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Based on income and its sources, taxpayers are categorized into multiple groups as per the Income Tax (IT) Department. The department offers different types of forms and you need to choose the accurate one to file your returns.

Of the multiple income tax return (ITR) forms, the ITR 1 form is an important form, which is used by taxpayers whose income is less than INR 50 lakh per annum to file their income tax returns. Also known as the ITR Sahaj, below is an overview of what this form comprises.

Overview of ITR 1

The form comprises of the following parts:

  • Part A: General Information
  • Part B: Gross Total Income
  • Part C: Deductions and Taxable Total Income
  • Part D: Computation of Tax Payable
  • Part E: Other Information, such as details of tax deducted at source (TDS), advance or self-assessment tax, and verification

ITR 1 eligibility

The ITR Sahaj is a single-page form used by individual taxpayers whose income is below INR 50 lakh, which is earned as salary or pension, earnings from a single house property, and other sources excluding racehorse wins or lotteries.If an individual taxpayer clubs the income of his spouse or minor child, it is allowed only if his earnings adhere to the aforementioned conditions.

Which taxpayers cannot use ITR1?

The following taxpayers are not allowed to use ITR 1 for filing tax returns:

  • Taxpayers whose annual earnings exceed INR 50 lakh
  • Company director
  • Holder of unlisted equity shares
  • Non-residents and residents not ordinarily residents
  • Individuals who earn income from multiple house properties; legal gambling, horse racing, or lottery; capital gains; agriculture income more than INR 5,000; professional or business income
  • Resident Indians with international assets, claiming double taxation relief under Sections 90, 90A, and 91
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How to file ITR 1

A taxpayer can follow two primary ways to file the ITR 1 form. These include:

  • Online: The individual may electronically transmit the information and submit for verification to the concerned authorities. Alternatively, the taxpayer may file the return online and e-verify the same using net banking, Aadhar, electronic verification code (EVC), or a one-time password (OTP). For electronically filed returns, the acknowledgment is mailed to the registered address or it may be downloaded from the income tax website.
  • Offline: An individual aged over 80 years or a taxpayer whose income is less than INR 5 lakh and does not claim any refund may file the returns in the offline mode. At the time of submitting the form, the tax authorities issue an acknowledgment.

Frequently asked questions

1. Can ITR 1 be filed for agricultural income exempt from tax?

Yes, if agricultural income is less than INR 5,000 then returns may be filed using this form. However, if it exceeds INR 5000, returns must be filed in ITR 2.

2. How to report bank accounts in the form?

It is important to include details of all savings and current accounts held during the financial year. However, if an account has been dormant for over three years, details of the same may be excluded.

3. Should dividend income from mutual funds be included?

Yes. Income earned as dividends from mutual fund investments is exempt under section 10(35). However, it must be reflected in Part D under ‘Exempt Income (others)’.

Now that you are aware of the things that are included in ITR Form 1 as well as the eligibility criteria, you must use this form to file your income tax returns if you are eligible for the same.

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