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Every Indian resident, whose total annual income is more than the tax exemption limit, must pay income tax and file income tax returns to the Government of India. To simplify the tax collection process, the taxpayers are categorised into different groups and sections depending on their income and its source. Similarly, there are different types of ITR (Income Tax Return) forms for each category of taxpayers.
ITR 1 form, also commonly termed as ‘Sahaj’ meaning ‘easy’, is the form used by most taxpayers while filing income tax returns. ITR 1 form is generally used by salaried taxpayers and can only be filed online through the e-filing portal.
Step1: Go to the e-filing portal.
Step 2: If you already have an account, then log in by entering your details. If you are new to the e-filing website, then you must register yourself with the e-filing portal by clicking on ‘Register Yourself’.
Step 3: To register with the Income Tax Department website, select the appropriate User Type from the dropdown.
The options available under this category include Individual, HUF or Hindu Undivided Family, External Agency, Other than HUF/Individual, Tax Deductor and Collector, Chartered Accountants, Third-Party Software Utility Developer.
After selecting this option, provide your permanent address and current address details. Then, enter the Captcha verification code and click on ‘Submit’.
Step 4: After you click on ‘Submit’, a new page will open. On this page, input all your basic details.
Enter your Name, your PAN details, Date of Birth. Your PAN number will become your User ID. Also, provide your email address and mobile number.
Step 5: The next step is to complete PAN verification. The system will verify your PAN with the database. After successful verification, your contact details and your transaction ID will get displayed on your screen.
Step 6: After the PAN verification, you need to activate your account. The Income Tax Department will send you an activation link to your registered email address. Open the email and click on the link to complete the registration process and activate your account.
ITR 1 is a single-page form that needs to be filed by individuals whose annual income is below ₹50 lakhs. The sources of income include:
It is possible for the taxpayer to file for clubbed ITR returns by including the income of the spouse or the minor, as long as their income or earnings falls within the specifications mentioned above.
Any taxpayer, who meets the following criteria, cannot file ITR 1 form for the AY 2020-2021:
Further, individuals earning their income from the following sources cannot file ITR 1 Form for income tax returns:
By following the simple steps mentioned below, the individual can do the ITR 1 form download:
The ITR 1 form is divided into nine major segments:
Part A: General Information
Part B: Gross Total Income
Part C: Deduction and Total Taxable Income
Part D: Computation of Tax Payable
Part E: Other Information
Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
Schedule TDS: Details of TDS/TCS
Schedule DI: Details of investment
Verification
The ITR 1 form can be submitted in the following two ways:
The following type of individuals mentioned below can file their ITR returns in physical paper format:
In the offline method, the ITR return is submitted physically on paper. The Assessing Officer will issue the acknowledgement after the physical submission of the ITR form.
If the ITR 1 form is submitted electronically, an acknowledgement will be mailed to the registered email address. The individual can also download this acknowledgement from the Income Tax Department website. The individual has to sign the acknowledgement and post it via regular mail to the CPC Office of the Income Tax Department in Bengaluru within 120 days of ITR 1 filing.
If the ITR 1 form is submitted with the digital signature, then the individual can e-verify their returns.
An individual should submit their filed ITR 1 form on or before 31st July of the given assessment year for taxes paid in the previous financial year. For example, if the individual files ITR 1 form for taxes paid during the FY 2019-2020, then the assessment year will be 2020-21. Thus, the last date for submission of ITR 1 form would be 31st July 2020.
Note: Due to the COVID-19 pandemic and the resultant nationwide lockdown, the Government of India has extended the last date of filing ITR 1 form till 30th November 2020 for the FY 2019-2020.
According to the revised rules, the Section 234F of the Income Tax Act notifies that if the individual fails to file their ITR returns before the last date of 31st July, then they are liable to pay the penalty of maximum ₹10,000. However, if the total annual income of the taxpayer is less than ₹5 lakhs, then the applicable penalty amount is ₹1000.
Date of e-Filing | Penalty for total annual income below ₹5,00,000 | Penalty for total annual income above ₹5,00,000 |
31st July 2020 | 0 | 0 |
Between 1st August 2020 to 31st December 2020 | ₹1000 | ₹5000 |
Between 1st January 2021 to 31st March 2021 | ₹1000 | ₹10,000 |
Here is all the information you need to know about ITR 1 form. If you are yet to file your ITR returns, do it before the last day.
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Very nice indeed!