ITR refers to the form in which taxpayers declare their taxable income, deductions and taxes paid to the Income Tax Department of India. Every year individuals, businesses and other entities whose income exceeds the minimum limit set by the government have to file their income tax return.
ITR Form: A person whose income is taxable in India is required to file Income Tax Return (ITR). At present, there are different income tax slabs in the country. Apart from this, different forms are also available for filing income tax return. ITR 1 Sahaj form is also included in these forms. In such a situation, let us know who can fill the ITR 1 Sahaj form.
Income Tax Return
Income Tax Return (ITR) in India refers to the form in which taxpayers declare their taxable income, deductions and taxes paid to the Income Tax Department of India. Every year individuals, businesses and other entities whose income exceeds the minimum limit set by the government have to file their income tax return. The due date for filing the return depends on the type of taxpayers and the nature of their income.
After filing the income
tax return, the Income Tax Department verifies the details provided by the taxpayers and calculates the amount of tax due. If taxpayers have paid more tax than the dues, they are entitled to a refund, while if they have paid less, they will have to pay the remaining amount.
Tax Forms
Currently there are seven ITR forms which are used by different taxpayers according to the income and type of individuals. ITR 1 or Sahaj is one such form, which is widely used for filing returns.
These Indian residents can file ITR 1 Sahaj:-
The total income during the financial year does not exceed Rs.50 lakhs.
Income includes salary, one house property, family pension income, agricultural income (up to Rs 5000) and income from other sources.
Other sources include interest from savings accounts, interest from deposits (bank / post office / co-operative society), interest from income tax refund, interest received on enhanced compensation, any other interest income, family pension, income of spouse (Portuguese citizens other than those covered under the Code) or a minor is added (only if the source of income is within the specified limits mentioned above).
