In a sweeping overhaul of India’s Income Tax Return (ITR) filing system, the government has instituted significant changes, including the mandatory requirement of Aadhaar numbers for filing returns. Alongside this, a range of new ITR forms has been introduced, with one such form being ITR-1 or Sahaj.
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ITR-1, a simplified single-page form, is tailored for individuals with income up to Rs 50 lakhs. Eligible sources of income for this form encompass salary/pension, income from one house property (excluding cases with loss carried forward), and income from other sources (excluding winnings from lottery and income from racehorses). According to the Times of India report, the option to combine the income of a spouse or minor child is permissible, provided their income aligns with the aforementioned specifications.
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The structure of the ITR-1 form is organized into various parts, each serving a distinct purpose. Part A covers general information, Part B details gross total income, Part C includes deductions and taxable total income, Part D outlines the computation of tax payable, and Part E encapsulates all other relevant information. Additionally, Schedule IT furnishes details of advance tax and self-assessment tax payments, while Schedule TDS provides information regarding TDS/TCS.
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The report added that for those opting to file ITR-1 online, the process involves electronically transmitting the data and subsequently dispatching the acknowledgment slip to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. E-verification of the return is also a viable option.
On the other hand, individuals aged 80 years or above or those with income not exceeding Rs 5 lakhs, and who have not claimed any refund, can exclusively file their IT returns offline. This necessitates submitting the ITR in physical paper form and obtaining an acknowledgment slip from the IT department during the submission process.
