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ITR-1 is {also} referred to as Sahaj Form, it’s for individuals with an revenue up to Rs. 50 lakhs. Test right here the step-by-step {guide} to file the ITR-1 Sahaj form on-line.

How to file ITR-1 Sahaj form online

To make tax compliance simpler, the revenue tax division has categorized taxpayers into many teams primarily based on revenue and its supply. So, you need to file your returns accordingly. ITR-1 is {also} referred to as Sahaj Form, it’s for individuals with an revenue up to Rs. 50 lakhs.

Sahaj stands for “Straightforward” in Hindi and any salaried individual together with pensioners, household pension holder and individual earn revenue by curiosity can use this form to file ITR.

All the paperwork enclosed with this Return Form shall be indifferent and returned to the individual submitting the return. In ITR-1, you are required to present common data equivalent to identify, PAN, and so forth.

Who is Eligible to File ITR-1 Form:

• An individual who has, revenue from Wage/Pension.
• An individual who has, revenue from One Home Property (excluding circumstances the place loss is introduced ahead from earlier years).
• An individual who has, revenue from Different Sources (excluding successful from the Lottery and Earnings from Race Horses).
• Within the case of clubbed Earnings Tax Returns, the place a partner or a minor is included, this may be performed provided that their revenue is proscribed to the above specs.

Structure of ITR-1 Form:

• Part A: Private Particulars.
• Part B: Gross Complete Earnings.
• Part C: Deductions and Taxable Complete Earnings.
• Part D: Tax Computation and Tax {Status}.
• Schedule IT: Particulars of Advance Tax and Self Evaluation Tax Funds.
• Schedule TDS1: Particulars of Tax Deducted at Supply from Wage (As per Form 16 issued by employer).
• Schedule TDS2: Particulars of Tax Deducted at Supply from Earnings apart from Wage (As per Form 16A, issued by Deductor(s)).
• Supplementary Schedules TDS1, TDS2, and IT.

How to file ITR-1 Sahaj Form:

You’ll be able to submit your ITR-1 Form both online or offline. From the Monetary 12 months 2013-14, all taxpayers earning more than Rs. 5 lakhs should furnish their Earnings Tax Returns electronically.

Offline:

• By furnishing a return in a bodily paper form.
• By furnishing a bar-coded return.
• The Earnings Tax Division will concern you an acknowledgment on the time of submission of your bodily paper return.

On-line/Electronically:

• By furnishing the return electronically underneath digital signature.
• By transmitting the information electronically after which submitting the verification of the return in Return Form ITR-V.

If you submit your ITR-1 Form electronically underneath digital signature, the acknowledgment shall be despatched to your registered e-mail id. You’ll be able to {also} select to obtain it manually from the revenue tax web site. You’re then required to signal it and ship it to the Earnings Tax Division’s CPC workplace in Bangalore inside 120 days of e-filing.

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Documents required for filling ITR-1 Form:

• Form 16s, issued by all of your employers for the given Monetary 12 months.
• Form 26AS – keep in mind to confirm that the TDS talked about in Form 16 matches the TDS in Half A of your Form 26AS.
• If you haven’t been ready to submit proof of sure exemptions or deductions (equivalent to HRA allowance or Part 80C or 80D deductions) to your employer on time, maintain these receipts useful to declare them in your revenue tax return straight.
• PAN card.
• Curiosity from checking account particulars – financial institution passbook or FD certificates.

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