ITR 1 Return Filing
ITR
1 (also called the Sahaj Form) is for taxpayers who earned less than Rs 50 lakh
in the previous fiscal year. The IRS divides taxpayers into categories based on
their overall income and type of income.
ITR
1 (also called the Sahaj Form) is for taxpayers who earned less than Rs 50 lakh
in the previous fiscal year. The IRS divides taxpayers into categories based on
their overall income and type of income.
First, let's go over who can use this ITR form, and then we'll go over who can't use it even if he is otherwise eligible. For tax purposes, ITR 1 can only be utilised by an individual taxpayer who is a resident of India. As a result, all non-resident and non-ordinary resident individuals are ineligible to utilise this form under tax legislation. Similarly, anyone with taxable income of fewer than fifty lakhs can use ITR 1 if he does not have any income from "Capital gains" or "Profits and gains of company or profession." So long as you earn money from one of these three sources, i.e. "salaries," you're good to go. "You can utilise ITR 1 for "Income From House Property" and "Income From Other Sources." Even if your income comes from these three sources, you cannot use ITR 1 in the following situations:
To begin with, those of you with salary income cannot use ITR 1 if your tax deduction on the perquisite value of an Employee Stock Option Plan (ESOP) has been deferred due to your employer's status as a start-up as defined by the IRS. Second, for people with income from a house, see "Income from House Property." "They can only use ITR 1 if they own only one house property. If you are staying in a rented house or an employer-provided residence, the single property does not have to be self-occupied and can even be rented out. Finally, suppose your source of income under this heading includes income from maintaining racing horses or prize money or income taxed at a flat rate like unexplained investments or unexplained expenditure taxed at 60%. In that case, you cannot use ITR 1.
Even if your income does not include any of the abovementioned income, you cannot use ITR 1 if you are claiming any expenses against it. So, if you earn money by moonlighting, you can only utilise it if you don't plan to claim any expenses against it. A special provision is granted for people who get family pensions, for whom a standard deduction is permitted up to 1/3 of the pension received, up to a maximum of Rs 15,000/-, and for whom ITR 1 can be used.
Suppose the nature of the income to be clubbed falls under any of the three heads of income stated above and does not fall under any of the exclusions discussed above. This form can be used only if the nature of the income to be clubbed falls under any of the three heads of income enumerated above.
Because ITR 1 can only be used by individuals, it is evident that HUFs cannot utilise it, even if it otherwise meets all other criteria. Individuals who hold a directorship in a company or have stakes in unlisted company shares, regardless of the structure of their income, are not eligible to use ITR 1. Similarly, anyone with an asset outside of India or signing authority over an account outside of India is ineligible to utilise this form. For this purpose, the asset's value or the balance in the bank account is irrelevant. As a result, anyone who invested in foreign enterprises or foreign mutual funds under the Liberalised Remittance Scheme (LRS) is ineligible to use ITR 1. It is noteworthy that this restriction does not apply to all investors in Indian mutual fund schemes who also invest in overseas companies and mutual fund schemes. If you have any income outside India, you cannot use ITR 1. You are ineligible to utilise this form if your agricultural income exceeds Rs. 5,000/-.
You cannot use ITR 1 if you have brought forward losses or losses during the current year under the House property head of other sources' authority and desire to carry them forward. Individuals who have had tax deducted by banks or post offices for cash withdrawals over a specific limit are likewise ineligible to use ITR 1.Name, PAN number, aadhaar number, date of birth, permanent address, e-mail address, mobile number, and so on are all included in this part.
This part includes total gross income from all sources, including salary, house property, capital gain, business/profession, and other sources. The amount minus any deductions and exemptions are the total gross revenue.
All investments, deposits, and payments made to claim a deduction under Chapter VIA must be listed here. You must describe all investments and expenses, such as LIC premiums, PPF contributions, tuition fees, medical insurance, NPS, NSC, education loan interest, etc.
This section comprises exempt income, section 87A rebates, section 89 relief, tax due, and relevant interest.
Part-E contains information on taxes deducted at sources from salaries and other sources of income. Details about advance tax and self-assessment tax payments are also included. The BSR code, date of deposit, challan serial number, and tax paid must all be provided.
The tax collected at the source includes account number and collector's identity, gross payment subject to TCS, tax year, TCS collected, and TCS claim.
Investments, deposits, and payments to claim a deduction under Part B of Chapter VIA are included in Part G.
Part-H explains filing a claim under section 80D for medical insurance and expenditures.
Part I: Details of the claim to be made against donations under section 80G
Part-J explains how a donation for scientific research or rural development can be deducted under section 80GGA.
If your total income exceeds Rs 50 lakh, you cannot submit ITR-1 Sahaj. If you are a salaried employee, you must file Form ITR-2. In other circumstances, depending on the source of income, you can file an ITR-3 or ITR-4. If you have income from a business or profession, you must file Form ITR-3. ITR-4 Sugam, on the other hand, is for taxpayers who choose presumptive taxation under section 44AD or 44AE.
If your capital gain income is exempt under section 10 (38) of the Internal Revenue Code, you must report it on Form ITR-1. However, if the LTCG is taxable, you must complete additional forms based on your income and category.
Yes, you can file ITR-1 Sahaj if your total agricultural income for the year is less than Rs 5000. If your total agricultural revenue for the fiscal year exceeds Rs 5000, you must file Form ITR-2.
Yes, dividend income from mutual funds must be reported. Section 10 of the Internal Revenue Code exempts dividend income (35). You must report it in Part D, under the heading exempt Income, on your ITR (others).
The offline utility can be downloaded from the income tax e-filing site at www.incometax.gov.in. 1st step: Select the relevant assessment year under the 'Download' section and click the 'utility' link under the 'Common Offline Utility (ITR 1 to ITR 4)' section.
ITR 1 Form is filed by taxpayers and persons who are residents of India and have a total income of up to INR 50 lakhs from salaries, one house property, other sources (interest, dividends, etc.) and agricultural income of up to INR 5,000.
Once you get into the e-filing site, 'Downloads -> Offline Utilities -> Income Tax Return Preparation Utilities' is where you can find the utility. A ZIP file will begin downloading on your PC when you click the link for the utility given against ITR-1 or ITR-4.
Registered users of the e-Filing portal can access the pre-filling and filing of ITR-1 services. Individual taxpayers can use this service to file ITR-1s electronically through the e-Filing site.
If a taxpayer fails to file an ITR by the deadline, penalty interest at 1% per month is imposed on the unpaid tax. Furthermore, if the outstanding tax amount exceeds Rs 1 lakh, section 234A kicks in from the original due date, which in this situation is July 31, 2021.
For AY
2022-23, who is eligible to file an ITR-1? Individuals with income of up to Rs
50 lakh from the following sources can use the ITR-1 form, a streamlined
one-page form. Salary and pension income Property Income from a Single House
(excluding cases where loss is brought forward from previous years).