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ITR-1

Income Tax Return Filing Starting From Rs. 599/-

ITR-1 Filing

ITR-1 is also known as Sahaj Form ITR-1 to be filed online on the portal of income tax. ITR-1 Filing is for those people whose total income is up to 50 lakh. ITR-1 Filing can be done offline or online, most of the time ITR-1 is file online but in some cases, it is filed offline. Cases, when ITR-1 is to be filed offline, are-

  • When an individual have age of 80 or more, during the previous year can file the offline return.
  • An individual or HUF whose income does not exceed Rs 5 lakhs and who does-not claimed any refund in the return of income.
filing itr 1
Some basic information about Filing ITR-1
  1. Important documents required for Filing ITR-1

Some important documents required to filing ITR-1 are-

  • Aadhar card
  • Pan card
  • Mobile number should be linked with Aadhar number
  • Permanent address
  • Bank account details
  • Contact number
  1. Who file ITR-1

ITR-1 is to be filed by those individuals, whose income arises from the following sources-

  • Income arising from Salary or Pension
  • Income arising from House Property (except in case of losses brought forward from preceding years)
  • Income arises from other sources except for lottery, horse races, legal gambling etc. Other sources include FD interest, pension of spouse etc.
  1. Penalty on late filling of ITR-1

The penalty for late filing ITR-1-

  • 5000, if it is filed before 31st December of the assessment year.
  • 10000, if it is filed after 31st December of the assessment year.
  1. Not eligible of file ITR-1

There are some individual who not eligible to file ITR-1-

  • Who has more than one house property.
  • Having income from lottery, gambling, racehorse.
  • Taxable capital gain of short term as well as long term.
  • Loss under the head of other sources.
  • Exempted income exceeding Rs.5,000.
  1. Submission of ITR-1
  • The form can be submitted offline at any income tax office. An Acknowledgment Receipt will be obtained upon submission.
  • In case of electronic filing of the form, there is two option. Firstly, if Digital Signature is obtained, the form is uploaded online. Secondly, the form is downloaded, printed, signed, and a copy of the acknowledgment is sent by post to the Income Tax Department’s office in Bengaluru.
  • ITR-1 can now be verified online using Aadhar card. The EVC can be generated either via One Time Password (OTP) sent to registered e-mail ID and registered mobile number (if income is less than Rs.500,000). After online verification income tax assesses is not required to send ITR-1 to Bangalore CPC.
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