ITR-1 Form or Sahaj Form Filing: What is ITR 1 Form?
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- Last Updated on 6 February, 2023
- Income from salary or pension
- Income from one house property
- Income from other sources
What When ITR-1 Form cannot be filed:
- In case where income of resident individual exceeds from Rs. 50 Lakhs.
- In case where resident individual receives income from:
- more than one house property,(Or there is brought forward loss or loss which is required to be carried forward)
- winning from lottery,
- horse races, (income or loss)
- agricultural income exceeding Rs. 5,000/-,
- capital gains,
- business or profession,
- asset situated outside India or has signing authority in any account located outside India
- In case the status of an individual is “Residents, not ordinary residents (RNOR)” or “Non-residents (NR)”
- In case a person wishes to claim relief under section 90, 90A, or 91, etc.
- In case dividend income during the year exceeds 10 lakhs which is taxable u/s 115BBDA
- If there is an unexplained income or investment or cash credit as referred to in sec 115BBE.
- If Assessee has income which is to be apportioned as per section 5A, i.e., Portuguese Civil Code.
New ITR Forms for AY 2018-19:
Amount of Late Fee
Income < 5 Lacs
In all cases (if he is required to furnish return of income)
Income ≥ 5 Lacs
If return filed on or before 31.12.2018 (but after due date)
In any other case
Provisions for furnishing return of Income in Form ITR-1 for AY 2018-19:
1. E-filing of return is mandatory. However, in the case of a resident individual who is a super senior citizen, (i.e. individual at the age of 80 or more during the previous year) and in the case where the income of resident individual doesn’t exceed Rs. 5 Lakh (or no refund is due), the income tax return in Form ITR- 1 can be filed in physical/ paper form also.
2. For the purpose of verification of return of income in form ITR- 1, Digital Signature is not mandatory and the following options are also available for verification:
- e-verification through Aadhar OTP
- e-verification through EVC (Electronic Verification Code)
- e-verification through net banking if the bank account is linked with PAN number
- physical verification by sending the signed ITR-V through post at CPC, Bengaluru
Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.
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