ITR-1 Form Filing
| Market Price: | |
|---|---|
| Filing CA Price: | ₹500/- excl. GST |
| ₹590/- incl. GST | |
| You Save: | ₹400/- (44%) |
| Complete By: | within 7 days from payment |
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income referred in section 115BBDA or income Referred in section 115BBE).
Order Now
Who can use ITR – 1 (SAHAJ)?
Return Form ITR – 1 (SAHAJ) can be used by an individual whose total income includes:
- Income from salary/pension; or
- Income from one house property (excluding cases where loss is brought forward from previous years); or
- Income from other sources (excluding winnings from lottery and income from race horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
Further, in a case where the income of another person like spouse, minor child, etc.,
is to be clubbed with the income of the taxpayer, this return form can be used only when such Income falls in any of the above categories.
Cannot use ITR 1
Return Form ITR – 1 (SAHAJ) cannot be used by an individual:
- Who is a Non-resident or Not Ordinarily Resident
- Who is a Director of a company
- Whose total income exceeds Rs. 50 lakhs
- Who has income from more than 1 house property
- Who has held unlisted equity shares at any time during the previous year
- Who claims deduction under section 80QQB or Section section 80RRB in respect of royalty from patents or books
- Who claims deduction under section 10AA or Part-C of Chapter VI-A
- Who has brought forward loss or losses to be carried forward under any head
- Person claiming deduction under section 57 from income taxable under the head ‘Other Sources'(other than deduction allowed from family pension)
- Who wants to claim relief under section 90 or section 91
- Who wants to claim credit of tax deducted at source in the hands of any other person.
- Who has any assets (including Financial Interest in an entity) located outside India.
- Who has signing authority in any account outside India
- Who has any income to be apportioned in accordance with provisions of Section 5A
Who has any of the following income:
- Income from Business or Profession
- Capital Gains
- Income taxable under the head ‘Other sources’ which is taxable at special rate
- Dividend income exceeding Rs. 10 lakhs taxable under section 115BBDA
- Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under section 115BBE
- Agricultural Income exceeding Rs. 5,000
- Income from any source outside India
