ITR 1 Filing Form

The Income Tax Department has categorized the taxpayers into the group to ease the tax compliances. This categorization is done based on the income and the sources of the income. ITR 1 Return filing in India is for people with an income of up to Rs.50 lakh.

This article is a comprehensive guide to understand the ITR 1 (Sahaj) Form. Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act,1961. Post computation it is necessary for the taxpayer to file the Income Tax Returns.

Who can file ITR 1 Sahaj Form?

ITR 1 Sahaj Form is for individuals that have income up to Rs. 50 lakh. The individuals earning income from the following sources can file ITR 1 Sahaj Form:

• Salaried person – includes wages, pension, annuity, advance salary paid, leave encashment
• Perquisites, commission, profits besides or in lieu of salary or wages
• Transferred balance in recognized provident fund
• Annual accrual to the recognized provident fund
• Central Government/employer contribution to pension account (under Section 80 CCD)
• Income from one house property (rent proceeds)
• Income from other sources (excluding winning lottery/horse races)
• Agricultural income (up to Rs. 5000)

Documents required to file ITR 1 Sahaj Form

What documents are required to file ITR 1 Sahaj Form?

• Form 16
• Salary slips
• Interest certificates from Post Office and Banks
• Form 16A/16B/16C
• Form 26AS
• Tax-saving investment proof
• Deduction under Section 80 D to 80 U
• Home loan statement from NBFC/Bank
• Capital Gains