What Is ITR1?

ITR1 or Sahaj primarily deals with those income sources that are regular in nature such as salary, pension or rented income. It serves as the most authentic and legal proof of your disclosed income. Any person whose income is less than Rs 50 Lakhs per annum has to file an ITR1. However, let us have a detail look at the eligibility of filing ITR1.

Eligibility for ITR1

The IT Act has laid down certain conditions that if fulfilled, must file an ITR1. They are:
  • If the gross total income of an individual (including NRIs) before deductions under Section 80C to 80U exceeds the mark of Rs 2.5 lakhs per annum. However, for senior citizens above the age of 60 years and 80 years, it has been relaxed to Rs 3 lakhs and Rs 5 lakhs respectively.
  • If you have an income from an owned property (only single source)
  • If the income is from other sources except that from lottery earnings, foreign deposits etc.

Components of ITR1

The ITR is divided into the following parts:
  • Part A deals with the general information, including your personal details like name, age, PAN details, etc.
  • Part B includes the gross total income of an individual either from salary, property or other sources like dividends, interest income so on and so forth.
  • Part C primarily deals with deductions on gross income as per the sections 80C, 80D, 80U, and 80G, thereby calculating the total taxable income.
  • Part D includes every detail pertaining to the tax calculations, its status, any rebates offered or any TDS claimed.
  • In addition, ITR1 also includes schedules
    • Schedule IT deals with the detail of Advance Tax and Self-Assessment Tax payments
    • Schedule TDS refers to the TDS/TCS

What is the Process of Filing ITR1?

ITR can be filed using both online and offline means.

Online/Electronically:
  1. You can transmit your data electronically and then submit the verification of your return in the form of ITR-V to CPC in Bengaluru office within 120 days of e-filing.
  2. You can also file the return online and e-verify the ITR-V through net banking/Aadhaar OTP/EVC.
Offline:

The offline process is only applicable to the following category:
  1. Any individual who is 80 years or more
  2. An individual or HUF with income not more than Rs 5 lakhs and also has not claimed any refund in the return of income
In this case, the return will be furnished in a physical paper form. The IT department shall issue an acknowledgement at the time you submit the physical paper return.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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