ITR-1 which is also known as Sahaj Form is for people with an income up to Rs. 50 lakhs. To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source

 

Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act,1961. Post computation it is necessary for the taxpayer to file the Income Tax Returns.

 

Who can File ITR-1?

 

 

• Salaried person- Salary refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act,1961 includes the following under the salary income

 

• Person earning Wages

 

• Person whose income comes as Pension

 

• Person whose receives Annuity

 

• Person who had received Advance salary 

 

• Person who has claimed Leave Encashment

 

• Person who has received Fee, prerequisites, commission, profits besides or in lieu id the salary or wages

 

• Person who has Transferred balance in recognized provident fund

 

• Person who has received Annual accretion to the recognized provident fund

 

• Person who has Central Government contribution or an employer contribution to Pension account as mentioned in Section 80 CCD of the Income Tax Act.

 

• If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable 

 

• Person who has received income from Other sources (does not include income earned from winning lottery or racehorses)

 

• Person who has received Agricultural income (Upto to Rs. 5000)

 

 

Who cannot file ITR 1 for AY 2020-21?

 

 

• An individual having income above Rs 50 lakh cannot use this form.

 

• An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.

 

• Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR 1

 

• Also, individuals  who have earned income through the following means are not eligible to file form ITR 1 :

 

More than one House Property

 

Lottery, Racehorses, Legal Gambling etc.

 

Taxable capital gains (Short term and Long term)

 

Agricultural income exceeding Rs. 5,000

 

Business and Profession

 

Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.

 

Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

 

 

How do I file my ITR-1 Form?

 

 

You can submit your ITR-1 Form either online or offline. Filing tax online is way much easier now then ever, A taxpayer just needs to upload his total taxable income after claiming eligible deduction and after that a form needs to be filed.

 

 

Documents required to file ITR 1

 

 

• Form 16

 

• Salary slips

 

• Interest Certificates from the Post offices and Banks

 

• Form 16A/16B/16C

 

• Form 26AS

 

• Tax saving investment proof

 

• Deduction under the Section 80 D to 80 U

 

• Home Loan statement from the NBFC or the Bank

 

• Capital Gains.

 

 

File your ITR With Upriselegal

 

 

With our experienced and skilled personnel, We at UpriseLegal makes process of ITR very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to file ITR, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow!  You may get in touch with our compliance manager on 9173512402 or email us at info@upriselegal.in for free consultation.