Sahaj Form (ITR-1 Form) as the name itself defines is the simplest form for furnishing of income tax return for individuals. Individuals who are resident individuals of India can furnish their return of Income Tax in this form if their income is up to Rs. 50 Lakhs and they derive such income from the following sources:
- Income from salary or pension
- Income from one house property
- Income from other sources
When ITR-1 Form cannot be filed:
- In case where income of resident individual exceeds from Rs. 50 Lakhs.
- In case where resident individual receives income from:
- more than one house property,(Or there is brought forward loss or loss which is required to be carried forward)
- winning from lottery,
- horse races, (income or loss)
- agricultural income exceeding Rs. 5,000/-,
- capital gains,
- business or profession,
- asset situated outside India or has a signing authority in any account located outside India
- In case status of individual is “Residents not ordinary residents (RNOR)” or “Non-residents (NR)”
- In case a person wish to claim relief under section 90, 90A or 91 etc.
- In case dividend income during the year exceeds 10 lakhs which is taxable u/s 115BBDA
- If there is an unexplained income or investment or cash credit as referred to in sec 115BBE.
- If Assessee has income which is to be apportioned as per section 5A, i.e., Portuguese Civil Code.
In all the above cases, ITR- 1 form is not applicable.
New ITR Forms for AY 2018-19:
Certain clauses have been added/ modified in Form ITR-1 in comparison to last year. Major changes are:
- New ITR- 1 Form in case of income from salary, requires furnishing of details relating to salary, allowances not exempt, perquisites value, profits in lieu of salary and deductions under section 16. In simple words, the break-up of salary is required to be furnished in Form ITR- 1.
- New ITR- 1 Form in case of income from house property, requires furnishing of break-up of income from renting of house property that includes disclosure of gross rent received/ receivable, municipal taxes paid and net annual value arrived. Further, disclosure of standard deduction @ 30% (this will be calculated automatically) and interest on borrowed capital claimed as deduction under section 24 is also required to be furnished.
- Reporting of information pertaining to fee for late furnishing of return as per the provisions of section 234F that has been inserted inIncome Tax Act, 1961 w.e.f. 1st April, 2018.
|Particulars||Cases||Amount of Late Fee|
|Income < 5 Lacs||In all cases (if he is required to furnish return of income)||Rs. 1,000/-|
|Income ≥ 5 Lacs||If return filed on or before 31.12.2018 (but after due date)||Rs.5,000/-|
|In any other case||Rs.10,000/-|
Provisions for furnishing return of income in Form ITR-1 for AY 2018-19:
- E-filing of return is mandatory. However, in case of resident individual who is a super senior citizen, (i.e. individual at the age of 80 or more during the previous year) and in case where the income of resident individual doesn’t exceed Rs. 5 Lakh (or no refund is due), the income tax return in Form ITR- 1 can be filed in physical/ paper form also.
- For the purpose ofverification of return of incomein form ITR- 1, Digital Signature is not mandatory and the following options are also available for verification:
o e-verification through Aadhar OTP
o e-verification through EVC (Electronic Verification Code)
o e-verification through net banking if the bank account is linked with PAN number
o physical verification by sending the signed ITR-V through post at CPC, Bengaluru