ITR-1 (Sahaj) - Income Tax Return Filing for Salaried Individuals
What is ITR-1?
ITR-1 (Sahaj) is a simplified income tax return form prescribed by the Income Tax Department of India. It is primarily designed for resident individuals who have a relatively straightforward income structure. ITR-1 is the most commonly used return form, especially by salaried employees and pensioners.
This form allows taxpayers to declare income from salary, one house property, and other sources such as interest from savings or fixed deposits. It is suitable for individuals whose income is well within the prescribed eligibility criteria and does not involve complex transactions like business income or capital gains.
Who Can File ITR-1?
You are eligible to file ITR-1 (Sahaj) if:
- You are a resident individual (not HUF or company).
- Income from salary or pension.
- Income from one house property (excluding cases with carried-forward losses).
- Income from other sources (e.g., interest from savings accounts, fixed deposits, recurring deposits).
- Agricultural income up to ₹5,000.
Who Cannot File ITR-1?
You cannot file ITR-1 if any of the following conditions apply:
- Your total income exceeds ₹50 lakh.
- You have income from more than one house property.
- You have capital gains (short-term or long-term).
- You have income from business or profession.
- You have income from lottery, racehorses, gambling, or any speculative sources.
- You are a Director in a company.
- You have invested in unlisted equity shares.
- You have foreign income or foreign assets.
- You are a non-resident or not ordinarily resident.
Key Features of ITR-1
| Parameter | Details |
|---|---|
| Applicable To | Resident Individuals (excluding those with complex income) |
| Eligible Income Sources | Salary/Pension, One House Property, Other Sources (Interest Income) |
| Income Limit | ₹50 lakh |
| Filing Mode | Online via Income Tax e-Filing Portal |
| Documents Required | Form 16, Interest Certificates, Property Details, Bank Statements |
| Agricultural Income | Allowed up to ₹5,000 |
Information Required to File ITR-1
Filing ITR-1 involves providing the following details:
- Personal Information: Name, PAN, Aadhaar number, residential address.
- Income Details:
- Salary or pension income (as per Form 16)
- Interest income from savings, FDs, or RDs
- Deductionsunder Chapter VI-A:
- Section 80C: LIC, PPF, ELSS, etc.
- Section 80D: Medical insurance
- Other applicable deductions
- Taxes Paid:
- TDS (as per Form 26AS)
- Advance tax or self-assessment tax, if applicable
- Bank Account Details for refund processing
Due Date for Filing ITR-1
- The standard due date for filing ITR-1 is 31st July of the assessment year. Example: For Financial Year 2024-25, the due date is 31st July 2025.
- The due date may be extended by the Income Tax Department in specific scenarios.
Tips for Hassle-Free ITR-1 Filing
- Use the pre-filled data available on the Income Tax e-filing portal for ease and accuracy.
- Cross-check Form 26AS and Annual Information Statement (AIS) to match TDS and income details.
- Use Aadhaar OTP, digital signature, or net banking for seamless e-verification.
- Filing the return before the deadline avoids penalties and interest under Section 234F.
- Ensure bank account is linked with PAN and Aadhaar for faster refund credit.
How VETRI AUDIT SERVICES PRIVATE LIMITED Can Help
At VETRI AUDIT SERVICES PRIVATE LIMITED, we offer end-to-end support for income tax return filing, ensuring 100% compliance and accuracy. Our expert team will:
- Analyze your income sources and eligibility for deductions
- Prepare and file your ITR-1 with the Income Tax Department
- Assist with TDS reconciliation, refund status tracking, and more
- Provide support for notices, if any, from the IT Department
Contact us today for a professional and stress-free ITR filing experience.
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