Hello. In this post, we will be discussing about ITR-1. We will cover the following in this post:
- ITR 1 means
- ITR 1 eligibility
- Structure of ITR 1
- How to file ITR – 1 Form?
- Important points for AY 2018-19 filing
The last date of income tax return filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For audit cases, the last due date is 15th February 2021.
What is ITR 1 Form?
In order to simplify the return filing process, the income tax department has categorized taxpayers into many groups based on income and its source.
ITR1, also known as Sahaj, is applicable for individuals or HUF (Hindu Undivided Family) with an income up to Rs. 50 lakhs. It is a single-page form. In this, you have to give a detailed break-up of your income from salary and house property (if applicable). The ITR form also asks you to provide details of the value of perquisites, non-exempt allowances, interest paid on borrowed capital among other details.
Who can file ITR 1?
ITR1 is applicable for individuals / HUF with an income up to Rs. 50 lakhs. This income can be from the following sources:
- Income from salary or pension
- The income from one house property (excluding the cases where loss has been brought forward from the previous years)
- Income from other sources such as interest from fixed deposits, NSC interest, spousal pension etc. (Income from horse racing and winning of a lottery is not considered.)
- In case of clubbed Income Tax Returns from a spouse or a minor. This can be done only if their income is also limited to the above specifications.
How to fill ITR-1? (Details to be shown in ITR-1)
General Information: Here you need to fill your personal details i.e., name, sex, age, residential status, address etc.
Gross total Income: In this section, you have to fill in details of income from salary/pension as mentioned in TDS certificate issued by your employer. If there is more than one employer during the year then give the total salary received from all the employers. Also, if you have any interest income or rental income or loss (on account of housing loan interest) from a single house property then you can fill it here.
Deductions and taxable total income: Here, you need to fill all the relevant details of your tax saving investment or expenses eligible for tax deductions. Also, enter the total taxable income after calculation.
Computation of Tax Payable: In this section, you have to enter the details of total tax payable (after calculation) along with relevant interest, fee and taxes already paid.
Other Information: Here, you have to give the details of all the savings and current accounts held by you at any time during the previous year (excluding dormant accounts not operational for more than 3 years).
Detail of Advance tax and Self-Assessment Tax payments: If you have paid any advance tax or self-assessment tax then enter the details here. Also, you need to enter the details of the BSR code of the bank through which the payment was made, date of payment, the serial number of the challan and amount of the taxes paid against that challan.
Detail of TDS/TCS: Here, you have to give the TDS details as per Form 16/16A issued by the employer / Deductor for the salary income/ interest income.
In this section, you have to fill the date and sign in the space given. If there is no valid signature, then the Income Tax Department will not accept your return
Less Return Form: You must not attach any document (including TDS certificate) to this return form. If you enclose such documents with this return form, then it will be detached and returned to you.
How to file ITR-1?
ITR-1 Form can be submitted either online or offline:
Only following persons have the option to file the return in paper form:
- An individual at the age of 80 years or more at any time during the previous year
- An individual / HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
For offline filing, the return is furnished in a physical paper form. At the time of submission of your physical paper return, the Income Tax Department will issue an acknowledgment.
Online / Electronically Filing
If you do not fall under the above criteria, then you can file returns electronically. These are known are ITR e-returns. There are two ways to file the ITR-1 form online. They are:
- Prepare ITR-1 using external software and then submit the file at income tax department website.
- Prepare the ITR in the Income tax department portal and submit for verification.
For complete ITR filing procedure visit – saraltaxoffice.com/blogs/itr-filing-procedure/
Once you submit the returns, it has to be verified. There are two ways to verify the submitted ITR-1 form. They are:
- Submitting the ITR-V (acknowledgment for online filing) to CPC, Bengaluru.
- You can choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
- E-verifying the ITR-V through net banking/Aadhaar OTP / EVC / demat account etc.
- You can e-verify your return. If you submit your ITR-1 Form electronically, the acknowledgment will be sent to your registered email id.
For the complete e-verification procedure visit – saraltaxoffice.com/blogs/e-verification-of-itr/
Points to Note for AY 2018-19 filing:
- Earlier ITR-1 was applicable for both Residents, Residents not ordinarily resident (RNOR) and also Non-residents. Now, this form has been made applicable only for resident individuals.
- There is a requirement to furnish a break-up of salary.
- There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms.
- Under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, provision for quoting of PAN of Tenant for such rent cases has also been made.
This completes our quick guide on ITR-1. We hope you found this helpful. If you have any questions or comments, do let us know in the comment section below.