ITR-1 Form: SAHAJ—Income Tax Return Form for Salaried Persons
The SAHAJ ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date i.e. 31st July 2016 and last Date of Filling is 31st March 2017 . This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.
Every Income Tax Return Form is applicable to a certain section of the Assessees and so is the case with the ITR-1 SAHAJ Form. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Thus, the ITR-1 Sahaj Form, is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income).
Due Date for Filing Returns
The due date of filing the ITR-1 form for the Financial Year 2015-16 is 31 July, 2016.
Obligation by Law
Filing of Income Tax Returns: Individuals who fulfill any one of the following conditions should by law file their Income Tax Returns during a financial year.
- Possesses a valid Credit Card
- Pays for foreign travel, either for himself or another individual
- Is the member of a Club where entrance fees charged is twenty five thousand or more
- Occupies a particular floor area of an immovable piece of property
- Is the owner of a vehicle
Eligibility criteria to file the ITR-1 Form
Individuals who have earned their Income for a Financial Year only through the given means are eligible to fill the ITR-1 SAHAJ form. Thus, ITR -1 should be filed for an assessment year, when Total Income of an Individual includes:
- Income through Salary/Pension
- Income through One House Property (excluding cases where losses brought forward from preceding years)
- Income through Other Sources (except winning from Lottery and Income from Race Horses, Legal Gambling, etc.)
In case of clubbed Income Tax Returns, where a spouse or a minor is included in the tax returns, this can be done only if their income too is limited to the above specifications.
Non-eligible Individuals for filing the ITR-1 Return
Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means:
- Income from more than one piece of Property
- Income from Lottery, Racehorses, Legal Gambling etc.
- Income from non tax-exempted capital gains (Short term and Long term)
- Income from agricultural means exceeding Rs. 5000
- Income from Business and Profession
- Individual who is a Resident and has
- Assets (including financial interest in any entity) outside India or
- Signing authority in any account located outside India.
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
Submission of ITR-1 Form
The form can be submitted physically at any Income Tax Returns Office. An Acknowledgment Receipt can be obtained upon submission.
In case of Electronic Filing of the form there are two alternatives. Firstly, if a Digital Signature is obtained, the Form is uploaded online. Secondly, the Form is downloaded, printed, signed, and a copy of the acknowledgement is sent by post to the Income Tax Department’s office in Bengaluru.
Structure of ITR-1 Form
ITR-1 is divided into:
- Part A: Personal Details
- Part B: Gross Total Income
- Part C: Deductions and Taxable Total Income
- Part D: Tax Computation and Tax Status
- Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
- Schedule TDS1: Details of Tax Deducted at Source from Salary (As per Form 16 issued by employer)
- Schedule TDS2: Details of Tax Deducted at Source from Income other than Salary (As per Form 16A, issued by Deductor(s))
- Supplementary Schedules TDS1, TDS2 and IT
Important Documents to fill out ITR-1 Form
Documents which you should keep in hand before filling out your ITR-1 form are:
- Form 16s, issued by all your employers for the given Financial Year
- Form 26AS – remember to verify that the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS
- If you have not been able to submit proof of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer on time, keep these receipts handy to claim them on your income tax return directly.
- PAN card
- Interest from bank account details – bank passbook or FD certificate
To file your ITR-1 Form
You can submit your ITR-1 Form either online or offline. From the Financial Year 2013-14, all taxpayers earning more than Rs. 5 lakhs must furnish their Income Tax Returns electronically.
- By furnishing a return in a physical paper form
- By furnishing a bar-coded return
The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
- By furnishing the return electronically under digital signature
- By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V
If you submit your ITR-1 Form electronically under digital signature, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
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