The government has notified a simpler one page for e-filing income tax returns for salaried individuals and made Aadhaar mandatory for filing income tax returns.
This ITR form also known as Sahaj is used by salaried individuals for filing income tax returns which is easy, less complicated and done away with some columns to make it very simple.
The last date of e-filing income tax returns is 31st July,2017.
Currently, ITR-1 is filed by salaried individuals and ITR-2 is filed by individuals and HUFs whose income does not include income from the business.
Eligibility for filing income tax returns with Form-1
- Any individual who is earning an income from salary or pension can use ITR-1 Form for e-filing income tax returns.
- Earning from house property. If an individual owns a house and earning from the house property then he can use the ITR-1 form for filing income tax returns.
- Income from other sources (excluding winning from lottery and income from race horses).
Who cannot file this ITR-1 form?
- Any individual who is earning from business is not eligible for filing this ITR-1 Form.
- If any individual owns more than one house property does not eligible for this form.
- If an individual earning an income from winning a lottery and race horses cannot file this ITR-1 form.
- Income from agriculture in excess of Rs.5000.
- Income from the short-term capital gains and long-term capital gains like income from the sale of house, plot, shares etc. not eligible for filing this ITR-1 form.
- Any losses incurred cannot file under this form.
- Individual claiming relief under section 90 or 91 which means claiming relief of foreign tax paid or double taxation cannot use this ITR-1 form.
- Any individual owns assets outside India.
Structure and details to be filled in the ITR-1 Form:
Part-A: This is the first section of the form which includes general information of individuals like PAN, Aadhaar, contact No. etc.
Part-B: This section of the form contains information of gross total income which is income from salary and other sources.
Part-C: This section of the form contains information from deductions and taxable total income which includes deduction as per sections under 80C,80D,80U,80G.
Part-D: This section of the form contains information about tax computation, rebates offered TDS claimed etc.
Part-E: Other information.
Schedule IT.
Schedule TDS.
Documents required for e-filing income tax returns:
- Form 16.
- Form 26AS.
- PAN card.
- Proof of exemptions and deductions.
- Bank account details.
For more info related to documents required for filing income tax returns: https://www.trutax.in/blog/income-tax/income-tax-returns-documents
Taxpayers who are going to file their income tax returns this year need to complete ITR filing process by 31st July.
