All You Need To Know About Income Tax Return Form 1 Sahaj

All You Need To Know About Income Tax Return Form 1 Sahaj

The last day for assessees to file income tax return (ITR) for financial year 2018-19 (assessment year 2019-20) is August 31, 2019. The forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. ITR-1, also known as Sahaj, can be used by an individual who is a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh, having Income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs. 5,000, according to Income Tax Department’s website- incometaxindiaefiling.gov.in.

In a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this return form can be used only if the income being clubbed falls into the mentioned income categories.

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Given below are key things to know about ITR form 1 Sahaj

Who is not eligible to use form ITR-1

ITR-1 or Sahaj form cannot not be used by an individual who is a director in a company or has held any unlisted equity shares at any time during the previous year. Any individual who has any asset (including financial interest in any entity) or signing authority in any account located outside India or has income from any source outside India are also not eligible to file ITR-1 form.

This return form also cannot be used by an individual who has profits and gains from business and professions. Individuals having income from more than one house property are also not eligible to use ITR-1.

How to file and verify form ITR-1

This return form can be filed with the Income-tax Department electronically on the e-filing web portal of Income-tax Department- incometaxindiaefiling.gov.in and verified in any one of the following manner – digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or by sending duly signed paper form ITR-V (Acknowledgment) by post to CPC (Central Processing Centre)

ITR-1 or Sahaj form can also be filed in paper form, at the designated offices of Income-tax Department, along with duly signed Form ITR-V. However, this mode of furnishing return is permissible only in case of super senior citizens (i.e. an individual of the age of 80 years or more at any time during the previous year).

Source:-ndtv

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