ITR-1 Return Filing
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ITR-1 (Sahaj) Filing: A Simplified Guide for Individual Taxpayers
ITR-1, also known as Sahaj, is a simplified Income Tax Return (ITR) form designed for resident individuals in India. It is specifically tailored for those with a total annual income of up to ₹50 lakh from limited sources, making it a convenient option for a large number of salaried employees and pensioners.
At FileMyFirm, we provide a seamless and secure platform for ITR-1 filing. Our expert team guides you through every step, ensuring your tax return is filed accurately and on time, helping you avoid penalties and tax-season stress.
Who is Eligible to File ITR-1 (Sahaj)?
ITR-1 is applicable to resident individuals whose total income for the financial year does not exceed ₹50 lakh. The income must be from the following sources:
- Salary or Pension: Income from your employer or pension.
- Single House Property: Income from a single house property (excluding cases where losses are brought forward).
- Other Sources: This includes interest from savings accounts, fixed deposits, income tax refunds, or family pensions.
- Agricultural Income: Up to a maximum of ₹5,000.
Who Cannot File ITR-1?
Certain individuals are not eligible for ITR-1 and must use a different form:
- Non-Resident Indians (NRIs) or Resident Not Ordinarily Resident (RNOR) individuals.
- Individuals with an annual income exceeding ₹50 lakh.
- Those with income from a business or profession.
- Individuals with capital gains (from stocks, property, etc.).
- Those with income from more than one house property.
- Individuals with income from lottery, horse racing, or other legal gambling.
- Company Directors or individuals who have invested in unlisted equity shares.
ITR-1 Filing Deadline and Penalties
The due date for ITR-1 filing is typically July 31st of the relevant assessment year. Missing this deadline can result in financial penalties:
- Late Filing Fee: If your total income is above ₹5 lakh, a late fee of ₹5,000 is applicable. For incomes below ₹5 lakh, the fee is reduced to ₹1,000.
- Interest on Tax Dues: If you owe taxes and fail to file on time, you will be charged an interest of 1% per month on the outstanding amount.
- Prosecution: In severe cases of repeated non-compliance, you may face legal prosecution and imprisonment.
Essential Documents for ITR-1 Filing
While the ITR-1 Sahaj form is attachment-less, you must keep the following documents ready for your records:
- Form 16: Issued by your employer, this form provides a summary of your salary and TDS (Tax Deducted at Source).
- Form 26AS: Your tax credit statement, which shows all taxes deposited against your PAN (Permanent Account Number).
- Bank Statements: For details of interest earned from savings accounts and fixed deposits.
- Receipts: For any deductions you are claiming, such as under Sections 80C, 80D, or for HRA exemptions, if not submitted to your employer.
Key Sections of the ITR-1 Form
The ITR-1 form is divided into several parts for easy completion:
- Part A: Personal information (Name, PAN, Aadhaar, address).
- Part B: Gross Total Income from all eligible sources.
- Part C: Details of deductions claimed under various sections (e.g., 80C, 80D).
- Part D: Computation of your tax payable or refund due.
- Part E: Other general information and bank account details for a refund.
How FileMyFirm Can Help with Your ITR-1 Filing
FileMyFirm simplifies the ITR-1 filing process, ensuring accuracy and timely submission. Our services include:
- Form Selection: We help you confirm if ITR-1 is the correct form for you based on your income sources.
- Auto-Population: Our platform automatically pre-fills your data from the Income Tax Department’s records, minimizing manual entry and errors.
- Tax Calculation: We calculate your tax liability or refund and help you compare the Old vs. New tax regimes to choose the one that benefits you most.
- Expert Assistance: Our tax professionals are available to answer your questions and guide you through the process.
- Timely Filing: We ensure your return is filed before the deadline to help you avoid late fees and penalties.
Ready to file your ITR-1 with confidence? Start with FileMyFirm today for a fast, secure, and hassle-free tax filing experience.
Frequestly asked questions ( FAQ )
ITR-1 is the Income Tax Return form officially known as Sahaj. It is the simplest and most commonly used ITR form, specifically designed for resident individuals in India to report their annual income to the Income Tax Department.
The ITR-1 form can only be used by a Resident Individual who meets the following criteria:
Their total annual income does not exceed ₹50 lakh.
Their income is derived only from the following limited sources:
Income from Salary or Pension.
Income from One House Property (excluding cases where losses are brought forward).
Income from Other Sources (e.g., interest from savings accounts, fixed deposits, or family pension).
Agricultural Income up to a maximum of ₹5,000.
Individuals who fall under any of the following categories must use a different ITR form (such as ITR-2, ITR-3, etc.):
Non-Resident Indians (NRIs) or Resident Not Ordinarily Resident (RNOR) individuals.
Individuals whose total annual income exceeds ₹50 lakh.
Those with income from a business or profession.
Individuals with capital gains (e.g., from selling stocks or property).
Those with income from more than one house property, or from lottery, horse racing, or other legal gambling.
Company Directors or individuals who have invested in unlisted equity shares.
Although the ITR-1 form is attachment-less (meaning you don’t submit physical documents with the return), you must keep the following documents ready for reference and record-keeping:
Form 16: Issued by your employer, detailing your salary and Tax Deducted at Source (TDS).
Form 26AS: Your Tax Credit Statement, verifying all taxes deposited against your PAN.
Bank Statements: For calculating interest income from savings and fixed deposits.
Receipts: For all tax-saving investments and expenditures (e.g., under Sections 80C, 80D, HRA exemption) that you claim as deductions.
The process for filing ITR-1 typically involves these steps:
Preparation: Gather all required documents (Form 16, Form 26AS, bank statements).
Login and Selection: Log in to the e-filing portal and select ITR-1 (Sahaj).
Data Auto-Population: Your personal and tax details are often automatically fetched and pre-filled from the Income Tax Department’s records.
Data Entry and Verification: Review the pre-filled data, enter your income details (salary, house property, other sources), and claim eligible deductions.
Tax Calculation: The system calculates your final tax liability or refund due.
Submission and E-Verification: Submit the return and complete the mandatory e-verification process, usually via Aadhaar OTP or EVC (Electronic Verification Code), to finalize the filing.