ITR 1 Filing

Introduction

As per Income Tax Act, 1961, all the resident individuals having total income up to Rs. 50 Lakh are required to file their income tax returns with ITR 1 form (Sahaj). Also, the income of the resident individual must be from salary, one house property, family pension income, and agriculture income (up to Rs. 5000/-) and other sources, which is inclusive of:

• Interest from Saving Accounts
• Interest from Deposits (Bank/ Post Office/ Cooperative Society)
• Interest from Income Tax Refund
• Interest received on Enhanced Compensation
• Any other interest income
• Family Pension

As per the latest change in ITR -1 as compared to the previous year, there is an addition of Section 115BAC. And if anyone is interested to opt for the same, then when filing, select Yes in the new ITR form. However, for opting for the new change, one must do so within the due date of filing ITR 1 (Sahaj).

Let us learn more about the ITR 1 (Sahaj).

Who is required to file ITR 1?

Following are the persons required to file ITR 1 Form within the time prescribed, namely:-

• Person having income from salary/pension up to Rs. 50 Lakh
• Person having income from one house property of up to Rs. 50 Lakh
• Person having other sources of income of up to Rs. 50 Lakh. All other sources of income are included
• Person having agriculture income up to Rs. 5000.

However, there are some specified individuals who are excluded to file ITR 1, namely:-

• Non-Residents (NR)
• Resident Not Ordinary Resident (RNOR)
• Individual who is a director in the company
• Individual who has invested in Unlisted Equity Shares
• An individual having income above Rs. 50 Lakh
• Individual who is a having income gained from more than one house property
• Individual having income received from lottery, race horses.

Documents Required

Here are the necessary documents for filing ITR 1 (Sahaj Form)

1. Aadhaar Card (mandatory)
2. PAN Card
3. Form 16
4. Form 26AS
5. Salary Slips
6. Bank Account Details
7. Home Loan Statement
8. Bank Investment Certificate
9. Form 16A/ 16B/ 16C
10. Tax saving investment proof
11. Deduction under Section 80 D to 80 U

Due Date

The due date of filing the necessary return which is termed as Income Tax Return (ITR 1) are as follows.

• 31^st July of the relevant assessment year is the prescribed due date for filing Income Tax Return that needs to be filed by Individuals, HUF, AOP and BOI.

Note:-However, on the discretion of the Central Board of Tax (CBDT) the date can further be extended.

It is always advised to file the return within the time prescribed so as to avoid any kind of charges to be implied on the person. Therefore, all the taxpayers to remember the duet date.

There are different due dates for different taxpayers which are categorized into different classes. Like for salaried individuals, the due date assigned is 31^St July of the relevant year. Whereas for business entities requiring audit have the due date prescribed is 31^st October of the assessment year.

As we are here discussing about ITR 1 (Sahaj), only 31^st July is the date which must be focused on.

Penalty

In case of a person who fails to file ITR 1 within the due date u/s 139(1), the ITR 1 (Sahaj) can be filed but, you may be required to pay a late fee for the same. As per Income Tax Department, a late fee chargeable is up to Rs. 5000/-. If there appears tax liability then, the defaulter of ITR 1 (Sahaj) shall also be required to pay interest.

How to file?

ITR 1 is a return to be filed under the guidance of a professional. We at EAdvisors are there to help you file your Income Tax Return within the due date itself. Contact us and leave the work upon us. We assure you, no trouble will be caused to you as all the processing shall be done by us.

At first, we require some documents from the client to start with the ITR 1 Filing.
The second step includes discussion with our team so that all your needs are fulfilled.
After that, preparing of ITR 1 Sahaj form is done which is our third step.
Lastly, filing of income tax return is done. Before filing the ITR 1, we send the copy to the client so that the verification of all the details can be done. When our client is satisfied, we then file the return.
And that’s how easily and in such simple steps, ITR 1 Sahaj Form is filed.