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ITR - 1

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ITR1 - The basic ITR form for Individuals

ITR1 - The basic ITR form for Individuals

The Income Tax Department of Government of India has divided the Tax payers of Indian resident into several groups. The category is made on the basis of income and its sources. It is also made to ease the process of filing tax.  ITR-1 is also known as “Sahaj Form” and is for the Indian resident whose income should not be more than Rs. 50 lakh in a financial year.

In this article we will elaborate about the details related to ITR-1 Sahaj form, like eligibility of the tax payer, required documents etc.

Eligibility to file ITR-1 Sahaj Form

ITR-1 Sahaj Form is for Indian resident whose income is up to Rs.50 Lakh. An individual person whose income is from the below source can file ITR-1 Sahaj Form.

  • Income from salary
  • House property
  • Pension
  • Agricultural income (upto Rs. 5000/-).
  • Savings account interest, from banks, post office, Co-operative society.
  • Interest from Income tax refund.
  • Interest received from Enhanced compensation.
  • Family pension
  • Income of Spouse
  • Fee, prerequisites, commission, profits

Documents required to file ITR-1 Sahaj Form

  • Form 16
  • Salary slips
  • Interest certificates from the post office and banks
  • Form 16A/16B/16C
  • Form 26AS
  • Tax saving investment proof
  • Deduction under the section 80 D and 80 U
  • Capital gains

Precautions an individual should take to avoid issues while filing the ITR-1 Sahaj Form

To avoid issues in filing the return and getting the refund, an individual should ensure to do the following:

  • Link Aadhar and PAN
  • Pre-validate the bank account where an individual want to receive the refund
  • File the return within the specified timelines
  • Verifying the return, an individual can opt for e-verification, which is the easiest way to verify the ITR
  • Filing the responses for the notice received from the ITD within the specified timelines.

 

 

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