ITR-1 Return Filing
ITR-1 Return Filing
Price: ₹ 500/- per return *

*Complete by: within 4 days

  • *Income tax return filing for an individual with salary income of less than Rs.5 lakhs.

ITR 1 Filing Form

The Income Tax Department has categorized the taxpayers into the group to ease the tax compliances this categorization is done based on the income and the sources of the income. ITR 1 Return filing in India is for people with an income of up to Rs.50 lakh.

This article is a comprehensive guide to understand the ITR 1 Sahaj Form. Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act,1961. Post computation it is necessary for the taxpayer to file the Income Tax Returns.

What is the ITR-1 Sahaj Form?

The ITR-1 Sahaj Form is a simplified income tax return form designed for resident individuals in India. It is ideal for taxpayers whose total income does not exceed ₹50 lakh and who earn income from the following sources:

  • Salary or Pension
  • A Single House Property
  • Other Sources (such as interest income)

This form streamlines the tax filing process, making it easier for eligible individuals to report their income and meet their tax compliance requirements efficiently.

Key Features of ITR-1 Sahaj Form:

  • Simplified format tailored for salaried individuals and pensioners.
  • Specifically applicable for incomes within the ₹50 lakh limit.
  • Not applicable for individuals earning income from business, profession, or multiple properties.

ITR-1 FORM CHANGES FOR AY 2024-2025

1) Under ‘Part C – Deductions and Taxable Total Income’ a new field, 80CCH, has been added to allow deductions for contributions to the Agnipath scheme

2) Under ‘PART E – Other Information,’ where details of all bank accounts held in India at any time during the previous year (excluding dormant accounts)

Who can file ITR 1 Sahaj Form?

ITR 1 Sahaj Form is for individuals that have income up to Rs.50 lakh lakhs. The individuals earning income from the following sources can file ITR 1 Sahaj Form:
Salaried person- Salary refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act,1961 includes the following under the salary income
Wages
Pension
Annuity
Advance salary paid
Leave Encashment
Fee, prerequisites, commission, profits besides or in lieu id the salary or wages
Transferred balance in recognized provident fund
Annual accretion to the recognized provident fund
Central Government contribution or an employer contribution to Pension account as mentioned in Section 80 CCD of the Income Tax Act.
One house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
However, if the taxpayer is using the owner of a property from which he or she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession the same would be taxable under the heading “Income from business or profession”.
Other sources (does not include income earned from winning lottery or racehorses)
Agricultural income (Upto to Rs. 5000)

Who cannot file ITR 1 Sahaj Form?

ITR 1 Sahaj Form cannot be filed by the following:
An individual with an income of more than Rs.50 lakh cannot use this ITR 1 Sahaj 1 Form.
An individual who is a Director of a Company and has held unlisted equity shares during the financial years cannot use this form.
Residents who are not ordinary residents and non-residents also cannot file ITR 1 Sahaj Form.
House property more than one
Lottery, Racehorses, Legal Gambling, etc.
Taxable capital gains ( Both short term and long term)
Agricultural Income when it exceeds Rs. 5,000
An individual who is a resident of India and has assets outside India or the signing authority in any account based out of India
Individuals claiming relief of foreign tax paid or double taxation relief under Section 90/90A/91.

Structure of ITR Form 1: A Detailed Guide

The ITR-1 Sahaj Form is a simplified income tax return form for individual taxpayers. While straightforward, it requires meticulous attention to detail during the filing process. To enhance clarity and ease of use, the form is divided into five main parts and two schedules:

1. Part A: General Information: This section captures the taxpayer’s personal and contact details, including:

  • Name, PAN number, age, gender, and date of birth.
  • Ward and assessing officer details (if applicable).
  • Communication address, contact number, city, and state.
  • Filing date and Aadhaar details.

2. Part B: Gross Total Income: This section includes information about the taxpayer’s total income, sourced from:

  • Salary or Pension.
  • Income from a Single House Property.
  • Other Sources (e.g., interest income).

3. Part C: Deductions and Total Taxable Income: Here, taxpayers can claim deductions under various sections, such as:

  • 80C (e.g., investments in PPF, LIC).
  • 80D (medical insurance premiums).
  • 80G (donations to charitable institutions).
  • 80U (for persons with disabilities).

4. Part D: Computation of Tax Payable : This section calculates the total tax liability, including:

  • Tax computation, rebate status, and taxes payable after rebate.
  • Claims for TDS (Tax Deducted at Source).
  • D20: Details of bank accounts, including account number, bank name, IFSC code, and type of account, with an option to select an account for tax refunds (if applicable).

5. Part E: Other Information

Additional information required by the tax authorities is reported in this section.

Schedules Included in ITR Form 1: The form also comprises two key schedules:

  • Schedule IT: Details of income tax payments made.
  • Schedule TDS & TCS: Information on tax deducted or collected at source.

Final Step: Verification: The process concludes with the verification of all information provided to ensure accuracy and compliance with tax regulations.

What documents are required to file ITR 1 Sahaj Form?

Form 16
Salary slips
Interest Certificates from the Post offices and Banks
Form 16A/16B/16C
Form 26AS
Tax saving investment proof
Deduction under the Section 80 D to 80 Uf
Home Loan statement from the NBFC or the Bank
Capital Gains.

Documents Required For ITR-1 Return Filing

Form 16
Bank statement
Details of other income
For more information, connect our business advisor

How Can Startup Portal Assist with ITR-1 (Sahaj) Filing?

Filing your ITR-1 (Sahaj) income tax return can be simplified with expert guidance from Startup Portal. We ensure that you select the correct form based on your income sources and provide error-free calculations of your tax liability. Our team prioritizes timely filing to minimize the chances of penalties or tax notices. If you are eligible for a tax refund, we assist in processing it efficiently, so you get your refund without delays.

Stay informed with Startup Portal Business Services on the latest tax updates and filing deadlines. Our secure platform ensures your data is protected while experienced professionals guide you through a seamless ITR-1 filing. Contact us to get started!