ITR-1 Return Filing
ITR-1 Return Filing
ITR-1 (Sahaj) is a simplified Income Tax Return form primarily used by individual taxpayers whose income includes:
- Salary or pension income.
- Income from one house property (excluding cases where loss is brought forward from previous years).
- Other sources such as interest income, family pension, etc., with total income up to ₹50 lakh.
What is ITR?
ITR stands for Income Tax Return. It is a form used by taxpayers to declare their income, deductions, and taxes to the Income Tax Department of India. The purpose of filing an ITR is to report one’s income earned during a financial year and calculate the tax liability or refund owed to or by the taxpayer. ITR forms vary based on the taxpayer’s income sources, residential status, and other factors. Filing an ITR is mandatory for individuals and entities whose income exceeds the exemption limit specified by the Income Tax Act, 1961, and is a crucial aspect of tax compliance in India.
What is ITR 1 Sahaj Form?
ITR-1 Sahaj form, commonly known as just ITR-1, is an Income Tax Return form used by individual taxpayers in India to file their tax returns. Here are the key features and eligibility criteria for filing ITR-1 Sahaj:
- Income Sources: Suitable for individuals who have income from:
- Salary or pension.
- Income from one house property (excluding cases with brought forward loss).
- Other sources like interest income, family pension, etc. (excluding winnings from lottery and racehorses).
- Income Limit: Applicable if total income does not exceed ₹50 lakh.
- Residential Status: Resident individuals (Ordinary Resident or Not Ordinarily Resident) can use this form.
- Ineligibility: Cannot be used if:
- Income exceeds ₹50 lakh.
- Income includes income from more than one house property.
- Income includes any business income.
- Loss needs to be carried forward from previous years.
- Filing Method: Typically filed electronically (e-filing) except for super senior citizens (80 years and above).
ITR-1 Return Filing FAQ's
ITR-1 Sahaj is for individual taxpayers who have income from salary or pension, income from one house property (excluding losses carried forward), and income from other sources like interest, family pension, etc., with total income up to ₹50 lakh.
If your total income exceeds ₹50 lakh or includes income from more than one house property, business income, or requires carrying forward of losses, you cannot use ITR-1 Sahaj. You would need to use a different ITR form suitable for your income profile.
Generally, ITR-1 Sahaj is filed electronically (e-filing) using the Income Tax Department's e-filing portal. However, super senior citizens (aged 80 years and above) have the option to file it in paper form if they do not have income from business or profession.