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ITR Sahaj Form: Know The Eligibility And Process To File It
ITR 1 Form is submitted by taxpayers who have a total income of up to Rs 50 lakhs from salaries, one house property, other sources of income, and agricultural income of up to Rs 5,000. Even, as stated by the tax department, providing PAN and Aadhaar card details on the official website of the Income Tax Department is mandatory from now on. In order to set a clear tax compliance framework, the income tax department has issued ITR forms for taxpayers depending on their source of income. As a result, you must file your return according to the source of your income. Now let's discuss the eligibility required and process to file ITR Sahaj Form.
Eligibility required to file ITR Form 1
ITR-1 can be filed and submitted by taxpayers who earn up to Rs 50 lakhs from the sources listed below:
- Income from one house property, except situations where a deficit from a previous year is carried forward.
- Individuals having an income source from salary or pension
- Individuals having income from other sources except winning from Lottery and Income from Race Horses.
- If the minor's or wife's income is included, the ITR-1 can only be submitted if their source of income is as stated above.
Who are not eligible to file ITR 1 form?
- This form cannot be filed by someone with an income of more than Rs 50 lakh.
- Non-residents and RNOR (Residents not ordinarily resident)
- This form cannot be filed by someone who is a director of a company or who has ever owned unlisted equity shares during the fiscal year.
- Individuals who earn income from more than one house property, lottery, racehorses, etc.
- Individuals who have long or short-term capital gains
- Individuals with an agricultural income of more than Rs. 5,000.
- Individuals with business or profession income are exempted.
- Individuals seeking exemption from double taxation or overseas tax relief under sections 90/90A/91.
- Residents with any asset (which include financial interest in any entity) or signed authority in any account located outside India are unable to use ITR 1.
Know about the key changes made to the ITR 1 for AY 20-21
- Taxpayers who make cash deposits of more than Rs 1 crore with a bank, expenditure more than Rs 2 lakh on foreign travel, or spend more than Rs 1 lakh on electricity must also file ITR-1.
- Residents who own a single property in joint ownership and have a total income of up to Rs 50 lakh can also submit ITR-1.
- Under the 'Nature of Employment' section pensioners column has been inserted.
- Under the heading "Income from other sources," taxpayers will be required to provide accurate details on their income.
- Salary deductions will be divided into three categories: standard deduction, entertainment allowance, and professional tax.
- Under 'Income from other sources,' a new column is included for the deduction u/s 57(iia) - in the case of pension income of the family.
- 'Deemed to be let out property' option is now added under 'Income from house property'.
- For senior citizens, a section 80TTB column has been added.
How to file ITR 1 form?
For the fiscal year 2021-22, the Income Tax Department has discontinued the excel and java-based utility and substituted them with a new offline JSON-based utility to improve the tax filing process. While filing their income tax return, taxpayers can use the new tool to import pre-filled data and update it. According to the online e-filing platform, individuals can now download and fill out the offline utility for ITR 1 & 4 (AY 2021-22). It also specified that the utility for other ITRs will be activated in the near future. The offline utility is based on "JSON" (JavaScript Object Notation), a lightweight data storage format, which is available on the e-filing portal. On computers running Windows 7 or later versions, the offline utility is accessible. The income tax return (ITR) cannot be uploaded to the e-filing platform at this time. You have the option of filling out the utility and saving it or exporting the output JSON file to your device. Whereas the tax department can have pre-filled data, JSON technology makes collecting data from other sources much faster; as a consequence, the tax department has switched from the Java utility to the JSON utility, which is now being used for GST returns. So to use the offline utilities choose the assessment year and download excel or Java or JSON utility. You must download the utility in the 'download' folder of your system in a compressed ZIP file format. Once done you need to extract or uncompress the ZIP file. The ZIP file must be extracted in a similar location in which the compressed utility was downloaded. You can start filing once you've unlocked or installed the utility.
