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Eligibility and Non Eligibility to file ITR-1 Sahaj Form
Who all are required to file ITR-1 Sahaj Form?
The return form is used by the persons having total income up to Rs. 50 lacs who have income from the following heads.
- Income from Salary Or Pension
- Income from one house property
- Interest Income Or Family pension receivable under other sources.
Also, this form is used when the income of another person like minors or spouses is clubbed and the income belongs to the above three categories only.
Definition of Salary under Income Tax Act, 1961
Salary includes the following,
- Annuity Or Pension
- Wages
- Gratuity
- Any Advance Received in the form of Salary
- Fees, commissions, perquisites, or profits in lieu of or in addition to any salary or wages
- Payment received by an employee in respect of any period of leave not availed by him or her.
- Transferred Balance in a recognized Provident fund to the extent it is taxable.
- Contribution by the Central Government to the account of an employee under a pension scheme referred to in Section 80CCD (NPS).
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Who all are not required to file ITR-1 Sahaj Form?
The ITR-1 Sahaj form should not be used by the following persons. Assessee who
- Is a Director in any company.
- Has held Unlisted Equity Shares at any time during the previous year.
- has income from any source outside India.
- Has withdrawn cash and TDS has been deducted under Section 194 N on such withdrawal.
- Has signing authority in any account located outside India.
- Has any asset (including financial interest in any entity) located outside India.
- has deferred tax on ESOP received from employer being an eligible startup.
Further, the ITR-1 Sahaj form cannot be used by the persons having income from the following sources.
- Profit and Gains from business and profession
- Capital Gains
- Income from House Property
- Income under the head 'Other Sources' like winnings from the lottery, activity from owning and maintaining horse races, income taxable at special rates under Section 115BBDA or Section 115BBE.
- Agriculture income in excess of Rs. 5000.
- Income to be apportioned according to the provisions of Section 5A.
Furthermore, this form is also not used by the persons who have any claims of loss, deductions, tax credit, relief of the following nature.
- Any claim of relief under Section 90 or Section 91.
- Loss under the head "Income from Other Sources"
- Any brought forward loss or loss to be carried forward under the head, "Income from House Property".
- Any claim of deduction under Section 57, other than deduction of family pension.
- Any claim of credit of tax deducted at source in the hands of any other person.
Manner of Filing ITR-1 Sahaj
Procedure to file ITR-1 online
The ITR-1 Sahaj form can be filed electronically as well as manually.
Electronically: It is filed electronically on the e-filing web portal of the Income Tax department and can be verified in the following ways.
- Digitally Signing the Verification Part
- Authentication by way of Electronic Verification code
- Aadhar OTP
- by Sending duly signed paper (ITR-V) Income Tax Return Verification form by post to Central Processing Centre located in Banglore, Karnataka. The Form ITR-V should reach within 120 days of filing the return.
Manually in paper form: Filing the return in paper form, at the designated offices of the Income Tax Department, along with duly signed ITR-V. The mode of furnishing return in paper form is available for only super senior citizens that is individuals above 80 years.
Important Changes in ITR-1 from AY 2021-22
- Option to avail benefit of new tax regime under Section 115 BAC is provided in ITR. The option should be availed within the due date mentioned in Section 139 (1).
- ITR-1 cannot be filed by the assessee whose TDS has been deducted under Section 194N.
- Resident Individual having Income tax-deferred on ESOP is restricted to file ITR-1.
- The quarterly breakup of dividend income is to be provided.
- Schedule DI is removed.
- The date of Donation made in cash has been inserted to calculate the eligible amount of donation under Section 80GGA.
Who all are required to file Income Tax Return?
Every individual whose total income before allowing any deduction to be made under Chapter VI-A or deductions for capital gains (Section 54 to Section 54GB), exceeds the maximum amount not chargeable to tax shall be required to furnish an income tax return.
Basic Exemption Limit for Individuals
Basic exemption limit is classified on the basis of age. Resident individuals below the age of 60 falls in the category of ‘Normal Persons”. While individuals having age more than 60 but less than 80 are called Senior citizens and in case an individual is over 80 years, he is a super senior citizen.
When Section 115 BAC is not opted by an individual.
When, Section 115 BAC is not opted, basic exemption limit is different for normal, senior and super senior citizens.
If New tax regime is opted under Section 115 BAC by an individual
Section 115BAC is an option given to the taxpayers to pay tax at a lower rate. Therefore, the basic exemption limit in such a case has been kept as 250,000 for all categories of taxpayers.
| Age < 60 | Age > 60 <80 | Age >80 |
|---|---|---|
|
2,50,000 |
3,00,000 |
5,00,000 |
| Age < 60 | Age > 60 <80 | Age >80 |
|---|---|---|
|
2,50,000 |
2,50,000 |
2,50,000 |
Exceptions to file ITR, even if basic exemption limit not exceeded
Although, the total income of a person does not exceed the limits specified above after allowing deductions under Chapter VI-A of the Income-tax Act or Deductions mentioned under Capital Gains. Still, he will be required to file Income Tax Return, if he fulfills any of the conditions provided below.
- Deposit of amount or amounts of an aggregate of Rs. 1 Crore in one or more current accounts.
- Incurred Expenditure of an amount or an aggregate of an amount exceeding Rs. 2 Lacs for travel to a foreign country for yourself or any other person.
- Incurred expenditure of an amount or an aggregate of the amount exceeding Rs. 1 Lakh on the consumption of electricity.
