Filing ITR-1 Form Online

The Income Tax Department has segregated individuals as per earnings and the source of the earnings. Every taxpayer with an annual taxable income of above ₹7 Lakhs has to pay taxes if they have chosen the new direct tax regime.

For ease of filing ITR (Income Tax Returns), the Income Tax authorities have notified 7 different types of ITR forms. You can file your return using ITR-1 SAHAJ and ITR 4 SUGAM online through the IT Department’s e-Filing portal.

The former is also called the ITR-1. It is a form that you need to fill out while filing your return if your total taxable income is up to ₹50 Lakhs. Read on to know more about ITR-1 form and how you can file it online.

ITR-1, also known as the SAHAJ form, is to be filed by resident taxpayers having an annual taxable income of up to ₹50 Lakhs. This includes individuals who have income from the following sources: 

• Income from salary

• Income from single-house property

• Agricultural income of up to ₹5,000

• Income from other sources

Before you understand how to fill ITR-1, you need to know the structure of this form. Here is the structure of the ITR-1 form:

• Part A: Personal Details

• Part B: Information on Gross Income

• Part C: Exemptions and Total Taxable Income

• Part D: Calculation of payable Tax

• Part E: Information on Tax Deducted at Source (TDS)

• Part F: Self-assessment of taxation and authentication of advance tax

• Part G: Information about investments made in the assessment year

Any resident taxpayer is eligible for ITR-1 filing, provided that they fulfil the following conditions:

• Total annual income in the assessment year must not be more than ₹50 Lakhs

• If you receive income from salary, single house property, an agricultural income of up to ₹5,000, or other sources

• If you have earned interest from savings accounts or investments made in banks, post offices, tax refunds, and received enhanced compensation

You will need the following documents for filing the SAHAJ ITR form:

• PAN card as it contains your tax identification number

• Aadhaar Card is mandatory as per Section 139AA of the Income Tax Act

• Form 16: It is a crucial document for filing ITR-1 for salaried employees, which provided by the employer

• Form 26AS: This document provides a summary of TDS and TCS deducted from your income

• Receipts for Exemption: You will need to provide details about exemptions if you failed to provide these details to your employer

• Investment Certificates: In order to avail of exemptions on premium paid and on investments, you may need to furnish investment certificates

In case you are wondering how to file ITR-1, keep in mind that you can do so either online or offline. 

Here is how you can complete your ITR-1 filing online:

• Access the Income Tax Department’s e-Filing portal

• Log in to the portal using your user ID, password and enter the Captcha code 

• Go to the ‘e-File’ menu

• Open the ‘Income Tax Return’ link

• On the ITR page, select the assessment year, ITR form number, and ITR-1 as the form type

• Click on continue and fill out the applicable fields in your ITR-1 form

• From the ‘Taxes Paid and Verification’ tab, choose the right verification method

• Click on ‘Submit’ to complete your ITR-1 filing

This process is easy and convenient and allows you to fill in the details over time. The IT portal allows you to ‘Save Draft’ and come back to the form over up to 30 days. 

To sum up, ITR-1 is a form that you need to file if your total annual income is below ₹50 Lakhs. You can file this form either online or offline. For an easy and hassle-free ITR filing experience, you can file your ITR-1 form on the Income Tax Department’s e-Filing portal.