Download Income Tax Return Form 1: ITR 1 SAHAJ FORM AY 2017-18 or FY 2016-17

By | May 15, 2017

Income Tax Department has issued the new Income Tax return form 1 (ITR 1 Form) for the financial year 2016-17 i.e. for AY 2017-18 for year ending 31st March 2017 and tax payers can file their Income Tax return on time, as previously tax payers used to complaint the income tax department has issued the ITR form late and it resulted in traffic on website and delay in filing ITR but this year Government has taken away that excuse from late filers & non filers of ITR. ITR 1 is mostly used by salaried persons.

There few changes government has made in ITR 1

  1. Column for Amount of Cash Deposited in Demonetization period
  2. Column for Reporting Dividend Income under section 10(34) of Income Tax Act
  3. Column for Reporting Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT) Income under section 10(38) of Income Tax Act
  4. Agriculture Income (≤ Rs.5000)
  5. Any other Exempted Income
  6. Under Deduction Column only Four specific Section 80C, 80D,80G, 80TTA are given if tax payers want to claim any other deduction then he has to specifically write that section for claiming Deduction
  7. No Attachment with ITR 1 Form, No document (including TDS certificate) should be attached to this Return Form

Who can use New updated ITR 1 FORM

  1. This ITR 1 Form is used by an only Individuals
  2. Those Individual must have total Income from following sources only Income from Salary, Income from House Property (Select the option of Let out or Self Occupied), Income from other sources except income from lottery & race horses
  3. Individual Total Income should be less than Rs 50 lakhs

Who cannot use New updated ITR 1 FORM

  1. Individual having Total Income greater than Rs 50 Lakhs as in this case he has to give the details of this assets & Liabilities and he has use ITR 2 or ITR 3 whichever is applicable
  2. Income from more than one house property
  3. Income from winning from lottery or horse race
  4. Income under section 115BBE i.e. includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139 and taxable @ 60% i.e. Income from undisclosed sources before November 2016 amendment it was taxable @30% rate
  5. Income under the head “Capital Gains” e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
  6. Having Agriculture Income more than Rs 5000/-
  7. Income from business or profession in that case file ITR 3 or ITR 4 SUGAM (For FY 2015-16 and Before ITR 3 was known as ITR 4 and ITR 4 SUGAM was Known as ITR 4S)
  8. Having loss under head other sources (Loss from house property is allowed)
  9. Person claiming relief under section 90 and/or 91 i.e. Claiming relief under DTAA Provisions
  10. Having any assets located outside India
  11. Any resident having income from any source outside India.

How to File ITR 1 : Ways of Filling Income Tax Return

  1. Individual can file ITR 1 by by furnishing the return in a paper form i.e. In hard copy form. Individual can file ITR manually when there is no refund in ITR and Income in ITR is less than Rs 5 lakhs, in case of refund or Total Income more than Rs 5 lacs in ITR then one have to file ITR electronically i.e. Online ITR. For Manual ITR Filling ITR V Acknowledgment is to be filled with ITR 1
  2. by furnishing the return electronically under digital signature
  3. by transmitting the data in the return electronically under electronic verification code
  4. by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V, address of sending ITR 1 is – Income Tax Department, Post Bag No. 1, Electronic City Office, Bengaluru— 560 100, Karnataka. Please note that copy of ITR 1 must be signed the tax payer

Prerequisite for ITR 1 or List of Documents before Filling ITR 1

  1. A copy of last year’s tax return
  2. TDS certificate (Form 16) issued by the employer
  3. TDS certificate (Form 16A) issued by the others for Interest Income
  4. Bank Certificate for House property repayment interest & Loss for FY 2016-17
  5. List and Details of all the Bank Account – Account No, Name of Bank, IFSC Code
  6. AADHAR Card as Linking of Aadhaar & PAN Number is compulsory before filling ITR (Read How to Link PAN card to AADHAR Number)
  7. Details of Income from house property .i.e Rent received or Property Tax paid
  8. Details of Other Source of Income like Saving Bank Account Interest/ NSC Interest/ FD Interest/ Other Investment Income
  9. Details of 80C/80D/80G Donation receipts & Details

General Information in ITR FORM Required

  1. Permanent Account Number (PAN No)
  2. Name of Tax Payer as per PAN No
  3. 12 Digit Aadhaar Number if no Aadhaar then Fill Aadhaar Enrolment Id. Filling of the said field is mandatory w.e.f. 01.07.2017.
  4. 10 Digit Mobile No
  5. Email id
  6. Communication Address
  7. Select the employer category (Govt, PSU or Other)
  8. If you are filling ITR before 31st July 2017 then select Voluntarily on or before the due date under section 139(1)
  9. If you are filling ITR after 31st July 2017 then select Voluntarily after the due date under section 139(4)
  10. If you are revising the ITR then select Revised return under section 139(5)
  11. If you are filling ITR in response to Income Tax Department Notice then select the Notice No

Tax Computation Table for Calculating Total Tax on Taxable Income

For Individual age below 60 yrs

S.NOIncome in Rs (Taxable Income) Tax Liability In Rs
1Upto 2,50,000Nil
2Between 2,50,001 – 5,00,00010% of income in excess of 2,50,000
3Between 5,00,001 – 10,00,00025,000 + 20% of income in excess of 5,00,000
4Above 10,00,0001,25,000 + 30% of income in excess of 10,00,000

For Individual age above 60 yrs i.e. for Senior Citizen

S.NOIncome in Rs (Taxable Income) Tax Liability In Rs
1Upto 3,00,000Nil
2Between 3,00,001 – 5,00,00010% of income in excess of 3,00,000
3Between 5,00,001 – 10,00,00020,000 + 20% of income in excess of 5,00,000
4Above 10,00,0001,25,000 + 30% of income in excess of 10,00,000

For Individual age above 80 yrs i.e. for Super Senior Citizen

S.NOIncome in Rs (Taxable Income) Tax Liability In Rs
1Upto 5,00,000Nil
3Between 5,00,001 – 10,00,000 20% of income in excess of 5,00,000
4Above 10,00,0001,00,000 + 30% of income in excess of 10,00,000

Additional Rebate under section 87A is Rs 5000/- or amount of Income tax whichever is lower but rebate under section 87A is only given to tax payer having income less than Rs 5 Lakhs.

Deduction Limits under Income Tax Act

  • Maximum Deduction under section 80C is Rs 1500000/- (Rs 1.50 Lakhs). Section 80C deals with Income Tax Deduction for Amount paid or deposited towards life insurance, contribution to Provident Fund set up by the Government, recognised Provident Fund, contribution by the assessee to an approved superannuation fund, subscription to National Savings Certificates, tuition fees, payment/ repayment for purposes of purchase or construction of a residential house and many other investments.
  • Maximum Deduction under Section 80D is Rs 25000/- & Rs 30000 for Senior Citizen. Section 80D deals with deduction in respect of Medical Insurance Premium, contributions to CGHS, medical expenditure
  • Section 80G deduction deals with donations to certain funds, charitable institutions, etc and one should note that for claiming 80G deduction donation receipt should contain PAN of Charitable institution and Trust should be approved from Income Tax Department
  • Maximum Deduction  under 80TTA is Rs 10000/- or Saving interest whichever is lower.

Download the ITR 1 Form in PDF for Manual Filling, EXCEL for Online Filling or Person can directly file their ITR by login into Income tax account (Login id is PAN Number). Also Download ITR V Acknowledgment Form for Manual Filling

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