ITR 1 Sahaj Form Filing

ITR 1 Sahaj Form: -An Income Tax Return (ITR) is a crucial document where taxpayers declare their income and the taxes they owe to the income tax department. The Income Tax Act of 1961 lays down all the ITR forms and their procedures. One important form is ITR-1, also known as Sahaj, which is mainly for individuals with an income of up to Rs. 50 lakhs, especially salaried people.

Accounts Profession Team provides a smooth and efficient way to file your Income Tax Returns using the ITR1 form in India. Our team of experts guides you through the whole process, ensuring you fulfill your tax obligations without any hassle. With Accounts Profession, ITR 1 filing Services, you can easily handle the complexities of tax filing, freeing you to focus on other important things. Start today and let us take care of your tax return needs!

What is ITR?

An Income Tax Return (ITR) is a formal document used by taxpayers to disclose their income and corresponding tax liabilities to the income tax department. It’s a way to transparently report financial information and comply with tax regulations.

There are seven variations of ITR forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each form caters to different taxpayer categories, such as individuals, families, or companies. Timely filing of ITR is essential, and the choice of form depends on factors like income sources and earnings.

What is ITR 1 Sahaj Form?

The ITR-1 Sahaj Form offers a simplified method for individual taxpayers to file their income tax returns. It’s meant for residents of India whose total income remains below Rs. 50 Lakhs and originates from categories such as salary or pension, single house property, and other sources of income. This form simplifies the process for eligible individuals to disclose their tax information, providing a convenient way to fulfill their tax obligations.

Eligibility for ITR1 Filing

The following types of people cannot use ITR1:

1. Residents who are Not Ordinarily Resident (RNOR) and Non-Resident Indians (NRIs).
2. Those with total income over ₹ 50 lakh.
3. Individuals with agricultural income over ₹ 5,000.
4. People earn from activities like lottery, racehorses, or gambling.
5. Those with taxable capital gains, either short-term or long-term.
6. Individuals who have invested in unlisted equity shares.
7. People earning from business or profession.
8. Directors of a company.
9. Those benefiting from tax deductions under section 194N of the Income Tax Act.
10. Individuals with deferred income tax on Employee Stock Ownership Plan (ESOP) from eligible start-up employers.
11. People who own and earn from more than one house property.
12. Individuals who don’t meet the eligibility criteria for filing ITR-1.

ITR-1 Filing Due Date

The deadline for filing ITR-1 usually falls on July 31st of each assessment year. Adhering to this timeline is essential to comply with tax regulations.

Structure of ITR-1 Form: An In-Depth Overview

The ITR-1 Sahaj form comprises several sections and schedules, each necessitating careful attention during completion. Here’s an analysis of its structure:

Part A: General Information

This segment encompasses personal particulars like name, PAN number, age, gender, and date of birth. Additionally, it includes details about the assessing officer and communication address.

Part B: Gross Total Income

Here, individuals provide information on their gross total income, encompassing earnings from salary, property, and other sources.

Part C: Deductions and Total Taxable Income

This section addresses deductions under sections 80C, 80D, 80U, and 80G, aiming to reduce taxable income.

Part D: Computation of Tax Payable

In this component, taxpayers calculate their tax liability, including any rebates, post-rebate taxes, and claims for tax deducted at source (TDS). Additionally, individuals furnish bank account particulars for refunds, if applicable.

Part E: Other Information

This part includes various supplementary details required by tax authorities to finalize tax returns.

• Schedules:

1. Schedule IT: This schedule involves disclosing income from investments such as interest and dividends.
2. Schedule TDS & TCS: Individuals furnish information about tax deductions at source (TDS) or tax collected at source (TCS).

The final stage entails verifying the provided information to ensure accuracy before submission.

Documents Required for Filing ITR 1

ITR Sahaj forms don’t need attachments, but taxpayers should keep certain documents for their records. Here’s what you need:

Form 16: Provided by employers for the relevant financial year.
Form 26AS: Check if the TDS details in Form 16 match those in Part A of Form 26AS.
Receipts: Keep receipts for exemptions or deductions (e.g., HRA allowance or Section 80C/80D deductions) not submitted to your employer on time.
PAN Card: Your PAN card is essential for identification.
Bank Investment Certificates: Details of interest earned from bank accounts, such as bank passbooks or fixed deposit certificates.

Required Details in ITR1 Form

The ITR1 form has several sections, each needing specific information:

Part A: Personal details like PAN number, age, gender, address, and communication details.
Part B: Information on gross total income, including salary, property, and other sources.
Part C: Details of deductions under sections 80C, 80D, 80U, and 80G.
Part D: Tax computation, rebates, post-rebate taxes, TDS claims, and bank account details.

Types of Income Excluded from ITR-1 Form

The ITR-1 form doesn’t cover certain types of income, including:

• Profits and Gains from Business or Profession
• Income from More than One House Property
• Capital Gains (Short-term or Long-term)
• Specific Other Sources of Income like owning racehorses, lottery winnings, etc.

Penalty for Late ITR 1 Filing

Late filing can lead to penalties:

• Total income over Rs. 5 lakh: Penalty of Rs. 5,000; below Rs. 5 lakh: Penalty of Rs. 1,000.
• Additional interest of 1% per month for delayed returns with tax dues.
• Underreporting or misreporting income may lead to penalties up to 50% or 200% of the tax underreported or misreported.
• Repeated failure to file returns despite reminders may result in prosecution, with possible imprisonment of three months to seven years, depending on tax liabilities.

Filing ITR1 accurately and promptly is crucial to avoid these legal and financial consequences.

How Accounts Profession Team Can Assist with ITR-1 (Sahaj)

Accounts Profession Team offers comprehensive support for filing your ITR-1 (Sahaj) income tax return. Here’s how we can help:

Choosing the Right Form:

We guide you in selecting the appropriate form based on your income sources, ensuring accuracy in filing.

Accurate Tax Calculation:

Our experts meticulously calculate your tax liability and perform error checks to ensure correctness in your tax return.

Timely Filing:

We prioritize timely filing to minimize the risk of penalties or tax notices, helping you stay compliant with tax regulations.

Efficient Refund Processing:

If eligible, we assist in processing your income tax refund efficiently, ensuring you receive it in a timely manner.

Expert Guidance:

Our team of tax experts is available to address your queries and provide guidance throughout the filing process, ensuring clarity and confidence.

Stay Updated:

Accounts Profession keeps you informed about changes in tax laws and deadlines, ensuring your compliance with the latest regulations.

Secure Platform:

With our secure platform, you can trust us to safeguard your financial data while simplifying your ITR-1 filing experience.

Start now and let Accounts Profession make tax filing easier for you!

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About the Author

Vijaykumar S. Pal(Content Writer)

As a Accountant, I’m deeply immersed in the intricacies of income tax, GST, and maintaining financial records. Numbers are my forte, and I excel in deciphering complex financial statements and tax regulations. However, there’s another side of me that revels in the realm of words rather than figures. Writing has always ignited a passion within me. Whether it’s simplifying intricate financial concepts for broader comprehension or weaving captivating narratives, I find joy in crafting articles and blog posts that demystify the intimidating world of finance for everyday individuals.