How to File Income Tax Return for Individuals? ITR-1 | Sahaj Form

The Income Tax Department has introduced one page simplified Income Tax Returns (ITR-1) or Sahaj for the assessment year 2018- 19 which is quite similar to that of the previous forms for the Resident Individuals having Income up to 50 Lakh.

This wipe hand has benefited around 30 million taxpayers who filed their returns in new ITR-1 form as per the CBDT opinion.
 

ITR- 1 Form (Sahaj)

The new Sahaj form wants you to disclose keen details about your salary. It hunts up the assessee’s salary in separate fields and in a break- up format such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deduction claimed under section 16.

ITR-1 can be filed by an individual who is a resident of India other than not ordinarily resident and having income up to Rs 50 lakh and who is receiving income from following resources:

• Income from salary
• Income from one house property
• Other interest income like FD Interest, RD Interest ( does not include winning from lottery and Income from Racehorses)

Note: Individuals Earning Business Income or having capital gain in their previous year need to go for ITR 3 and 4.

Structure of ITR -1 form

The following are the parts of ITR form -1 seeking detail of your income;-

Part A- General information
All the information related to the individual like name, address, mobile no. , Aadhar needs to be mentioned here only.  

Part B- Gross total Income 
The Same needs to be filled from Form 16 – Also in this year, the breakup of Allowances and Exemptions needs to be done or Form 26AS by taking into account the total income credited from all above specified sources.

Part C- Deduction and taxable total income
Here, all the details related to eligible deduction needs to be mentioned and some of them are:

• Investments in PPF
• Tution fees
• Home Loan Interest
• Medical Insurance
• LIC Premium
• Investment in ELSS and Tax saving Deposits & Bonds
• Donations eligible for Deduction

Part D- Computation of Tax payable
Asper form 16 if available

Part E – Other Information

Schedule IT- Detail of Advance Tax and Self Assessment Tax Payments

Schedule TDS – Details of TDS/TCS
The same can be reconciled by downloading Form 26AS.  

How to file the ITR -1 form?

The procedure for filing the ITR form is as same as earlier. You can file your new ITR -1 form electronically by accessing the official website of the department i.e. www.incometaxindia.gov.in

However, following individual taxpayers can also file the ITR in the paper form using the ITR-1 or ITR-4 in the assessment year 2018-19.

• who is of 80 years of age or more at any time during the previous year
• or an individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return.
   

Last Date of Filing Income Tax Return (ITR-1)

The last date for filing the ITR-1 is July 31, 2018, however by paying the penalty the late return can be filed upto 31st March 2019.

Penalty for Not filing ITR-1 within Due date
A penalty of Rs. 5,000 applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year and after 31st December, the penalty will increase to Rs. 10,000.

However, for those who are having taxable income upto Rs. 500,000, the penalty would be Rs. 1000 will be applicable.
 

Conclusion

Although, the ITR-1 is very simple to fill but it is always advisable to connect with a CA or a Tax expert who will help you out in planning and filing your Tax returns.

You can connect with Hubco.in by Clicking here, where expert CA’s help you out in Tax filing in very nominal prices starting from Rs.999.