Who can file ITR-1?
ITR-1 Sahaj form is a one-page form that should be filed by individuals having an income from sources up to Rs 50 lakhs. The following sources are:
- Income from salary or pension
- Income from one house property (exception where loss has been brought forward from the previous years)
- Income from other sources (exception where there is income from race horses and amount received from lottery winnings).
Who is not eligible to file ITR 1?
- Individuals, who have income above Rs 50 lakhs, cannot file ITR 1.
- The form will not find applicability if, your income includes the following:
- Income from more than one house property; or
- From AY 2018-19, ITR-1 is applicable to Residents Individuals only. From now Residents not ordinarily residents (RNOR) and Non-Residents cannot file ITR-1.
- Income from lottery winnings or race horses or legal gambling; or
- Income under the head ‘Capital Gains’ (short-term or long-term); or
- Agricultural income exceeding Rs 5,000; or
- Business or Profession Income; or
- Loss under the head ‘Income from other sources’; or
- Resident having any asset located outside India or signing authority in any account located outside India; or
- Individual claiming double taxation relief under section 90 and/or 91; or
- Resident having income from any source outside India.
How to Fill ITR 1 Form?
The structure of ITR 1 form includes the following parts:
Part A – General Information
In this part you are required to fill your personal details like name, sex, age, PAN number, Aadhar number, residential status, address, mobile number, return filed under section etc.
Part B – Gross Total Income
- This part is of income from salary / pension as mentioned in Form 16 or TDS certificate issued by your employer. In case of more than one employer during the year, you can enter the total amount in the filed of salaries. New requirement to furnish a break-up of salary from the AY 2018-19. Earlier, these details would appear only in Form 16 and now from this financial year 2017-18, there is a requirement to disclose them in the income tax return. If you have any income from other sources or house property income or loss (on account of housing loan interest) from a single house property then you can fill it here. In case of loss, File ITR 2.
Part C – Deductions and taxable total income
In this part an individual is required to fill all the relevant details of your tax saving investment or expenses eligible for tax deductions under section 80 and total taxable income after calculation.
Part D – Computation of Tax Payable
In Part D, you are required to enter the details of Advance tax, Self-assessment Tax, TDS, TCS under ‘Total Tax Paid’. You also need to enter details of all exempt income, e.g., dividend income, agricultural income, etc. If you are claiming relief under section 89(1), enter the details.
Part E – Other Information
In this part, you are required to enter all the details of savings and current accounts held by you at any time during the previous year (excluding dormant accounts not operational for more than 3 years) with IFSC Code the relevant bank. You have to select one bank in which you want your refund from Income Tax Department (if any).
Schedule IT – Details of Advance tax and Self-assessment Tax payments
Any advance tax or self-assessment tax paid details are entered under the schedule IT. These details are BSR code of the bank through which the payment was made, date of payment, serial number of the challan and taxes paid amount.
Schedule TDS – Details of TDS/TCS
Schedule TDS is for providing details as per Form 16 issued by the employer / employers in respect of salary income. Also, You are required to mention the details as per Form 16A issued by a person in respect of interest income and other sources of income. Also, furnish the details of TCS as per Form 27D issued by the tax collector.
In the verification part, you are required to fill the date and sign in the space given. The return shall be in the capacity as Individual.
Income Tax Department will accept your return only if it is signed by you.
Some of the significant changes made in the ITR 1 for the AY 2018-19 are:
- From AY 2018-19, ITR-1 is applicable to Residents Individuals only. From now Residents not ordinarily residents (RNOR) and Non-Residents cannot file ITR-1. Thus, this form has been made applicable to only resident individuals.
- Individual having income from salaries, one house property, other income and having total income up to Rs. 50 lakhs provisions remains the same.
- There is a new requirement to furnish a break-up of salary. Earlier, these details would appear only in Form 16 and now from this financial year 2017-18, there is a requirement to disclose them in the income tax return.
- From this financial year 2017-18, It is also required to furnish a break up of Income under House Property, which was earlier mandatory only for ITR -2 and other forms.
- Under the Schedule on TDS, an additional field has been added for furnishing details of TDS as per Form 26QC i.e. TDS on rent. PAN of tenant is also required in certain cases.