The ITR 1 Form, also called Sahaj

[that means “easy” in Hindi] is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income).

August 31, 2015 is the due date of filing the ITR 1 form for the Financial Year 2014-15.

TaxRaahi enables you to select the right ITR Form applicable to you and file ITR online easily.

How to file ITR 1 Form

Eligibility to file ITR 1 form

ITR 1 should be filed for an assessment year, when Total Income of an Individual includes:

  • Income from Salary/Pension
  • Income from One House Property (excluding cases where loss is brought forward from previous years)
  • Income from Other Sources (excluding Income from Race Horses and winning from Lottery and)

You could file clubbed/aggregate Income Tax Returns (where a spouse or a minor too is included), only if the parties involved met the above specification.

Who cannot file the ITR 1 Return?

Individuals who are not entitled to fill the ITR 1 SAHAJ form are those who have received Income through the following means:

  • Income from more than one Property
  • Lottery, Legal Gambling, Racehorses etc.
  • Income from non tax-exempted capital gains (Short term and Long term)
  • Income from agricultural above Rs. 5000
  • Revenue through business and Profession
  • Indian residential Individual who have assets (including financial interest in any entity) outside boundary of India or signing authority in any account located outside Indian boundary.
  • Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

You can e-file without form -16 easily with the help of LegalRaasta.

Structure of the ITR 1 Form

ITR 1 is divided into following parts:

  • Part A: Personal Details
  • Part B: Gross Total Income
  • Part C: Deductions and Taxable Total Income
  • Part D: Tax Computation and Tax Status
  • Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
  • Schedule TDS1: Details of Tax Deducted at Source from Salary (As per Form 16 issued by employer)
  • Schedule TDS2: Details of Tax Deducted at Source from Income other than Salary (As per Form 16A, issued by Deductor(s))
  • Supplementary Schedules TDS1, TDS2 and IT

The ITR 1 Form cannot be used if under Section 90/90A/91, you are claiming double taxation relief.

Filling the ITR-1 Form

Documents that should be prepared before filling out your ITR 1 form are:

  • Form 16s for the given Financial Year issued by all your employers Year
  • Form 26AS – verify that the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS
  • If you unable to present evidence of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer timely, maintain these receipts neatly to claim them directly on your income tax return.
  • PAN card
  • Interest from bank account details – bank passbook or FD certificate

Key terms/definition to know

Revised Return: Suppose you have filed your income tax return but then later you realized that you have made an error in it, you can re-file. This is known as Revised Return. For the Financial Year 2014-15, you can file your Revised Return till March 31, 2016.

Notice Number: If you are filing your return in a reply to a notice from the Income Tax Department, you should fill this.

Advance Tax: For salaried individuals, TDS generally takes care of advance tax payments. Although, you may have other forms of income such as, rental income, interest on savings bank accounts, fixed deposits, bonds or capital gains. If tax on income exceeds Rs. 10,000 per year, it is necessary to calculate your income and pay Advance Tax. This shall be paid in quarterly installments in September, December and March.

Self Assessment Tax Payments: This is the variation between tax payable and tax paid and it is required to be paid before you file your return. When you first fill this form, you won’t make out whether Self Assessment Tax has to be paid or not. So, carefully fill out the first form along with the Advance Tax details, if paid. Figure your income and if after computing, you discover that tax is still payable then pay it and then fill in the details in this section.

Annexure-less Return: ITR 1 Form is an Annexure-less return. That signifies that you don’t have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.

Modes to file ITR-1 Form

You can use either online or offline options to submit your ITR form -1. . From the Financial Year 2013-14, all taxpayers earning income above Rs. 5 lakhs shall furnish their Income Tax Returns electronically, through either Mode 3 or Mode 4 mentioned here.

Offline:

  • By furnishing a return in a tangible paper form
  • By furnishing a bar-coded return

The Income Tax Department will provide you an acknowledgment/response at the time of submission of your tangible paper return.

Online/Electronically:

  • By furnishing the return electronically using digital signature certificate.
  • By sending the data electronically and then submitting the verification of the return in Return Form ITR-V

Remember, if you submit your ITR-1 Form electronically using digital signature, the acknowledgment/admission will be send to your registered email id. You can also decide to download it manually directly from the income tax website. For this, you are first required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.

Steps to send your ITR-V to the CPC Office

  • After downloading the ITR-V from the Income Tax Department’s website, you will require a password to unlock it.
  • The password is your PAN number in lower letters along with date of birth.

For Example:

PAN: AAAPA1111F

Date of birth: 01/01/1975

Password: aaapa1111f01011975

  • After you received your ITR-V (acknowledgement), you shall send it to CPC, Bangalore within 120 days of e-filing your Income Tax return.
  • ITR-V is a single page document that shall be sign in BLUE INK and must be sent via ordinary post or speed post. Remember, you cannot courier the ITR-V.
  • You do not required to send supplementary supporting documents along with the ITR-V.
  • We suggest that you send your ITR-V as early as possible for your tax refund processing.

Address of CPC, Bangalore:

Post Bag No.1,

Electronic City Post Office,

Bengaluru, Karnataka 560100

File ITR online with TaxRaahi and Save tax with help of experts CA/CS.