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Sharanya Radhakrishnan Nair

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ITR-1:Navigating the Sahaj Way to File Your Income Tax Return as a salaried person.

Filing your income tax return (ITR) can be a daunting task, but it doesn’t have to be. If you’re a resident individual in India with a total income of up to Rs. 50 lakhs and your income sources are simple, then you’re in luck! You can file your ITR using the ITR-1 form, also known as the “Sahaj” form.

What is ITR-1?

ITR-1 is the simplest ITR form for resident individuals in India. It’s designed to be easy to understand and fill out, even for those who are not familiar with tax filing. You can use ITR-1 if you meet the following eligibility criteria:

  • A resident individual in India.
  • Have a total income not exceeding Rs. 50 lakhs for the financial year.
  • Your income sources must fit within these categories:
    • Salary and pension earners
    • Income from one house property (excluding cases with carried-forward losses)
    • Family pension
    • Interest income from savings accounts
    • Other sources of income (not including lottery winnings or racehorse income)
    • Agricultural income less than Rs.5,000

Benefits of Filing ITR-1 :

Filing via ITR-1 comes with a bouquet of advantages:

  • Effortless Form: Designed for ease of use, it simplifies tax filing even for novices.
  • Pre-filled Information: The Income Tax Department pre-populates sections based on existing data, saving you time and effort.
  • E-filing Convenience: File electronically through the e-filing portal for swift and hassle-free submission.
  • Potential Refunds: If you’ve overpaid taxes, you may be eligible for a refund upon filing.

Structure and Filling Steps:

The form comprises five pre-filled sections and a summary section:

  • Personal Information: Verify your basic details like PAN, name, address, etc. 
  • Gross Total Income: Review pre-filled income from salary, house property, and other sources.
  • Total Deductions: Claim available deductions for medical expenses, education loans, etc. (optional).
  • Tax Paid: Check pre-filled tax deducted at source (TDS) and advance tax paid (if any).
  • Total Tax Liability: Review the calculated tax payable after considering deductions and TDS.
  • Summary: Review the entire return before submitting it electronically.

List of Documents Required for Filing ITR-1 :

  1. Aadhar and PAN Card
  2. Form 16 (Part A & Part B)
  3. Salary Slips
  4. Interest Certificates from the Post Office and Banks
  5. Tax-saving Investment Proofs
  6. Health Insurance Premium Receipts
  7. Home Loan Documents
  8. Education Loan Documents

How to File ITR-1 :

You can file your ITR-1 in two ways:

  • Electronically: This is the recommended way to file your ITR. You can do this through the e-filing portal of the Income Tax Department.
  • Offline: You can download the ITR-1 form from the Income Tax Department website and fill it out manually. You can then submit the filled form to your nearest Income Tax office.

Conclusion :

Filing your ITR doesn’t have to be a stressful experience. ITR-1 offers a stress-free path to filing your tax return if you meet the eligibility criteria. Take advantage of its simplicity, pre-filled data, and electronic filing convenience.

Frequently Asked Questions on ITR-1 :

Yes, you can use ITR-1 if you only have income from one house property and it is not under construction or subject to carried-forward losses.

Yes, you must include all your interest income, including from savings accounts, in your ITR-1.

Yes, you can claim deductions for various medical expenses for yourself, your spouse, and dependent parents under Section 80D.

Yes, you can claim a deduction for home loan interest under Section 24B up to a certain limit.

You can e-verify your ITR-1 through various methods, such as using Aadhaar OTP, internet banking, or a bank Demat account.

You can track your refund status on the Income Tax Department website or by contacting the department.

Your employer deducts tax from your paycheck and pays it to the I-T Department on your behalf. It’s known as TDS. TDS is tax deducted at source. Every month, your employer deducts a portion of your salary and pays it to the Income Tax Department on your behalf.

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