What is ITR1 and who can file ITR 1?

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For the purpose of collecting taxes, the government takes into account the profession, business or income of a person. When the taxpayers file their Income Tax Return, they must check which form they must use to file their ITR. Here we learn who can file ITR 1 which is also known as Sahaj form.

What is ITR 1?

ITR1 is also popularly known as Sahaj form. This is a simple and easy to fill the form for one-page. Individuals who earn an income of less than Rs. 50 lakhs need to use this form to file ITR. The persons earning through the following sources can use ITR 1.

  • Earnings through salary or pension
  • Earnings from their own property or house
  • Earnings from other kinds of sources (this does not include winning from horse race or lottery)
How to fill ITR 1 form

Part A – General Information

In the general information section, the taxpayer must fill in their personal details including name, sex, age, residential status, address, contact number, etc.

Part B – Gross Total Income

In this section, the details pertaining to the income made from salary or pension as found in Form 16 or the TDS certificate issued by the employer need to be furnished. If the taxpayer worked for more than one employer in the given year, the details with regard to the total salaries received from different employers need to be entered. If the person has any income through rents or loss due to payment of housing loan interest from a single house or property, such details need to be given in this section. If the individual sustained any losses, the form ITR 2 needs to be used.

Part C – Deductions and taxable total income

In this section, the taxpayer has to furnish all the relevant details of the investments that will be counted for tax savings or the expenses that are eligible to claim tax deductions. The total income after all these calculations must be mentioned in this section.

Part D – Computation of Tax Payable

In this section, the person paying tax needs to club the items including Advance tax, Self-assessment Tax, TDS, TCS under ‘Total Tax Paid’. The details with regard to all kinds of exempt income, like dividend income, agricultural income, and others must be mentioned here.

Part E – Other Information

This section is meant to provide the details with regard to the savings and current accounts held by the person during the previous year (excluding the dormant accounts that are not operational for over 3 years). The individual must also furnish the details regarding the cash deposited in the accounts other than the current and savings account like loan accounts and others. If the cash deposited over the year is more than Rs. 2 lakhs, the aggregate amount of cash deposited must be furnished here.

Schedule IT – Details of Advance tax and Self-assessment Tax payments

If the taxpayer has made an advance payment of tax or some self-assessment taxes, such details must be entered with the BSR code of the bank through which the payment was processed, the payment date, challan’s serial number, and the total amount paid through the challan.

Schedule TDS – Details of TDS/TCS

In this section, the details from Form 16 issued by the employer with regard to salary income must be given. Also, the details about the TDS or TCS as per Form 27D issued by the tax collector must be furnished.

Verification

In this section, the taxpayer must enter the date and signature. The form will not be accepted if there is no valid signature.
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