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With the idea of making tax compliance easy, the Income Tax Department has sectioned its taxpayers based on their incomes and sources. In this post, we will specifically be targeting ITR-1 and understand it in depth.
ITR-1 form is also known as ITR-1 Sahaj form and is specified for people who have an income of up to ₹50 lakhs. This implies most salaried individuals are supposed to file the ITR-1. Apart from ITR-1 meaning, one must also know what it looks like.
A Sahaj form has 7 different parts. Here is a look at the ITR-1 structure.
ITR-1 is a one-page comparatively simpler form for individuals who do not have an income above ₹50 lakhs.
If you are wondering who is eligible for ITR-1, know that the income should be from the following sources:
If filing for clubbed income tax returns, where a spouse or a minor is included, it can be taken forward if only the above-mentioned eligibility for ITR-1 is met.
Before proceeding to know how to file ITR-1, learn who is disqualified from it.
Submission of the ITR-1 form is possible both online and offline.
Only the below mentioned individuals can file their form offline-
The return is submitted in a physical paper form, and the IT Dept. issues an acknowledgement at the time of submission of these papers. Make sure to keep the documents required for ITR-1 filing handy.
E-filing of ITR-1 involves the following-
If you have taken the first means, an acknowledgement will be sent in a couple of days to your registered email ID. You can also download it, and then you will need to send the acknowledgement to CPC Bengaluru within 120 days.
Alternatively, you can also e-verify. This concludes how to submit ITR-1 forms online.
Individual taxpayers who meet the criteria of-
Such individuals should file ITR-1. The taxpayer also needs to indicate the amount of deposit or expenditure.
The individuals who have income from salaries, one house property, or other income totaling to ₹50 lakhs are to file the way they used to in the past.
Resident individuals who own a single property in joint ownership can also file the ITR-1 Sahaj if the total income amounts to ₹50 lakhs.
Taxpayers need to separately disclose their amount of the investment or deposit or payment towards tax savings made from 1st April to 30th June.
The ITR-1 Sahaj, as it is named, implies it has been made easy to be filed so the filing of taxes can become easier for salary earners. With this form, they can file their taxes at the comfort of their homes and offices without assistance saving them from compliance charges.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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