Understanding the Income Tax return form -ITR(1) (Sahaj)

The Income Tax Return Form -ITR(1) is can be used by an individual whose total income includes the followings:-

• Income from Salary/ Pension; or
• Income from Other Sources (But does not include income from winning from lottery and Income from Horse Races); or
• Income from One House Property (But does not include such cases where loss is brought forward from previous years).

Note:

These conditions of Income Tax Return (ITR-1) are also applicable for the dependent spouse or minor child. As the income the souse and the minor child is clubbed with your income. If the spouse or the minor child is self dependent and filing their own income tax return, then this provision of clubbing is not applicable.

Person excluded to use income tax return Form -ITR (1) for the Assessment Year 16-17:

• This Income Tax Return Form can’t be used by any resident having any asset (including financial interest in any entity outside India) located outside India, or any resident has signing authority in any account located outside India.
• If the assessee has foreign assets,
• Any resident having income from any source outside India
• Person claiming double taxation relief under section 90 and/or 91;or
• If the exempt income is more than Rs. 5,000.
• Income from more than one House Property; or
• Income under the head “Capital Gains”
• Income from Lottery Winnings  or horse races; or
• Loss under the head ‘Income from other sources’
• Agricultural income in excess of ₹ 5,000; or
• Income from Business or Profession.

Steps to file ITR 1 Online:

You have the alternative either to submit ITR 1 form by uploading XML or by online submission

• Login to https://incometaxindiaefiling.gov.in
• Go to ‘e-File’ Prepare and Submit ITR Online
• Choose the Income Tax Return Form ITR 1 and the relevant assessment year.
• Fill up all the required the details and then select the submit button
• After submission of the ITR 1 form, an acknowledgement containing detail will display.
• Point your cursor on the link and click to view or generate an acknowledgement ITR V form

Private portals:

Today filling income tax returns are not a difficult task at all. There are host of online porttals offering such services at a predifined charge. In case you face any problem in filing the ITR 1 form, you can get back to us for seeking any clarification

Alternately we can file it for you after seeking some information about you and will file online for you