As per the government, there are seven different types of income tax forms, mandatory for a varied type of taxpayers. Out of these forms, the one that stands at the top position is ITR 1, which is also known as Sahaj. So, this post comprises all of the aspects and more that you must know about Sahaj.
According to the current law, the ITR 1 form is mandatory for people who come under the following category:
If you have Income from salary
If you have income from pension
If you have income from one house property (excluded such cases where the previous year’s case is brought forward)
If you have income from other sources (excluding income from racehorses or winning a lottery)
Accordingly, the Sahaj ITR (also known as ITR-1) cannot be filled by those individuals who come under the following category:
Talk to our investment specialist
Below-mentioned is how the ITR 1 Sahaj form looks like –
There are two different methods of filing ITR Sahaj – online and offline.
In case you are thinking to submit the form online, then you must be either more than 80 years of age, be a HUF/Individual with an income of not more than Rs. Lakhs, or would not want to claim any refund.
For the online method, the return is submitted in a physical form. You will be issued an acknowledgement by the Income Tax Department during the submission.
The ITR1 efiling is another method to fill up this form.
ITR 1 form for the financial year 2018-19 is not applied to those individuals who are either director in a company or have invested funds in unlisted equity shares
In Part A, “Pensioners”, checkboxes have been given under the section of “Nature of employment”
For senior citizens, section 80TTB has been added
Under section return filed is segregated between filed in response to notices and normal filing
Under Income from house property, a new option – Deemed to be let out property – has been added
Under Income from other sources, a separate column is added for deduction under section 57(IIA) – if the family pension is the income
Under the section of Income from other sources, taxpayers would have to provide income-wise detailed information
Now that you are aware of everything regarding ITR 1, find out if you are allowed to fill up this form. If yes, go ahead with the selection. Or, if not, then find your match today.
You Might Also Like