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ITR-1 (Sahaj) Return Filing
ITR-1 (Sahaj) Return Filing – Simplified Tax Filing for Salaried Individuals
What is ITR-1 (Sahaj)?
ITR-1, commonly known as Sahaj, is a simplified income tax return form for resident individuals earning up to Rs. 50 lakhs. It is primarily applicable to salaried individuals, pensioners, and those with income from a single house property and other sources such as interest income.
Petax Filings offers a seamless, hassle-free, and accurate ITR-1 filing service, ensuring compliance with the Income Tax Act, 1961. Our team of experts helps you file your returns effortlessly, minimizing errors and maximizing tax benefits.
Who is Eligible to File ITR-1?
ITR-1 is applicable for individuals who meet the following criteria:
- Total annual income does not exceed Rs. 50 lakh.
- Income sources include:
- Salary or pension
- Income from a single house property (excluding cases where losses are carried forward)
- Income from other sources (such as interest from savings accounts, fixed deposits, family pension, and income tax refunds)
- Agricultural income up to Rs. 5,000
- Clubbing of income from a spouse or minor child is allowed, provided it falls under the above criteria.
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Who Cannot File ITR-1?
Individuals falling under the following categories cannot file ITR-1:
- Non-Resident Indians (NRIs) and Resident Not Ordinarily Resident (RNOR)
- Total income exceeding Rs. 50 lakh
- Agricultural income above Rs. 5,000
- Individuals with capital gains (short-term or long-term)
- Those earning from lotteries, gambling, or horse racing
- Individuals owning more than one house property
- Directors in a company or those investing in unlisted equity shares
- Business or professional income holders
- Individuals with tax deductions under Section 194N
- Employees with deferred tax on Employee Stock Ownership Plans (ESOPs)
Penalty for Late Filing of ITR-1
- If filed after the due date but before December 31, a penalty of Rs. 5,000 applies.
- If income is below Rs. 5 lakh, the penalty is reduced to Rs. 1,000.
- Additional 1% monthly interest on unpaid taxes.
- Repeated non-filing may lead to legal prosecution, including imprisonment of 3 months to 7 years.
Structure of ITR-1 Form
The ITR-1 form consists of five parts and two schedules:
1. Part A – General Information
- PAN, Name, Date of Birth, and Contact Details
- Aadhaar Number (if available)
- Bank Account Details
2. Part B – Gross Total Income
- Salary/Pension
- House Property Income
- Other Income (Interest, Dividends, etc.)
3. Part C – Deductions and Taxable Income
- Deductions under Section 80C, 80D, 80U, 80G, etc.
- Computation of total taxable income
4. Part D – Computation of Tax Liability
- Tax Payable, Rebate (if applicable)
- TDS details and tax refunds
5. Part E – Additional Information
- Self-assessment tax payments and advance tax details
Schedules in ITR-1:
- Schedule IT: Advance tax and self-assessment tax payments
- Schedule TDS/TCS: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) details
Documents Required for ITR-1 Filing
While ITR-1 is an attachment-free form, taxpayers should keep the following documents handy for reference:
- Form 16 – Issued by your employer
- Bank Statements – Interest income from savings/fixed deposits
- Rental Receipts – If claiming HRA deduction
- Home Loan Statement – For claiming interest deduction under Section 24
- Donation Receipts – For deductions under Section 80G
- Medical Bills, Insurance Payments, and Investment Proofs – For tax deductions under various sections
Why File ITR-1 with Petax Filings?
At Petax Filings, we simplify the ITR-1 filing process with the following benefits:
✅ Expert Assistance – Our tax professionals guide you through every step.
✅ 100% Accuracy – We ensure error-free filing to avoid tax notices.
✅ Maximized Deductions – We help you claim all eligible tax benefits.
✅ Timely Filing Reminders – Never miss deadlines with our reminders.
✅ Secure & Confidential – Your data is fully encrypted and safe.
Get Started with Your ITR-1 Filing Today!
Avoid last-minute stress and penalties. File your ITR-1 with Petax Filings today! Our streamlined process ensures quick and accurate tax filing so you can focus on what matters most.
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