ITR-1 (Personal Return)

ITR-1, also known as Sahaj Form, is one of the income tax return forms prescribed by the Income Tax Department of India for filing individual income tax returns. It is primarily meant for salaried individuals or taxpayers with income from one house property, income from other sources, and having total income up to ₹50 lakh. Here’s an overview of ITR-1:

Eligibility:

• Individuals who are residents of India can file their income tax returns using ITR-1.
• The following conditions need to be met:
  • Income from Salary/Pension
  • Income from one house property (excluding cases where loss is brought forward from previous years)
  • Income from other sources (excluding winnings from lottery and income from horse races)

Key Features:

1. Simplified Form: ITR-1 is relatively simpler compared to other income tax return forms, making it suitable for individuals with straightforward sources of income.
2. Online Filing: Taxpayers can file their ITR-1 online through the Income Tax Department’s e-filing portal.
3. Income Details: The form requires details such as salary income, income from house property, income from other sources, and deductions under various sections of the Income Tax Act.
4. Claiming Deductions: Taxpayers can claim deductions under various sections such as Section 80C (investment in specified instruments), Section 80D (health insurance premium), Section 80G (donations), etc.
5. Bank Account Details: Taxpayers need to provide details of their bank accounts, including the IFSC code and bank account number, for receiving any refund due.
6. Verification: After filling out the form, taxpayers need to verify it either electronically (using Aadhaar OTP, Net Banking, etc.) or by sending a signed physical copy to the Income Tax Department.

Due Date: The due date for filing ITR-1 for most individuals is usually July 31st of the assessment year. However, it’s advisable to check the latest due date as announced by the Income Tax Department for each financial year.

Filing income tax returns accurately and timely is essential to avoid penalties and comply with tax regulations. Taxpayers should ensure that all relevant income details, deductions, and other information are correctly reported in the ITR-1 form before submission. Additionally, keeping records of supporting documents and maintaining tax compliance throughout the year can facilitate a smooth filing process.