Form ITR 1 is used frequently by most of the tax payers like employees. Now the Govt. has notified simplified one page form ‘ITR-1 Sahaj’ for individuals having income up to Rs 50 lakhs from salary, pension, one house property and income from other sources. It has removed columns which are not frequently used by the taxpayers such as deductions other than U/s 80C, 80D, 80G and 80TTA, New columns have been inserted to report dividend income and long-term capital gains exempt under Section 10(34) and Section 10(38) respectively.
1. Structure of the ITR1 :
This form consists of following parts –
Part – A : General Information
Part – B : Gross Total Income
Part – C : Deductions and taxable total Income
Part – D : Computation of Tax payable
Part – E : Other Information
Schedule IT : Details of Advance Tax and Self Assessment Tax
Schedule TDS : Details of TDS / TCS
2. Who can File ITR 1 :
This form is for Individuals having total income upto Rs. 50 lakhs from the following sources of income :
Income from Salary / Pension
Income from One House Property ( except cases where brought forward of loss from previous years )
Income from Other Sources (excluding winning from horse races and lottery)
3. How to file the ITR1 :
a. Offline – Only following persons have the option to file the return in paper form
1. An individual at the age of 80 years or more at any time during the previous year
2. An individual and HUF whose income does not exceed five lakhs rupees and who has not claimed any refund in the return of income
For offline,the return is furnished in a physical paper form. The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
b. Online – By transmitting the data electronically and then submitting the verification of the return in the form of ITR-V to CPC, Bengaluru.
• By filing the return online and e-verifying the ITR-V through net banking/adhaar OTP/EVC.
If you submit your ITR-1 Form electronically, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you can e-verify your return.
ITR Form 1 is much easy to prepare and file the return. Now a days many people are doing their returns online on their own instead of visiting tax practitioners. The government is already enabled the e filing facility for ITR 1 for A.Y 2017-18 from 1st April and ITRs can be filed till the stipulated deadline of 31st July.