There are various ITR forms, i.e. forms for filing your income tax returns in India, each with its own criteria. Each of these applies to different income bracket groups whereby the concerned individuals have to file their returns for every financial year. Form ITR 1 means the filing returns by individuals whose cumulative income every year totals ₹50 lakhs. The income could result from revenue accruing from different sources like pension or a 2nd home given on rent. There are various conditions that individuals have to qualify for to use this form to file their returns. One of the key preconditions is that you have to be a resident of India. If your total income extends beyond this amount, you are not eligible to use this form.
Moreover, irrespective of the ITR form one resorts to, for filing income tax returns, you have to first ensure that your Aadhar and PAN card is linked to the Income Tax department of India. Individuals can make the ITR 1 e filing of tax returns on the official website of the Income Tax department of India. The process is explained in very simple terms and easily guides individuals from one step to the next. This ITR 1 form is also referred to as ITR 1 Sahaj.
Did you know?
India’s income tax department has seven different forms, which are titled ITR 1 – ITR 7, each applicable to different income groups.
Who is Eligible to File ITR-1 for AY 2021-22?
The ITR-1 for assessment year (AY) 2021-2022 pertains to the income that individuals have earned during the time frame of 2020-2021. This can be done only by individuals who fulfil the following conditions, namely:
- They have to be Indian residents.
- Their total earnings for the assessment year of 2021-2022 amount to ₹50 lakhs but not more than that.
- The total earnings could be from renal earnings (from another property owned by individuals).
- The total earnings also include pension and interest earned on the income earned.
- Some individuals include the income earned by their marital partners as well. Even if this income is added, you can use this form only if the total income amounts to ₹50 lakhs.
Also Read: Which ITR Should I File? Types of ITR
Who Cannot File ITR-1 For AY 2021-22
There are specific criteria for filing returns using the ITR 1 Sahaj form. Individuals who cannot meet the conditions laid down by the government of India do not qualify. Below are the details of individuals who cannot file ITR 1 Sahaj.
- Individuals whose total income for the financial year exceeds the amount of ₹50 lakhs.
- Individuals employed in the capacity of a Director in an organisation own equity shares that are unlisted during any part of the assessment year.
- Non-resident Indians and RNOR individuals (residents, not ordinarily residents). RNOR is a residential status provided to NRIs who return to India permanently. They enjoy this status until they are declared Indian residents again (when they fulfil the tenure of residing for the required time as per the rules of the government of India.
- Individuals who earn revenue from another source are based out of India.
- Individuals who are authorised signatories in other geographical regions outside India.
- Individuals who have delayed payment of taxes on the employee stock options given to them by their employers (with reference to eligible start-up companies).
- Individuals who have profited by indulging in gambling, be it horse racing or lottery tickets.
- Individuals who withdraw cash and tax have been deducted at source under section 194N about such cash withdrawals.
- Individuals who have enjoyed a profit from either a profession or a business in the previous year.
- Owners of racehorses.
- Individuals who make a relief claim under sections 90 and 91.
- Anyone who tries to claim relief under the double taxation scheme.
What Is The Structure Of The ITR-1 Form?
The structure of the ITR-1 form includes 8 sections. The details of the same are given below:
- Section A - This asks you to furnish all your personal details
- Section B - Details of the gross income earned by you
- Section C - The total income that has to be taxed and details of the deductions
- Section D - The status of the tax and the tax computations.
- Section E or Schedule IT – Details of self-assessment tax payments as well as advance tax
- Section F or Schedule TDS1 - Details of tax which is deducted at source (TDS) and tax which is collected at source
- Section G or Schedule TDS2 – Sources of earning other than income and the TDS details related to the same
- Supplementary schedules IT, TDS1, and TDS2
The image given below gives you an insight into Part A of the ITR 1 Sahaj form:
Before you start filing your returns on the ITR 1 Sahaj form, you need to ensure that you have all the relevant documents organised, which are as follows:
- Salaried personnel will have to complete all the details in Section B of Form 16, which employers provide
- Ensure that the tax deducted at source (TDS) details which are stated in Section A of Form 16, are the same as the TDS details on Form 26AS
- If you are eligible for HRA allowance but cannot furnish the necessary details to your employer, you can claim the amount while filing your returns.
- Your PAN card
- All details regarding interest paid on your savings for which you should have your bank statements or an updated bank passbook. You also need to provide a certificate if you have invested in Fixed Deposits.
How Do I File My ITR-1 Form?
ITR 1 return filing can be done online as well as offline.
For offline filing of income tax returns, the government has laid down some specific rules, which are as follows:
- Your age was 80 years or more than 80 years in the previous year.
- If your income has been below ₹5 lakhs and you have not applied for a refund, this also applies to a Hindu Undivided Family.
ITR 1 Return Filing Offline
If you are well-versed with the details that need to be furnished, you can fill out the form yourself. You can also take the assistance of the accounts department in your organisation of your Chartered Accountant (CA). Once the duly filled form is submitted, the income tax department acknowledges the same.
ITR 1 Return Filing Online
Also Read: ITR-2 Form- File ITR-2 Online
There are a number of steps involved in this. Details of the entire procedure are given below:
- You have to visit the website of the income tax department of India, namely https://www.incometaxindia.gov.in/pages/default.aspx
- You have to use your PAN number to log in
- Once you have logged in, go to the ‘e-filing’ menu. Select the option titled ‘income tax return’.
- When you land on the next page, you have to select the section titled ‘assessment year, ITR form number. Now click on the section titled ‘revised’.
- You now have to click on the section titled ‘prepare and submit online.’
- Click on ‘general information’. Select ‘Return Filing Section’.
- The next step involves clicking on the ‘Revised Return’.
- Click on the Return Filing tab and select ‘Revised’.
- Key in the details pertaining to the date of filing the income tax returns and the acknowledgement number as well
- Provide all the necessary details
- Now submit the form
- You can verify the returns online and complete the process.
This article explains the ITR 1 form meaning the criteria for filing returns using the ITR 1 Sahaj form, and how you can do the same on paper and online. Every citizen eligible for filing returns must do so dedicatedly at the end of every financial year. Employees who are not sure of the details required can always seek the assistance of their in-house accounts department or a chartered accountant. The ITR 1 e filing is one of the most simple procedures to file your income tax returns. As this article explains, if your total income in the previous year amounts to ₹50 lakhs, you must resort to this form to file your returns for the assessment year.
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