ITR-1 Form Filing
ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.The Income Tax Department has categorised the taxpayers into groups to ease the tax compliance process; this categorization is done based on the taxpayer's income and the sources of that income. ITR-1 return filing in India is for people with an income of up to Rs. 50 lakh.
This article is a comprehensive guide to understanding the ITR-1 Sahaj Form. Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act of 1961. After computation, it is necessary for the taxpayer to file the income tax returns.
Who can file an ITR-1 Sahaj Form?
Individuals with income up to Rs. 50 lakhs should use the ITR-1 Sahaj Form.The individuals earning income from the following sources can file an ITR-1 Sahaj Form:
Salaried person: "salary" refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act of 1961 includes the following under the salary income category:
Wages
Pension
Annuity
advance salary paid
Leave Encashment
Fees, prerequisites, commissions, and profits other than or in lieu of the salary or wages
Balance transferred to the recognised provident fund
Annual accretion to the recognised provident fund
A central government contribution or an employer contribution to the pension account as mentioned in Section 80 CCD of the Income Tax Act
One-house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
However, if the taxpayer uses the owner of a property from which he or she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property to run some business or profession, the same would be taxable under the heading "Income from business or profession."
Other sources (This does not include winning the lottery or racing horses.)
Agricultural income (up to Rs. 5,000)
ITR-1 Sahaj Form Documents Required
Form 16
Salary slips
Interest Certificates from the Post Offices and Banks
Form 16A/16B/16C
Form 26AS
Proof of tax-saving investment
Deduction under Section 80 D to 80 U
Home loan statement from the NBFC or the Bank
Capital Gains.