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ITR1 Sahaj Form – How to file ITR 1 online
The income sources that are defined as applicable for ITR1 form are as under:
- Salary (monthly income) or annuity (like pension etc.)
- Earning in the form of rent from owned property (single source)
- Earnest money from other sources (not the sources like lottery earnings, foreign deposits etc.)
Therefore, the categories of taxpayers who are not eligible for ITR1 form filing are:
- The persons who earn rent from two or more rented properties
- Have earnings from foreign deposits
- Have earnings from gambling (legal) or lottery etc.
- Persons who are filing returns for earnings from agricultural sources (more than Rs 5000)
- Persons who are claiming exemption from taxes under Sections 90 or 90A or 91.
Before filing the returns through ITR1, there are certain documents that are required and must be kept ready before filling the form. These documents are listed below:
- Form 16
- Form 26AS
- PAN card
- Bank passbooks, FD documents etc.
- Documents pertaining to exemptions of the salary components under Section 80C or 80D.
- Note that the details like name etc on the bank documents must be the same as on your PAN card.
An ITR1 form is structured for various details related to income, taxes, exemptions, TDS (Tax deducted at Source) etc. A standard ITR1 form contains parts A, B, C, D, E for various details. Part A is for general information, part B for mentioning the income (gross income), while part C is for mentioning the deductions and the portion of salary that is taxable. Parts D and E are where the payable tax and additional information is mentioned, respectively.
Schedule TDS is where the details of TDS have to be mentioned and schedule IT is where the information related to tax payments (any self-assessed or advanced) has to be submitted.
Due to digitization of the commercial activities, ITR1 can be easily filed online. For this:
- Log in to the e-filing application online
- Click on "Prepare and submit ITR online"
- You will get the options of forms where you have to select ITR1and the year of assessment
- After filling the details, upload the digital signature certificate and click on "submit"
- Once you have submitted the form, the detailed receipt of the same will be displayed on the screen.
- Take a printout of the displayed receipt /ITR V form.
Find our tax saving calculator if you want to save your income tax. HDFC Life offers HDFC Life Click 2 Invest ULIP (Unit Linked Insurance Plan) that gives tax benefits under Sections 80C and 10D of the Income Tax Act. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans/sanchay-plus .
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