Filing an income tax return form is scary, more so when you are doing it own your own. A simple mistake can make you a defaulter in the eyes of the Income Tax Department bombarding you with the Income Tax Notices, Penalties and Interest. Or in simple situation just a loss of your income tax refunds.
Nightmare! Isn't it!
No Worries:)
In this guide we will explain you in depth each and every part of the ITR 1 form, which will help you in first understanding the information asked by the tax department(since it is full of taxation jargons) and then answering them the correctly by avoiding the common mistakes that people make.
Let's get started!
Due date for Income Tax Return filing has been extended from 31st July 2019 to 31st August 2019 by the Income Tax Department
As you already know Income Tax Return filing is done by way of submitting the income tax form to the income tax department. Different ITR forms are notified by the tax department depending on the source of your income. ITR 1 form commonly known as Sahaj is one of such form.It is one of the most used forms in India.It is a simple one page used for submitting your income, deductions and tax details to the income tax department.
This form can be filed by individuals who have income upto Rs. 50 Lakhs in the 1 April 2016-31st March 2017 Financial Year(F.Y.) from: -
Further, in case where the income of your spouse, minor child, etc., is clubbed with your income, then this return form can be used only when your total income (after clubbing) also falls in the above specified categories.
This Return Form cannot be used by an individual whose total income for the assessment year 2017-18 exceeds Rs.50 lakh or includes any of the following -
For Financial Year 2016-17 (Assessment Year 2017-18), the Government of India has introduced a 1-page Form ITR-1. Earlier, this was a 7-page Form, separated into different Parts and Schedules.
The ITR 1 Form looks like this:
https://www.incometaxindia.gov.in/forms/income-tax%20rules/2017/itr1_english.pdf
ITR Form 1 is divided in five parts and two schedules for easy understanding. These are :
Though ITR Form 1 looks like a one page simple form. But, while filling it, due caution should be taken.
Let's explain each part of it in detail :
This part includes your personal details -
| Field | Description | Is it Compulsary to Fill?(Yes/No) |
| PAN | Permanent Account Number | Yes |
| Name | Enter your full name as per your PAN Card | Yes |
| Aadhaar Number | Providing Aadhaar Number is now mandatory while filing returns [from 1-07-2017]. Enter your 12 digit Aadhaar Number or 28 digit Aadhaar Enrolment ID incase you do not have your Aadhar with you .
Incase, you fall in the below mention category then filling of your aadhaar no is not mandatory :
|
Yes with few exceptions) |
| Date of Birth | Enter your Date of Birth as per your PAN card in DD/MM/YYYY format | Yes |
| Mobile Number | Enter your valid mobile number, this would be used by IT department for all communications. | Yes |
| Email Address | Enter your valid mobile number, this would be used by IT department for all communications. | Yes |
| Address | Enter your current full address.This would be used by IT department for all communications.
|
Yes |
| Employer Category | Govt., PSU , Others or Not Applicable |
Yes |
| Residential Status | Resident, Non – Resident, Resident but Not Ordinarily Resident. Confused about your residential status. Check now | Yes |
| Return filed | There are various sections under which return is filed.These are :
|
Yes |
| Whether original or revised return? | Select the applicable option, depending whether the return filed is original or revised. | Yes |
| Original Acknowledgement Number | If you are filing the revised return under section 139(9) asked by department or 139(5) on your own, then write the Acknowledgement number and date of filing the original return in DD/MM/YYYY format. | Yes (In case of revision of returns) Yes (In case of revision of returns) |
| Date of filing of Original Return | ||
| Notice Number | Many a times , we receive notice from IT department even incases we have filed ITR’s . So, if you have received any notice under section 139(9)/142(1)/148/153A/153C, and are filing your ITR in response to these, then enter the Notice Number and Date of such notice in DD/MM/YYYY format. | Yes( If received notices) |
| If filed in response to notice u/s 139(9)/142(1)/ 148/153A/153C, enter the date of such notice | ||
| Are you governed by Portuguese Civil Code as per section 5A? | This is applicable incase of people to whom Portuguese Civil Code applies. This code is generally applicable on the people living in State of Goa and in the Union territories of Dadra and Nagar haveli and Daman and Diu. Incase you are determined by this code, enter only your share of income under Income from House Property and under Income from Other Sources. The balance share of income under these heads should be entered in the ITR of your spouse. | Yes |
| If Yes, Fill PAN of the Spouse | If Portuguese Civil Code applies on you then enter the PAN of your spouse. |
Under this section you enter all your income details from various sources:
Note :- Loss cannot be carried forward to next year. ITR2 to be used for all such purposes.
It includes details of all the deductions claimed under Section 80C to 80U of the Act. These include investments, Mediclaim, LIC Premium, Contribution to Pension Account, Education Loan, Donation, etc. This part also includes the Taxable Income which comes after deducting the amount of Total Deductions from the Gross Total Income. Read our Deductions Blog for knowing more about this section.
This includes all the details relating to calculation of the final tax payable-
This part also includes the details of all the bank accounts(current +savings) held in India at any time during the year for which the return is filed.
"Do Not Forget to Mention(Put A tick) on the account in which you want your income tax refunds"
This includes all the Details of tax payments including Advance Tax and Self - Assessment Tax Payments. Advance Taxes and Self-Assessment challan deposited details are required.These are :
This includes the Details of Tax Deducted/Collected at Source on Income Other than Salary. These details can be based on Form 16 A issued by various Deductors in respect interest income and other sources of income. This schedule contains the following details:
There is a verification section in which you need to mention your Name and your father's name . after completing the Verification Section, fill date and Sign in the space given. Without a valid signature, your return will not be accepted by the Income Tax Department.
Incase, you e-file your return then you can sign with your digital signature. If you do not have digital siganture, submit your return and return sign a hard copy of ITR V and send it to CPC Bengaluru else e-verify it.
Form ITR – 1 can be filed with the Income Tax Department in any of the following ways:
ITR 1 can be submitted in paper form by:
For filing the ITR Form 1 online, follow the following steps:-
or
For the financial year 2016-17, the due date for filing the ITR–1 form was 31st July, 2017. However, you can still e-file your belated income tax return upto 31st March 2018.
Form 16 issued Form 26AS Pass Book of Bank / Bank Certificate PAN Card Aadhaar Card Tax saving deduction details
No document (including TDS certificate) should be attached to this Return Form. Though, all such documents should be kept with you for the future reference.
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Well, ITR – 1 Form is an annexure less return, and you do not have to attach any documents along with your Income Tax Return.
Details of all savings and current accounts held at any time during the previous financial year must be declared under Part E – other information section of the ITR form.
Account numbers should be as per Core Banking Solution(CBS) system and dormant account (accounts which are not operational for more than 3 years) details are optional.
Further more, you have to specify the account that you want to use, in case of refund.
Yes, it is to be included before Part E – other information under the head Exempt Income(others) since dividend income from mutual funds is exempt under Sec 10(35).
| In case agricultural income<or = 5000 INR | File ITR 1 |
| In case agricultural income>5000 INR | File ITR 2 |
There is a limit put by the income tax department. Only 10 assesses can be registered using one mobile number and one email ID.
| Type of Income | ITR type |
|---|---|
| Salaried individual having income > 50 lakhs | ITR 2 |
| Income from business/profession | ITR 3 |
| Presumptive income u/s 44AD/44AE | ITR 4 (Sugam) |
Ans In this case, you are required to file revised return, last date for which is the end of the relevant A.Y.
Ans. Income under the other source including winnings from lottery, activity of owning and maintaining race horses, income chargeable under the special rates 115BBDA or section 115BBE are not included in other source income ITR 1
Ans. ITR 2 is used for salary and capital gain income .
Ans. Return may be revised if any income is not considered properly. assessee shall be revised the return if forget to mention som income in ITR
Ans. Alternatives are the other ITR forms as per the satisfaction of income of the assessee.
Ans. ITR on the income tax website can not be deleted, only revise return is filed.
Ans. Allowance under section 10 can be selected from the drop down box under the ITR form.
Ans. Capital gain and loss can not be selected under ITR 1 from, ITR form 2 shall be filed where assessee has capital gain transaction and income under the head salary.
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