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What is ITR 1 and how to file it online?

What is ITR 1
Jun 24, 2019 Alankit

Filing of income tax returns is a must for all taxpaying individuals and entities. The task of ITR filing has become easy with the introduction of e-filing facility. Moreover, authorised e-return intermediaries provide valuable support in ensuring smooth ITR filing process that starts with submission of the ITR form. Alankit Limited is a registered e-return intermediary which delivers professional & efficient e-filing services. Based on their income source, individual taxpayers must know how to fill itr 1 or other forms namely ITR 2, ITR 3, ITR 4 and ITR 4S (SUGAM).

There are different forms which are applicable for different assessees, and the factors depend not only on income source but quantum of income, type of income, residential status of the taxpayer, etc. Many taxpayers, especially first-timers ask the question what is ITR 1 Form? Here is a comprehensive explanation.

What is ITR 1?

Before we proceed to understand how to fill itr 1, it is important to know the answer to the question - what is ITR 1 Form? Also called SAHAJ, the ITR 1 Form is applicable for salaried individuals who file their Income Tax Returns. They include individuals who are Resident and Ordinarily Resident (ROR) having annual income amounting to Rs 50 lakh. The income could be through the below-mentioned sources.

  • Income from salary or pension, family pension and interest income.
  • Income from a single House Property (excluding losses brought forward from previous years).
  • Income from other sources excluding income from winning lottery/ horse racing.

In case of clubbed I-T returns, the income from spouse and a minor child is also included, in such cases the ITR 1 can only be filed if the aggregate income of assessment year fulfils the above-mentioned specifications.

Some facts about ITR 1

  • The ITR 1 was initially applicable for all Residents, Residents Not Ordinarily Resident (RNOR) and Non-residents. However, now Resident and Ordinarily Resident (ROR) can file this form.
  • In the financial year 2017-18, a major change was announced regarding requirement to provide a break-up of salary components along with the details of exemptions claimed by the taxpayer. These details, earlier, were only reflected in the Form 16 and there was earlier no requirement of disclosing them in the I-T return.
  • In addition, the assessee will be required to provide a break-up of Income under House Property which was earlier mandatory only for ITR 2 and other forms.

Who cannot file ITR for AY 2019-20?

  • Individuals with income above Rs 50 lakh.
  • Individuals - either a company’s director who has invested in unlisted equity shares cannot use this form.
  • Residents not ordinarily resident (RNOR) and non-residents.
  • Individuals having earned income from sources as mentioned below:
    • More than one House Property
    • Lottery, Racehorses, Legal Gambling, etc.
    • Taxable capital gains (short term and long term)
    • Agricultural income exceeding Rs. 5,000
    • Business and Profession
    • Individuals who are Residents and have assets (including financial interest in any entity) outside India or signing authority in any account located outside India
    • Individual claiming relief of foreign tax paid or double taxation relief under Section 90/90A/91

How to fill ITR 1

The information mentioned above provide a clear answer to what is ITR 1 Form? The next step is to understand how to fill itr 1? The ITR 1 can be filed through both the online and offline mode as explained below:

Offline mode

Only individuals, as mentioned in the category below, can file the return in paper form.

  • Individuals aged 80 years or above can file return in paper form anytime during the previous year.
  • Individual or HUF (Hindu Undivided Family) having income which does not exceed Rs 5 lakhs and those who have not claimed any refund in the return of income, can file return in paper form.

The income tax return, in the offline method, is furnished in the physical/ paper form. An acknowledgment will be issued by the Income Tax Department, at the time of submission of physical tax returns.

Online Mode

  • It involves transmitting the data electronically and then submitting the verification of the return in the form of ITR-V to CPC Office in Bengaluru.
  • The process involves filing the online income tax returns and e-verifying the ITR-V through net banking/Aadhaar OTP/EVC.

An acknowledgement is sent to the taxpayer’s registered e-mail Id, in case ITR-1 Form is submitted electronically.

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