000, then one has to fill ITR-1 form and if the agricultural income is more than Rs. 5000 then one will have to fill form ITR-2.

Changes made in ITR-1 form from 2018 are-

Mandatory quoting of Aadhar card number.
More details of salary, as in from every income that is received and house property income.
Penalty for late filing, if there is delay or mishandling in filing of ITR, then penalty fee shall be applicable.
Claiming exemption on capital gains.

This is the latest ITR-Sahaj form for the year 2018-19.

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