Income Tax Return: ITR 1 Sahaj is an Income Tax Return form that is used by individual taxpayers who have income from salary, pension, or interest. It is the most commonly used form for filing income tax returns in India.
Why Is Income Tax Return Filing Important?
ITR or Income Tax Return is filed in India to report an individual’s or entity’s income earned during a financial year (April to March) and to pay the taxes on it as per the Income Tax Act, 1961. Filing an ITR is a legal obligation for all taxpayers in India whose gross total income exceeds the basic exemption limit as prescribed by the government.
Who Can File ITR 1 Sahaj?
ITR-1 can be filed by a resident individual whose:
- Total income does not exceed Rs 50 lakh during the FY
- Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:
- Interest from Savings Accounts
- Interest from Deposits (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Interest received on Enhanced Compensation
- Any other Interest Income
- Family Pension
- Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
What Documents Do You Need To File ITR-1 Sahaj?
You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable).
However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically).
A taxpayer needs to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc..
Read all the Latest Business News here
Comments
0 comment