ITR-1 (Sahaj) Filing

ITR, or Income Tax Return, is a crucial document in which taxpayers report their income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures. Among these forms, ITR-1, often referred to as Sahaj, holds particular significance. ITR1 (Sahaj) is designed for individuals with an income of up to Rs.50 lakhs, making it applicable to most salaried individuals.

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What is ITR?

An Income Tax Return (ITR) is a document used by taxpayers to report details about their income earned and the corresponding tax liability to the income tax department. It serves as a formal declaration of an individual or entity's financial information, ensuring transparency and compliance with tax regulations.

The ITR landscape includes seven different forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each taxpayer is required to file their ITR on or before the specified due date. The choice of ITR form depends on factors such as the sources of income, the amount of income earned, and the taxpayer's category, which can include individuals, HUFs (Hindu Undivided Families), companies, and more.

What is ITR 1 Sahaj Form?

The ITR-1 Sahaj Form, as its name implies, serves as a simplified means for individual taxpayers to file their income tax returns. This form is specifically tailored for resident individuals in India whose total income falls below the Rs. 50 Lakhs threshold and originates from the following sources:

• Income from Salary or Pension
• Income from a Single House Property
• Income from Other Sources

The ITR-1 Form simplifies the procedure for eligible individuals to disclose their income tax information, offering a convenient and effective approach to fulfilling their tax obligations.

Who Can File ITR1

ITR1 is applicable to Resident Individuals who meet the following criteria:

• Income Threshold: The individual's total income for the financial year must not exceed Rs. 50 lakh.
• Permissible Income Sources: ITR-1 is suitable for individuals whose income comes from the following sources:
• Salary
• Income from a single-house property
• Family pension income
• Agricultural income (up to Rs. 5,000)
• Other sources include:
• Interest from Savings 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
• Clubbing of Income: Combining income with a spouse's or a minor's income is allowed only if the source of income falls within the specified limits mentioned above.

The ITR-1 Form simplifies the procedure for eligible individuals to disclose their income tax information, offering a convenient and effective approach to fulfilling their tax obligations.

ITR-1 Due Date

The due date for ITR 1 filing typically falls on July 31st of each assessment year. It's crucial to meet this deadline to ensure that your income tax return is filed on time and in compliance with tax regulations.