Income tax department has issued the updated schema for ITR – 1 SAHAJ (INCOME TAX RETURN 1) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014). ITR-1 SAHAJ (Income Tax Return 1) form is essential for filling the Income tax Returns with the Income Tax department of India at the end of every financial year. This return should be filled before the specified due date. The Income Tax Return forms vary depending on the criteria of the source of Income of the Assessee and the category of the Assessee. You can download ITR-1 PDF format given for physical filing with Income Tax Department but if your total Income is above Rs 5 lakhs you have to file returns electronically this year. For Efiling of ITR -1 Download updated schema for ITR – 1 SAHAJ (INCOME TAX RETURN 1) for Assessment year 2014-15 given at the end. Last date of filling Income Tax return is 31st July of every year but individuals can file ITR till 31st March from the end of financial year without any penalty.
Who is eligible to file ITR – 1 SAHAJ?
This Return Form is to be used by an individual whose Total Income for the assessment year 2014-15 includes:-
- Income from salary/ Pension.
- Income from House property (only one house or except in case of losses brought forward from preceding years.)
- Income from Other sources (Horserace, lottery, legal gambling)
Who are not eligible to file ITR – 1 SAHAJ?
ITR – 1 SAHAJ should not be used by an individual whose total income for the assessment year 2014-15 includes:-
- Exempt Income more than Rs. 5000
- Income from more than one house property
- Income under the head of Capital gain for eg. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.
- Income from agriculture / exempt income in excess of Rs. 5000
- Income from Business and Profession
- Loss under the head income from other sources
- Relief of foreign tax paid under section 90, 90A or 91
- Any resident having any asset located outside India
Submission of ITR – 1 SAHAJ form
This form can be submitted physically at any Income tax Returns Office. An Acknowledgement Receipt can be obtained after submission.
If you earn above Rs 5 lakh you have to file returns electronically this year. 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 Bangalore.
LAST DATE OF RETURN : Last date of filling Income Tax return is 31st July of every year.
File your Return Online : Require list of things that can be needed before you can proceed:-
- Your bank statements
- Form 16 issued by your employer
- Copy of last year’s return
- Then go to the official website that is www.incometaxindiaefiling.gov.in then follow some simple steps
Step 1: Register yourself on the official website or register your pen card on the official website. Your Permanent Account Number (PAN) will be your user ID for log in after the Registration process.
Step 2: View your Tax credit statement Form 26AS for the financial year 2013-14 and the Assessment year 2014-15. The statement show all the taxes deducted by your employer actually deposited in the Income Tax Department. The TDS as per your form 16 must Tally with the figures in the Form 26AS.
Step 3: Under the Download menu click on Income Tax return forms and choose AY 2014-15 (for financial year 2013-14). Download the Income Tax Return (ITR) form applicable to you. If your exempt income exceeds Rs 5000 then you are not eligible for the ITR – 1 SAHAJ.
Step 4: Open the download Return Preparation Software (Excel or java utility) and complete the form by entering the details using the Form 16.
Step 5: Ascertain the tax payable by clicking the calculate Tax or enter the Challan details in the tax return.
Step 6: Confirm all the information in the worksheet by clicking the Validate tab.
Step 7: Then Generate an XML file and save it on your computer.
Step 8: Go to the Upload Return on the portal left panel and upload the saved XML file after selecting AY 2014-15 and the relevant form. System file also ask you about digitally sign the file. If you have obtained digital signature (DS) Select Yes or choose No.
Step 9: Once the website flashes the message about the successful e-filing on your screen, you can consider the process to be complete. The Acknowledgment form will be generated and you can download it.
Step 10: Take a print out of ITR-1 , sign it by blue ink pen ( if you have not digital signature) and it only by ordinary speed post to the Income-Tax department-CPC , Post Bag No-1, Electronic City Post Office, Bangalore – 560100, Karnataka, within 120 days of filing your return online.
DOWNLOAD ITR -1