ITR-1 (Sahaj) Filing – Income Tax Return for Individuals

Filing an Income Tax Return (ITR) is a critical responsibility for every taxpayer in India. The ITR documents your income and applicable taxes to the Income Tax Department, ensuring transparency and compliance with the Income Tax Act, 1961. ITR-1 (Sahaj) is a simplified form specifically designed for resident individuals with a total annual income of up to ₹50 lakhs, making it suitable for most salaried professionals.

At Taxation Point India, we provide a seamless and efficient solution for filing your ITR-1. Our team of experts guides you through every step, ensuring your tax return is filed accurately, on time, and without any hassle.

What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a formal declaration of your financial information, including income earned and taxes paid, submitted to the Income Tax Department. It enables the government to assess your tax liability and ensures that you comply with tax regulations. There are multiple ITR forms – ITR-1 through ITR-7 – and the choice of form depends on factors such as income source, total income, and taxpayer category.

About ITR-1 (Sahaj) Form

The ITR-1 Sahaj Form is designed for resident individuals with total income up to ₹50 lakhs and includes income from the following sources:

• Income from Salary or Pension
• Income from a Single House Property
• Income from Other Sources such as interest on savings, deposits, and family pension

This form offers a simplified and efficient process for eligible taxpayers to fulfill their income tax obligations.

Who Can File ITR-1?

• Resident individuals with total income ≤ ₹50 lakh.
• Income sources: Salary, single house property, family pension, and agricultural income up to ₹5,000.
• Interest income from savings accounts, fixed deposits, and other permitted sources.
• Combination of income with spouse or minor children is allowed only if it falls within the specified limits.

Who Cannot File ITR-1?

• NRIs and Resident Not Ordinarily Resident (RNOR) individuals.
• Total income exceeding ₹50 lakh.
• Agricultural income > ₹5,000.
• Income from lottery, horse racing, legal gambling, or other sources not permitted in ITR-1.
• Capital gains, income from multiple house properties, business/profession income, or unlisted equity shares.
• Directors of companies or individuals availing Section 194N deductions.

ITR-1 Filing Due Date

The due date for filing ITR-1 is typically 31st July of the assessment year. Filing on time ensures compliance and avoids penalties or notices from the Income Tax Department.

Structure of ITR-1 Form

ITR-1 Sahaj comprises five main parts and two schedules:

• Part A – General Information: Personal details, PAN, date of birth, contact information, Aadhaar, and filing date.
• Part B – Gross Total Income: Income from salary, house property, and other sources.
• Part C – Deductions and Total Taxable Income: Sections 80C, 80D, 80U, and 80G deductions.
• Part D – Computation of Tax Payable: Tax calculations, rebates, TDS claims, and bank account details for refunds.
• Part E – Other Information: Additional details as required by the Income Tax Department.
• Schedules: Schedule IT and Schedule TDS & TCS.

Documents Required for ITR-1 Filing

ITR-1 is an attachment-less form, but taxpayers should retain the following documents for records and verification:

• Form 16 (from employer)
• Form 26AS for TDS verification
• Receipts for exemptions/deductions (HRA, Section 80C/80D)
• PAN Card
• Bank statements or investment certificates for interest income

Penalty for Late Filing

• Income > ₹5 lakh: Penalty of ₹5,000 for late filing.
• Income ≤ ₹5 lakh: Reduced penalty of ₹1,000.
• Interest of 1% per month on unpaid tax.
• Severe cases: Underreporting or misreporting may lead to penalties up to 50%-200% of tax underreported or misreported.
• Repeated non-filing may result in prosecution and imprisonment (3 months to 7 years, depending on tax liability).

How Taxation Point India Can Help

At Taxation Point India, we provide end-to-end support for ITR-1 (Sahaj) filing, including:

• Guidance on eligibility and form selection based on income sources.
• Accurate tax computation and error-free filing.
• Assistance in claiming refunds, if applicable.
• Timely filing to avoid penalties and notices.
• Expert support for all queries throughout the filing process.
• Secure handling of your financial data and compliance with latest tax laws.

File your ITR-1 (Sahaj) with Taxation Point India – Accurate, Timely, and Hassle-Free.
Contact us today to simplify your income tax return filing and stay fully compliant!