ITR-1 (Sahaj) Filing

ITR-1, commonly referred to as "Sahaj," is an Income Tax Return form designed for Resident Individuals with a straightforward income structure of upto ₹50 lakhs from sources such as salary, a single house property, or other income like interest. It is one of the most commonly used forms for filing tax returns in India, governed by the provisions of the Income Tax Act, 1961.
At Accountants Factory LLP, we specialize in making Income Tax Return (ITR-1) filing a seamless experience for our clients.

Very useful to get accounting work done. Startup services like company registration, LLP creation etc are well handled by the team, also they handled income tax returns and guided us with an appropriate investment strategy. They were available all the time for our queries and guided us.

Roshan Chittoor

Your Name ^*

Business Email ^*

Mobile ^*

Need assistance for ^*

Message

I have read the Privacy Policy

Eligibility Criteria for Filing ITR-1

1. Income Threshold: Total income for the financial year does not exceed ₹50 lakhs.

2. Income Sources:

Salary or pension income.
Income from one house property (excluding cases with losses carried forward).
Income from other sources like:
- Interest from savings accounts, deposits, or refunds.
- Family pension income.
- Agricultural income (up to ₹5,000).

3. Clubbing of Income: Allowed for clubbing eligible income from a spouse or minor child.

Still Confused?

Whatsapp Now Call Now

Structure of ITR-1 (Sahaj)

The ITR-1 form is divided into distinct parts to ensure clarity:
1. Part A: General information such as name, PAN, address, and filing type.
2. Part B: Gross total income, including salary, house property income, and other sources.
3. Part C: Deductions under Chapter VI-A (e.g., 80C, 80D, 80G) and net taxable income.
4. Part D: Computation of tax payable, including rebates, total taxes, and TDS claims.
5. Part E: Other details, including bank account information.
6. Schedules:
• Schedule IT: Details of advance tax and self-assessment tax payments.
• Schedule TDS: Details of tax deducted at source (TDS) and TCS.

Documents Required for Filing ITR-1

Although ITR-1 is an attachment-less form, retaining supporting documents for reference or assessment is crucial:
1. Form 16: Provided by employers for salaried individuals.
2. Form 26AS: Annual tax statement showing TDS, tax paid, and refunds.
3. Investment Proofs: For claiming deductions (e.g., 80C, 80D).
4. Bank Statements: For interest income and TDS details.
5. PAN Card: For identification purposes.
6. Housing Loan Statement: If claiming deductions under income from house property.

Due Date for Filing ITR-1

The due date for filing ITR-1 is typically July 31st of the assessment year (AY). Extensions may be provided by the Income Tax Department in special circumstances.

Penalty for Late Filing

Filing ITR-1 after the due date may result in:

1. A penalty of ₹5,000 if income exceeds ₹5 lakhs, and ₹1,000 if below ₹5 lakhs.
2. Interest under Section 234A: 1% per month or part thereof on the outstanding tax amount.
3. Loss of benefits such as carrying forward losses.

Exclusions in ITR-1

Certain types of income cannot be reported in ITR-1, including:

1. Business or professional income.
2. Income from more than one house property.
3. Short-term or long-term capital gains.
4. Winnings from lotteries or gambling.
5. Income taxed at special rates under Section 115BBE or 115BBDA.

Benefits of Filing ITR-1

1. Legal Compliance: Meeting tax obligations under the Income Tax Act.
2. Claim Refunds: Recover excess TDS or advance tax paid.
3. Proof of Income: Useful for loans, visas, or financial transactions.
4. Carry Forward Losses: Though limited for ITR-1, house property loss can be adjusted against other income.

Still Confused?

Whatsapp Now Call Now

Step	Description
1	Log in to the e-filing portal.
2	Select ITR-1 and fill in details.
3	Validate and calculate tax payable.
4	Submit the form and verify through Aadhaar OTP, net banking, or other methods.

ITR-1 (Sahaj) Filing

500+

10+

2+

Eligibility Criteria for Filing ITR-1

Still Confused?

Who Cannot File ITR-1?

Structure of ITR-1 (Sahaj)

Structure of ITR-1 (Sahaj)

Documents Required for Filing ITR-1

Due Date for Filing ITR-1

Penalty for Late Filing

Filing ITR-1 after the due date may result in:

Exclusions in ITR-1

Certain types of income cannot be reported in ITR-1, including:

Benefits of Filing ITR-1

Still Confused?

How to File ITR-1?

Steps:

Key Guidelines for ITR-1 Filing

How Accountants Factory LLP Can Help