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What is ITR-1 ?
Every year the taxpayers are notified several ITR Forms by the Central Board of Direct Taxes. ITR-1 is one of the ITR Forms that is generally filed by the taxpayers who have income from source. Let’s take a close look at the ITR Form that is filed by the maximum number of taxpayers in India.
Here, we will tell you about the Income Tax Return form ITR-1, also known as Sahaj. It is the simplest one-page form which needs to be filed by those taxpayers who have an income of up to Rs. 50 lakhs. This income could be from any or all of the following sources –
- Income from salary or pension
- Income from one house property (except in cases where loss has been brought forward from previous years)
- Income from other sources excluding income from lottery winnings, race horses, etc.
Who is eligible to file ITR-1?
If your income exceeds Rs. 50 lakhs, then you cannot file Form ITR-1. Moreover, if your income includes any of the following, do not file ITR-1 –
- Income from more than one house property
- Income from winning the lottery or race horses, etc.
- Dividend income taxed under Section 115BBDA of the Income Tax Act, 1961
- Income from capital gains from sale of house, plot, shares, etc.
- Income from profession or business
- Agricultural income exceeding Rs. 5,000
- Loss under the head ‘Income from other sources’
- Any resident possessing an asset, including financial interest in any entity, outside India or signing authority in any account located outside India
- Individual claiming relief under Section 90 and 91
- Any resident of India deriving income from any source outside India
self-assessment tax, details of the TDS/TCS, etc. Income Tax Return Form ITR-1 is an annexure-less form which does not require any other documents to be attached to it.
