ITR-1 forms, sometimes referred to as ITR-1 Sahaj forms, are only for those with incomes up to Rs. 50 lakhs. This suggests that the majority of salaried people must file the ITR-1. One must understand the ITR-1’s meaning in addition to its appearance.

What is the ITR-1 Form’s structure?

The ITR-1 is split into:

Part A – Personal Information

PART B – Gross Total Income

Part C – Total Taxable Income and Deductions

Schedule IT: Details of Advance Tax and Self Assessment Tax Payments

Part D – Tax Computation and Tax Status

Schedule TDS1: Details of Source Tax Withheld from Wages (As per Form 16 issued by employer)

Details of Tax Deducted at Source from Income Other Than Salary, Schedule TDS2: Tax Deduction Details from Other Income (According to Form 16A Issued by Deductor(s)), Schedules TDS1, TDS2, and IT that are supplemental

You cannot utilise the ITR-1 Form if you are requesting relief from double taxation under Section 90/90A/91.

How to Fill Out the ITR-1 SAHAJ Form

Two methods exist for submitting the ITR-1 SAHAJ Form.

1.  Offline submission of Form ITR 1 SAHAJ

ITR 1 offline filing is only available to the following assessors.

Super Senior Citizen

A person is termed a super senior citizen if they were over 80 at any point in the previous fiscal year.

Assessees with incomes under 5 lakhs Indian Rupees: Anyone filing an ITR 1 offline who has an income under INR 5 lakhs and does not request a refund in their income tax return is also eligible.

2.  Online ITR-1 SAHAJ Form filing

All qualified assessees (apart from those stated above) must electronically submit their ITR 1s. Note: An email acknowledgment is sent to the registered email ID when the ITR-1 SAHAJ Form is submitted using the ITR 1 online form (how to file ITR 1 online). PAN (in lowercase) and the

assessee’s birthdate in the format DDMMYYYY shall be used as the password to open the acknowledgement.

ITR Using Form ITR-1 ITR-1 Sahaj Form is available for use by residents. Form ITR-1 ITR-1 for ITRs Sahaj Form may be utilised by residents who: be able to earn up to Rs. 50 lakh in total during the fiscal year

Earn revenue from a job, a family pension, one rental property, agricultural income (up to Rs. 5,000), income tax refunds, interest on enhanced compensation, other interest income, and family pensions, among other sources.

Earnings of Spouse (except for those covered under Portuguese Civil Code) or Minor receives a club (only if the source of income is within the specified limits as mentioned above)

Who Can’t Submit an ITR-1 Form for the Academic Year 2021–22?

There are numerous situations where a person cannot submit ITR Form 1 for the FY 2020–21 & AY 2021–22. These are listed below:

  1. ITR 1 forms are not usable by Indian taxpayers with incomes exceeding 50 lakhs.
  1. A person who owns unlisted equity shares is ineligible to submit ITR Form
  1. Residents versus Non-Residents RNORs are unable to file their returns using the Sahaj
  1. People who have both short-term and long-term taxable capital gains are ineligible to submit an ITR 1
  1. Individuals with professional or business income are ineligible to use this
  1. Residents of India who are authorised to sign on any accounts or assets located outside of India are ineligible to use this
  1. The ITR 1 Form is not for people who want to be exempt from double taxation or from paying foreign
  1. An individual is not permitted to use the ITR 1 form if their agricultural income exceeds 5,000.
  1. Sahaj form cannot be connected to income from multiple house properties or any loss listed under “Income from house property” that was carried over from the prior fiscal

People looking for the meaning of the ITR 1 form frequently become perplexed while reading these exclusions. Before using this form, speak with a tax expert to learn more about ITR 1.

Documents Required for the ITR-1 Sahaj Form

The following paperwork should always be on hand when filling out an ITR-1. This will accelerate the procedure in addition to making it simpler.

Form 16: If a taxpayer worked for many employers in the preceding year, he or she must maintain all Form 16s that were given to them.

Form 16A: Banks or other institutions would have additionally provided the tax certificate, or Form 16A, if the taxpayer had received any interest income or pension. When filing tax returns, this will be a useful document.

Type 26AS: The TRACES website has a download link for this form. It includes detailed information on the total amount of tax withheld and deposited on behalf of the taxpayer by all of the deductors within a specific fiscal year. It is important to confirm that the TDS specified in Form 16/Form 16 A corresponds to the TDS amount shown in Part A of Form 26AS.

Money Orders or Passbooks: These are required to verify and provide comprehensive information regarding the interest generated on time deposits such as fixed deposits, recurring deposits, and savings accounts. Regardless of the TDS, the complete amount of interest should be shown under the category “Income from Other Sources”.

Supporting Documents for Investments or Exemptions: If the taxpayer was unable to timely submit proof of certain exemptions or deductions (such as HRA benefits or Section 80C or 80D deductions), or if any investments have been made after employer proofs have been submitted but before the end of the financial year.

I.D. Card

ITR 1 filing for the AY 2021–2022: Major Amendments

The ITR Form has been updated to reflect the following changes:

If the TDS is deducted in accordance with Section 194N, the taxpayer will not be allowed to submit an ITR 1 Form. In accordance with this, if non-filers of the income tax return withdraw cash in excess of Rs. 20 lakh, the tax must be deducted at the source. In other situations, tax must be withheld if cash withdrawals total more than Rs. 1 crore in a fiscal year.

Under Section 194N, there is no provision for the TDS to be carried forward. the TDS credit as described in section 194N. Only the year in which the TDS was deducted shall be eligible for the TDS credit under section 194N.

The choice of the old or new tax regimes is given to either individuals or HUFs. Before filing the income tax returns required by Section 139 if the taxpayer chooses the new tax system under Section 115 BAC, he must submit form 101E. (1).

The new schedule DI was added to the ITR Forms for the assessment year 2020–2021. It has made it possible for taxpayers to take advantage of the deductions made during the extended period for AY 2020–21. Schedule DI is dropped for the years 2021–2022.