ITR-1 Form Filing - Income Tax Return
TR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.
Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.
Who can use ITR-1 Form ?
ITR-1 must be filed by individuals whose source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).
Who should not file ITR-1 Form ?
ITR-1 form should not be filed for below cases :
- 1 . Income that exceeds Rs. 50 Lakhs
- 2 . Assessee has Taxable Capital Gains
- 3 . Assessee has any of the below sources of income :
- a . Income from foreign assets
- b . Agricultural income that exceeds Rs. 5000
- c . Income from Business or Profession
- d . Income from more than one house property
When should ITR-1 be filed ?
ITR-1 form is to be used when the assessee has income that is within Rs. 50 Lakhs and when the source of income falls into any of the below categories :
- 1 . Income from Salary/ Pension
- 2 . Income from just one house property
- 3 . Income from other sources excluding Winning from Lottery, Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000.
What is the due date for filing ITR - 1 Form ?
ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.