By Archit Gupta
The new ITR-1/Sahaj is a one-page form that simplifies the Income Tax Return filing process for salaried individuals. Only salaried taxpayers with an income of up to Rs 50 lakh can file their ITR with this form. Individuals earning pension income, income from one house property and income from other sources, excluding lottery income, can file their Income Tax returns with this form.
The new form also simplifies parts relating to tax computation and deductions for easy compliance, and includes only four columns for deductions under sections 80C, 80D, 80G, and 80TTA, along with an ‘others’ column.
Modes of filing ITR-1:
The ITR-1 can be filed electronically by either uploading a digital signature with the form or through a verification code submitted online. Alternately, the return may be filed digitally with an offline verification submitted through the Return Form ITR-V.
Filing returns offline:
Income Tax Returns can be filed offline only in two cases:
If the individual is 80-year old and above during the previous year.
If the individual’s income does not exceed Rs 5 lakh and no refund is claimed.
Taxpayers need to file only one copy of the return. Return forms submitted physically must also include the duly filled acknowledgment/ITR-V form with them.
Structure of the ITR-1 form:
The ITR-1 is divided into the following categories of information:
Part A: Personal Details
Part B: Gross Total Income
Part C: Deductions and Taxable Total Income
Part D: Tax Computation and Tax Status
Schedule IT: Details of Advance Tax and Self-Assessment Tax Payments
Schedule TDS: Details of Tax Deducted at Source
Details to be furnished in the return:
Taxpayers must provide details such as PAN, email ID, mobile number, address, residential status, income, and tax details in the ITR-1 form. Submitting the Aadhaar number is mandatory from July 1, 2017. The following documents are required for an individual to have when filling out their ITR-1 form:
Form 16 – This is a certificate issued by all employers stating that TDS has been deducted for the given financial year.
Form 26AS – The TDS mentioned in Form 16 must match the TDS in Part A of your Form 26AS.
If an individual is unable to submit proof pertaining to certain exemptions or deductions (such as House Rent Allowance or Section 80C or 80D deductions) to their employers, they can claim them directly when filing the income tax return.
Details pertaining to interest received from bank account, Fixed Deposit certificate and bank passbook.
Points to note:
Since the ITR-1 Sahaj is an annexure-less form, any document attached with the return will be returned to the person filing the return. The ITR-1 Form cannot be used if you are claiming double taxation relief under Section 90/90A/91.
(The author is Founder & CEO, ClearTax.com, one of India’s leading income tax e-filing website)