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ITR-1-SAHAJ Form

Income Tax department has designed various ITR forms depending on various criteria. Taxpayers has to chose right ITR forms to file their return. Comprehensive details has been elaborated for taxpayers who can file ITR-1, also know as ‘SAHAJ’ meaning easy in Hindi language. ITR 1 SAHAJ-FILE ITR 1 ONLINE

Who is Eligible to File ITR-1  for AY 2020-21?

ITR-1 or Sahaj ITR is applicable with following criteria:

• Applicable for resident and ordinarily resident
• Income below Rs 50 Lakhs
• Income from Salary & Pension
• Income from one House Property (excluding brought forward or loss to be carried forward)
• Income, Income from other sources (excluding winning from lottery / income from race horces)
• Individual has not claimed any deductions u/s 57
• Individual does not have foreign income or foreign assets

Checklist of information/documents for filing ITR-1

The following documents or information should be kept handy for filing ITR-1:

• General Information

• PAN – Enter PAN as per PAN card
  • Name – Name as per PAN Card
  • Date of Birth – Date of birth as per PAN Card
  • Aadhar Number / Enrolment ID – 12 digit Aadhar number or 28 digit Aadhar enrolment number
• Income from Salary / Pension
  • Form 16 from employer
• Income from House Property
  • Housing Loan Statement for the period 01.04.202X to 31.03.202X for claiming deduction of interest under Income from House Property and Details of principal payments for claiming deduction u/s 80C
  • Rent Receipts / Income Earned from House property. Relevant expenses incurred
• Income from Other Sources
  • Interest earned on SB, FD and other investments
  • Interest Certificate from Bank
• Deductions under chapter VIA
  • Deduction u/s 80C: Investment in tax saving instruments like PPF, VPS, NPS, Life Insurance Premium, repayment of principal portion of housing loan, ELSS, tax saving mutuals funds, National Savings Certificates (NSC), Senior Citizen Saving Schemes (SCSS), Sukanya Samriddhi Yojana (SSY)  Statement
  • Mediclaim premium u/s 80D
  • Donations u/s 80G
• Tax Payment if any
• TDS Statement if any
• Annual Information Return / Form 26AS / SFT – Specified Financial Transactions
• Detail of Exempt Income (only for disclosure and no impact on tax payable)
• Details of all bank accounts
• Form 10E in case relief claimed under section 89

How to file ITR-1 form?

ITR-1 can be filed either Offline or Online as follows:

Offline mode to file ITR:

• This is physical paper form to be filed with respective income tax officer having concerned jurisdiction
• Person having more than 80 years of age
• Person having income less than Rs 5 lakhs
• Person does not have any refund of tax

Online or Electronic mode to file ITR:

• Filing income tax return with Income Tax efiling portal

How to verify ITR?

The ITR form should be verified in the following manner:

• DSC (Digital Signature Certificate)
• EVC (Electronic Verification Code)
• Aadhar OTP
• Sending by India post / Speed Post to CPC Bengaluru within 120 days of e-filing the return – “Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, Karnataka”.

Structure of ITR-1 form

ITR-1 contains the following parts and schedules as follows:

• Part ‘A’ – General Information
• Part ‘B’ – Gross Total Income
  • Income from Salary/Pension
  • Income from House Property
  • Income from Other Sources
  • Gross Total Income
• Part ‘C’ – Deductions and Taxable Total Income
  • Deductions under Part ‘B’ of Chapter VIA
  • Exempt Income
• Part ‘D’ – Computation of Taxable Income
• Part ‘E’ – Other Information
  • Details of Bank Accounts held in India
  • Schedule IT – Details of Advance Tax and Self-Assessment Tax Paid
  • Schedule TDS – – Details of TDS / TCS
  • Schedule DI – Details of Investments ( Investment/ Deposit/ Payments for the purpose of claiming deduction under Part B of Chapter VIA)
  • Verifications

ITR-1 PART – A : GENERAL INFORMATION

ITR-1 PART – B : GROSS TOTAL INCOME

ITR-1 PART – C : DEDUCTIONS AND TAXABLE TOTAL INCOME

ITR-1 PART – D : COMPUTATION OF TAX PAYABLE

ITR-1 PART – E : OTHER INFORMATION

ITR-1 PART – E : SCHEDULE DI – DETAILS OF INVESTMENTS

 

What is the period covered during FY 2019-20 / AY 2020-21?

FY 2019-20 is financial year 2019-20 starting from 1st April 2019 ending on 31st March 2020. AY 2020-21 is assessment year 2020-21 which is relevant to financial year 2019-20 (also called previous year 2019-20).

Who should not file ITR-1-SAHAJ?

ITR-1 is for individual category only.

The following individuals should not use ITR-1:

Individual – Non-Resident/Foreign connection/Director/Unlisted shareholdings

• Non-resident individual
• Income outside India
• Claiming tax relief from foreign income
• Holding foreign assets
• Income from source outside India
• Holding unlisted shares
• Director in a company

Individual – Source of Income

• Profits/Loss from business/professions
• Income from Capital Gains
• Income from more than one house property
• Agricultural Income more than Rs 5,000/-
• Income from other sources of following nature
  • speculation income of race-horses and winning from lottery
  • income taxable at special rate u/s 115BBDA or u/s 115BBE
  • Income to be apportioned u/s 5A

Individual with loss/ carry-forward/ deductions

• Income to set off with loss of the current year or brought forward
• Loss carried forward to future years
• Person claiming tax relief under DTAA u/s 90/91

Who should mandatorily file Income Tax Return?

Any Individual whose total income before allowing deductions under chapter VI-A of the Income Tax exceeds the basic exemption limit should mandatorily file the income tax return.

The basic exemption limit for FY 2019-20 / AY 2020-21 is as follows:

• Individual below 60 years of age is Rs 2.50 Lakhs
• Resident senior citizens who is 60 years and above but below the age of 80 years is Rs 3.00 Lakhs
• Resident super senior citizens who is above 80 years of age is Rs 5.00 Lakhs

The Finance Act (No 2) of 2019 has inserted Seventh Proviso to Section 139(1) of Income Tax Act to make it mandatory to file income tax return once the expenditure/transaction amount exceeds the prescribed threshold.

• Total Deposit in the current account is Rs. 1 crore or more
• Foreign Travel expenditure of Rs 2 Lakh or more
• Amount spent for more than Rs 1 Lakh on consumption of Electricity
• Any other conditions prescribed.

I don’t have Aadhaar number or Aadhar enrolment number. Can I still e-file my tax return?

No, an Indian resident has to quote aadhar number in income tax return. So ITR can be filed without an aadhar number (12 digits) or aadhar enrolment number (28 digits)

It is recommended to apply for aadhaar and quote the aadhaar enrolment in the ITR.

ITR1-SAHAJ-FILE ITR 1 ONLINE