Individual taxpayers who receive income from a salary, pension, or interest should utilize the Income Tax Return ITR-1 Sahaj form. It is the form for filing income tax returns that is most frequently used in India.
Why you should file Income Tax return?
According to the Income Tax Act of 1961, an ITR, or income tax return, is filed in India to declare and pay taxes on an individual's or an entity's income generated during a fiscal year (April to March).
All taxpayers in India who have gross total incomes greater than the basic exemption limit set by the government are required by law to file an ITR.
Who can file ITR-1 Sahaj?
ITR-1 can be filed by a resident individual who qualifies the following:
Total income does not exceed Rs 50 lakh during the financial year
Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:
Interest from savings accounts
Interest from deposits (Bank / Post Office / Cooperative Society)
Interest from income tax refund
Interest received on enhanced compensation
Family pension
Income of spouse (other than those covered under Portuguese Civil Code) or minor is clubbed (only if the source of income is within the specified limits as mentioned above).
Any other interest income
What are the required documents to file ITR-1 Sahaj?
Form 16, receipts for investment payment premiums, and, if appropriate, housing rent receipts are required. (if applicable).
However, since ITRs are annexure-less forms, you are not required to provide any supporting documentation with your return (such as TDS certificates or evidence of investment). (whether filed manually or electronically).
These records must be preserved by the taxpayer in case they need to be presented to tax authorities during an assessment, investigation, etc.
