What is ITR Form1? ITR Form1 for Income Tax Return Filing

The Income Tax Return Form 1 has been particularly created for salaried individuals for filing income tax returns. Also known as the “Sahaj Form”, it is used by a large number of salaried people for filing their IT returns. Besides ITR -1 Form, there are other types of forms like the new ITR Form 1 and Form 2. ITR-1 Form is the simplest of all forms for filing taxes. It is free of complications.

Items to be filled in the Income Tax Return Form 1:

The form has been divided into different sections. Every section is for different information.

Part A:   This is the first section. Rows A1 to A28 in this section contain personal information like first name, middle name if any, last name, age, sex, date of birth according to PAN, PAN details as mentioned on the PAN Card. Details such as the ward and details of the assessing officer, Aadhar details, contact number, date of filing, address for correspondence, state, and city can also be added.

Part B:   The second section includes information about the salaried individual’s gross total income. Income from salary and other sources like property needs to be mentioned here.

Part C:   This part includes the details of taxable income and deductions. Rows C1 to C20 in this section contain deductions according to sections 80C, 80D, 80G, and 80U.

Part D:   Rows D1 to D19 include information regarding tax computation and status, rebates offered, taxes after deduction of rebates, TDS (Tax Deducted at Source) claimed, etc.. Row D20 contains details of the employee’s bank account. These details include name of the bank, IFSC Code, type of account held, and account number. It also needs to be specified whether the employee wants any refund to be transferred to that bank account.

People who are Eligible to use ITR-1 Form for filing their Income Tax:

  1. Anyone who earns an income from pension.
  2. If someone owns a house and presently earns an income from that particular house, he or she can be eligible to use the ITR-1 Form. If, however, there happens to be a loss from this house in the financial year in question or there is a loss being carried forward from the year before, then the owner is not eligible to use the ITR-1 Form.
  3. In case of any extra income earned from other sources like Interest Income and any income from spouse or minor child, all additional income are clubbed together with the income of the salaried employee. In this case ITR-1 Form might be used.

Who are Unable to Use the ITR-1 Form?

Those who have an income from any one of the following sources are not eligible to file their IT Returns through ITR-1 Form.

  1. Those who have an income originating from a profession or business.
  2. Those who earn from agriculture and the amount is more than Rs. 5,000.
  3. If someone owns more than one house and earns an income from one of the houses.
  4. Those who have won a lottery.
  5. Those who receive income under capital gains.
  6. Those who pay foreign tax under Section 90, 91, or 90A and claim relief for this tax paid.
  7. Those who own any asset abroad.

Losses incurred cannot be filed under the ITR-1 Form.

How to file your Income Tax Return by using ITR-1 Form?

  1. Individual taxpayers can file their Income Tax Returns by just filling up the form and submitting all essential documents.
  2. One can make use of a bar coded return form that can be obtained from the Income Tax website.
  3. There are provisions of submitting the return electronically by using a digital signature.
  4. The data can also be transmitted electronically after the verification form ITR-V has been submitted.
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