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The income earned by the individuals and businesses are subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation form is called Income Tax Return. The form and time limit for filing ITR are different for different taxpayers based on the criteria.

Income Tax Return forms are recently modified, to simplify the user experience. But through these new or modified schedules, it is apparent that taxpayers are responsible to prove a claim of expenses, exemptions and deductions. Hence, online filing of income tax return requires assistance from experienced professionals to make sure the correct filing of your return.

ITR-1 SAHAJ form is the mostly used form by Individual persons to file their ITRs with the Tax Department. Individuals having income within upto Rs.50 Lakhs and have their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

Assesses who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

Form ITR 1 (SAHAJ) can be filed to the Income Tax Department in following ways:

  1. The return can be filed in paper form.
  2. The return can be filed online using a digital signature of the taxpayer.
  3. The return can be filed online using electronic verification code.
  4. The return can be filed online followed by submission of ITR-V by post.

In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,

Only the following persons have an option to file return in paper form

An individual of age of 80 years or more at any time during the previous year; or An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.

  1. PAN
  2. Form-16 issued by your employer
  3. Month wise salary slips
  4. Form 26AS
  5. Section 80 Investments proof
  6. Bank statement/passbook for interest on savings account.
  7. Interest income statement for fixed deposits.
  8. TDS certificate issued by banks and others.
  9. Documents Required to Claim the Expenses as Deductions
    • Contribution to Provident Fund
    • Children’s school tuition fees
    • Life insurance premium payment
    • Stamp-duty and registration charges
    • Principal repayment on your home loan
    • Equity Linked Savings Scheme/Mutual funds investment
    • The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.
  10. Other Investment documents:
    • Interest paid on housing loan: Interest on housing loan is eligible for tax saving up to Rs 2,00,000. It is for a self-occupied house.

1. Allows carry forward of losses

2. Define financial worth

3. Loan Processing and high risk cover

4. Claim refund of TDS paid from salary

5. Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh

6. Taxpayers are often served notices from the IT department for delayed & missed return submissions.

7. Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.

8. Most embassies and consulates require you to submit IT returns for the last 3 years

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