Income Tax Return - Form ITR-1
Simplified Filing for Residents with Income up to ₹50 Lakhs
ITR-1 Overview
ITR-1, also known as Sahaj, is designed for resident individuals (excluding those classified as “Not Ordinarily Resident”) whose total annual income does not exceed INR 50 lakhs. This form is applicable to taxpayers earning income from salary, one residential house property, and other sources such as interest. It also accommodates agricultural income up to INR 5,000, making it suitable for straightforward income profiles.
Important Exclusion: ITR-1 cannot be filed by individuals who are directors in a company or those who have invested in unlisted equity shares.
Eligibility to File ITR-1
ITR-1 is filed by the taxpayers whose income is up to Rs 50 lakhs from below- mentioned sources:
- Income from Salaries or Pension.
- Income from One House Property.
- Income from Other Sources (e.g., Bank Interest).
- Agricultural Income up to ₹5,000.
Ineligibility to File ITR-1
- Total income is more than ₹50 lakhs.
- Non-Residents and Residents but Not Ordinarily Resident.
- Taxpayers with Two or More House Properties.
- Income under the head Business or Profession.
- Income from Long-term or Short-term Capital Gains.
- Agricultural income greater than ₹5,000.
- Claiming relief for foreign taxes (Sec. 90/90A/91).
- Having any asset located outside India or signing authority in any foreign account.
- Having brought forward/carry forward loss under "Income from house property.
Simple & Transparent Pricing for Income Tax Return 1
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Basic Plan
- Income tax return filing for an individual with salary income of less than Rs.5 lakhs.
Standard Plan
- Income tax return filing for an individual with salary income of more than Rs.5 lakhs and less Than Rs 10 Lakhs.
Premium Plan
- Income tax return filing for an individual with salary income of above than Rs.10 lakhs
FAQ's on Income Tax Return - ITR 1
Your Questions Answered
Who is eligible to file the Income Tax Return form ITR-1 (Sahaj)?
ITR-1 is for a Resident Individual whose total income includes Income from Salary, one House Property, other sources (like interest), and has total income up to Rs 50 Lakh.
Who is NOT eligible to file the ITR-1 form?
ITR-1 cannot be filed by individuals who are Non-Residents, have income from more than one house property, have capital gains, have business income, or have agricultural income exceeding Rs 5,000.
What is the mandatory document required to file ITR-1?
The most important document is Form 16 (from the employer) and Form 26AS, which provides a summary of all tax deducted (TDS) and deposited against the individual's PAN.
What is the standard due date for filing ITR-1?
The general due date for filing ITR-1 for an individual not subject to audit is typically the 31st of July following the end of the financial year.
Can an individual claim deductions under Section 80C while filing ITR-1?
Yes, an individual can claim all common deductions, including those under Section 80C (for investments like PPF, LIC, ELSS), 80D (for medical insurance), and 80TTA (for savings bank interest).
What is the penalty for filing ITR-1 after the due date (a Belated Return)?
Filing a Belated Return (after the due date but before the 31st of December) attracts a late filing fee of up to Rs 5,000, which is reduced for lower income categories.
What does pre-filled data mean in the ITR-1 form?
The Income Tax department provides pre-filled data in the ITR-1 form, which automatically populates salary, TDS, and other details from Form 26AS and Annual Information Statement (AIS) records.
Is the filing of ITR-1 mandatory even if my taxable income is below the basic exemption limit?
While not mandatory below the limit, it is highly recommended to file to claim any tax refund (TDS deducted) and for visa applications or loan processing purposes.
ITR-1 Filing by Shahaj
Shahaj makes it easy for salaried individuals to file ITR-1 quickly and accurately.
ITR-1 Filing
Simplified income tax return filing for salaried individuals and pensioners.
