1. What Is ITR-1?
ITR-1 is one of the crucial forms among the six forms of income tax for taxpayers in India. ITR-1 is also known as ‘Sahaj”. This form is used by taxpayers (with an income above the limit of Rs. 50 Lakhs in a financial year) in India to file their income tax returns with the income tax authorities. Form ITR-1 is applicable for salaried individuals, pensioners, and those with income from one house property or other sources of income such as interest on savings bank accounts, fixed deposits, etc., provided the total income must not be above Rs 50 lakhs in a financial year. The ITR-1 form includes the details of the taxpayer’s income from various sources, deductions claimed, and tax liability. Eligible taxpayers can file Sahaj either online or offline as per their comfort. Now the question may arise that who can use ITR-1 & who can not use it. Let’s understand it below in more detail.
2. Who Can Use ITR-1 (Sahaj)?
Individual taxpayers who are residents of India earned an income of up to Rs. 50 lakhs in a financial year must furnish ITR-1. Individuals who have earned income during a financial year from the below-mentioned sources must use the ITR-1 form: Income from salary or pension Income from one-house property Income from other sources like interest on bank deposits, savings accounts, etc. Agricultural income up to Rs 5,000
3. Who Can Not File ITR-1 For AY 2023-24?
In the above discussion we got know to that However, residents individual are eligible to file ITR-1 as well as their eligible income sources. However, HUFs are not eligible to furnish the ITR-1 form of the income tax act. We have mentioned below those individuals who are eligible to furnish Form ITR-1. You can not use ITR-1 in case your earned income is from the following sources: Business or profession Capital gains Income from more than one house property Income from the lottery, horse races, or other gambling activities Foreign income or assets Income taxable under the head "income from other sources" exceeding Rs. 50 lakhs Losses to be carried forward or losses to be set off against any other head of income
4. Important Changes In ITR-1 Form for AY 2022-23
There are some changes that have been made in ITR-1 Form. These are as follows- Pensioners have to select the “Nature of the employment”(central government, state government). Under the head of the salary, you may disclose and receive relief for income from retirement benefit accounts kept in the notified nation. At the time of withdrawal or redemption, as required by Section 89A, you may now seek relief for the taxes paid on the income from the retirement benefits account kept in a notified nation.
5. Required Documents to File ITR-1 Form For AY 2023-24
Form 16: If you are a salaried individual, your employer will provide you with Form 16, which contains details of your salary, allowances, and deductions. Bank statements and interest certificates: You will need bank statements and interest certificates from all the banks where you hold savings accounts or fixed deposits. This is required to declare an interest income earned from these accounts. Rent receipts: If you are paying rent for a house, you will need to provide rent receipts as proof of the rent paid. However, this is only applicable if you are claiming HRA (House Rent Allowance) as a deduction. TDS certificates: You will need TDS certificates for any TDS (Tax Deducted at Source) that has been deducted from your salary or other income sources. Details of investments: You will need to provide details of your investments in tax-saving schemes such as PPF (Public Provident Fund), NSC (National Savings Certificate), ELSS (Equity Linked Savings Scheme), etc. Aadhaar card: It is mandatory to provide your Aadhaar number or enrollment ID while filing ITR-1. PAN card: You will also need to provide your PAN (Permanent Account Number) details.
Frequently Asked Questions
What is Form ITR-1?
Form ITR-1, also known as Sahaj, is an income tax return form used by individual taxpayers in India to file their income tax returns if their total income during the financial year is up to Rs. 50 lakh.
Who can file Form ITR-1?
Individuals who have earned income from salary or pension, one house property, and other sources, excluding winnings from lottery or racehorses, and have a total income of up to Rs. 50 lakh can file Form ITR-1.
Is it mandatory to e-verify the Form ITR-1 after filing?
Yes, it is mandatory to e-verify the Form ITR-1 after filing it. You can e-verify it using Aadhaar OTP, Net Banking, Bank Account OTP, or by sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC) in Bangalore.
Do I need to attach any documents while filing Form ITR-1?
No, you don't need to attach any documents while filing Form ITR-1. However, you need to keep all supporting documents ready in case the income tax department asks for them later.
What happens if I don't file my Form ITR-1 on time?
If you don't file your Form ITR-1 on time, you may have to pay a penalty of up to Rs. 10,000, and you may also be liable to pay interest on any tax due.
Can I revise my Form ITR-1 after filing it?
Yes, you can revise your Form ITR-1 within the specified time limit if you have made any mistakes or omitted any information while filing the original return.