Being the simplest of all ITR Forms, ITR-1 is named as "SAHAJ" by Income-tax department. ITR-1 can be filed by salaried individual/HUF mainly.
Who can file ITR-1 (SAHAJ)?
Individual/ HUFs who are having following sources of income are eligible to file ITR-1 (SAHAJ) form-
- Income from salary,
- Income/ loss from only one house property (excluding brought forward loss),
- Income from other sources like interest from savings A/c., interest from fixed deposits, etc. (except casual incomes like lottery, card games, income from race horse etc.)
*In situations where income of minor/ spouse is required to be added in the income of taxpayer, then he can file ITR-1 if such clubbed income is covered under any of the above sources of incomes.
Who cannot file ITR-1 (SAHAJ)?
Individual/ HUFs having following incomes are not eligible to file ITR-1 (SAHAJ) form-
- Income from more than one house property,
- Previous year's brought forward loss from house property,
- Income from capital gains from sale of shares, property, etc.
- Income from business/ profession,
- Income from agricultural activities exceeding Rs. 5,000/-,
- Casual incomes like lottery, card games, horse race, etc.,
- Foreign source income.
- Resident taxpayer having any bank A/c. or any foreign asset like shares, property, etc. outside India.
If you want to refer format of ITR-1 in pdf format,
If you want to refer instructions for filing ITR-1 in pdf format,
Checklist of documents required to fill ITR-1 (SAHAJ)
Following documents are required to fill-up ITR-1:-
- If you have salary income, you will need Form 16 issued by your employer to enter salary details.
- If you have earned interest on Fixed deposits or saving bank A/c. and TDS has been deducted on the same, you will need TDS certificates i.e. Form 16As issued by deductors to enter interest details.
- You will need Form 26AS to verify TDS on salary as well as TDS other than salary. Form 26AS could be downloaded from incometaxindiaefiling.gov.in.
- If you are living in rented premises, then you will need rent paid receipts for calculation of HRA (in case you forgot to submit the same to your employer within time).
- You will need your bank passbook, fixed deposit receipts (FDRs) to calculate amount of interest income.
- If you have received rent from your rented house property, then you will need rental receipts to calculate rental income.
- You will also need documents or proofs for claiming tax saving deductions U/s. 80C, 80D, 80G, 80GG such as life & health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc, if the same were not considered in your Form 16.
Remember the due date for filing ITR-1 is 31st July, 2016 for F.Y. 2015-16.
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Contents of ITR-1 (SAHAJ)
ITR-1 form is divided into following 6 sections. Taxpayer needs to fill the applicable sections.
- Personal details:-
Taxpayer need to provide personal details like PAN (Permanent Account Number), Name, Address, Gender, Date of birth, Contact details, etc.
- Gross Total Income:-
Aggregate of all incomes like salary, house property and other sources is treated as "Gross Total Income". Details related to incomes are required to be filled in respective income schedule.
Taxpayer need to enter income details.
- Deductions and Taxable Total Income:-
Tax saving deductions under various sections of Income Tax Act.
Taxpayer need to enter his tax saving deduction details.
Some of the frequently used tax saving deductions are as follows-
- Sec. 80C- Life insurance, PPF, PF, NSC, tuition fees, specified mutual funds, etc.
- Sec. 80CCC & CCD- Investment in pension funds and schemes of Central Government.
iii. Sec. 80D- Health insurance & preventive medical check-up.
- Sec. 80E- Interest payment of higher education loan.
- Sec. 80G- Donation made to various funds and charitable institutions.
- Sec. 80TTA- Savings bank & post office A/c. interest.
- Tax computation and tax status:-
Here, tax liability will be computed as per incomes and taxpayer can claim taxes paid by him viz. TDS, advance tax, self assessment tax, etc.
Tax status is referred as Nil tax, tax payable or tax refundable.
Taxpayer needs to sign the return with description that information furnished by him is correct.
- Schedules:- (Images to be inserted as per each schedule)
At the end, taxpayer is required to fill-up the various schedules as follows-
- Details of advance & self-assessment tax paid.
- Details TDS from salary as mentioned in Form 16 issued by employer.
iii. Details of TDS other than salary such as TDS on interest from Fixed deposits as per Form 16A issued by tax deductors.
- Details of TCS (tax collected at source) as per Form 27D issued by tax collectors.
- Schedule AL- This schedule is applicable if total income of taxpayer exceeds Rs. 50 lakhs during a financial year.
Here, following details are required to be provided-
- Immovable assets like land, building.
- Movable assets like cash in hand, jewellery, vehicles, yacht, boats, aircrafts, etc.
- Liabilities (loans) in relation to above assets.
Some important terms
You may come across some tax terms while filing your tax return that you should about-
- Income tax ward/ circle- Income tax ward/ circle is determined on the basis of PAN and jurisdiction. You may view your ward/ circle by clicking here.
- Revised return- After filing your return if you notice any mistake or addition to the return, then your may file a revised return by making necessary corrections. Original return will be replaced by Revised return.
- Defective return- If you file a return containing any defect, then return will be treated as defective. IT department will issue a notice to correct the defect within time specified in notice.
- Notice number- If you are filing a return in response to any notice, you need to mention the notice number mentioned in the notice.
- Advance tax- Tax paid in advance i.e. before the end of financial year are referred as Advance tax. Advance tax is required to be paid in quarterly instalments if total tax liability exceeds Rs. 10,000/-.
- Self-assessment tax- After filling all the income & deduction details in your return and considering all TDS and advance tax payments, if tax is payable, then the same shall be paid before filing of return. This tax is computed by taxpayer himself hence it is referred as Self-assessment tax.
- TCS (Tax collected at source)- At the time of sale of some specific goods, tax is collected by purchase of goods. This tax is known as TCS (Tax collected at source). You can claim this TCS in your return on the basis of Form 27D issued by purchase i.e. tax collector.
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