ITR Form-1

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Income Tax Return Form-1

The ITR-1 form is a required Income Tax Return form for Indian nationals submitting tax returns to the Income Tax Department.

Individuals who are eligible for ITR-1 SAHAJ (Hindi for ‘simple’)

Individuals who received their income solely through the following methods for a financial year are qualified to fill out the ITR-1 SAHAJ form.

Through a salary or a pension through a single-family home (except in case of losses brought forward from preceding years)

 Apart from the lottery, racehorses, and legal gambling, there are other ways to make money. Other sources include interest on FDs, spousal pensions, and so on.

In the case of clubbed Income Tax Returns, where a spouse or minor is included in the tax returns, this can only be done if their income is also confined to the above-mentioned parameters.

ITR Form has total 7 types which is known as follows.

ITR Form -1 ,  ITR Form -2 , ITR Form -3 , ITR Form -4 ,ITR Form -5 , ITR Form -6 , ITR Form -7.

Individuals that are ineligible for ITR-1 SAHAJ

Individuals who have obtained income through the following methods are not entitled to fill out the ITR-1 SAHAJ form:

Using more than one piece of real estate Lottery, racehorses, legal gambling, and so on.
Short-term and long-term capital gains are not free from taxes.
Exempted income in excess of Rs. 5000
Through the worlds of business and professions
Other sources of loss under the chin
Any person who seeks remedy under sections 90 and/or 91 of the Code
Having a total income in excess of Rs 5 million
If any resident individual receives income from a source outside of India, owns property outside of India, or has signing authority over an account outside of India

ITR-1 SAHAJ form submission

Physical submissions of the form are accepted at any Income Tax Returns Office. Upon submission, you will receive an Acknowledgement Receipt.
There are two options for submitting the form electronically. To begin, the Form is uploaded online if a Digital Signature is received.
Second, the Form is downloaded, printed, signed, and a copy of the acknowledgement is mailed to the Bengaluru office of the Income Tax Department.
ITRV may now be confirmed online using an Aadhaar card or an Electronic Verification Code issued by the Unique Identification Authority of India (EVC).
If your income is less than INR 500,000, you can get an EVC by using a One-Time Password provided to your email and registered mobile number, or by using Net Banking.
Income Tax Assessors are not required to send ITRV to Bangalore CPC after online verification.
In India, income tax assessors utilise the ITR-2 form. In India, the process of submitting tax returns entails the use of numerous forms for various categories of assesses, one of which is the ITR-2.

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