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Income Tax Return is a form containing the information of income and tax paid of the assessee which is used to file the income tax with the Income Tax Department of India. Income tax is a tax imposed by the Central Government of India on income of a person under various criteria and every citizen/entity should file income tax returns. IT-R is verfied by IT department of India. There are various types of IT-R like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 Income tax ITR-1 form must be filed by taxpayers who receive salary and have income from a house property. AADHAAR CARD IS MANDATORY FOR INCOME TAX FILING.

ITR-1 SAHAJ form is used by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within Rs. 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.

ITR-1 SAHAJ form is used by Individuals to file their Tax Returns with the Income Tax Department of India whose income is within Rs. 50 Lakhs in financial year. and source of income falls under any below categories :

• • Income from Salary/ Pension
• • Income from just one house property
• • Income from Other Sources excluding Winning from Lottery,Income from Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000

ITR-1 SAHAJ form should not be filed for below cases :

• • An individual having income above Rs 50 lakh cannot use this form
• • Assessee has Taxable Capital Gains (Short term and Long term)
• • An individual who is either a director in a company and holding any unlisted equity shares during the financial year.
• • Income from Other Sources :
  • a. More than one House Property
  • b. Lottery, Racehorses, Legal Gambling etc.
  • c. Business or Profession
  • d. Agricultural income that exceeds Rs. 5000
  • e. Foreign assets
  • f. Foreign tax paid or double taxation relief under section 90/90A/91
• • Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1

As per Section 234F of the Income Tax Act, ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.

The penalty for late filing income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March. However, to provide relief to small taxpayers, the IT department has stated a maximum penalty of only Rs. 1,000 will get levied if total income is less than Rs 5 lakh.

Other kind of penalites are as follow:

• • Incorrect Form : In case an incorrect form has been used to file the returns, then it will be treated as “defective” and the assessee will be asked to file a revised ITR using the correct form. the assessee have to file revised return within 15 days from the date of the intimation. If not done as required,the assessee will be facing all the penalties prescribed to not filing ITR. As well as, interest will get charged, u/s 234A, for the delay.


• • Under Reporting : In case if it is found that the actual income exceeds the income declared by the assessee Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax will payable if under-reporting results from misreporting of income.


• • Defaulter :  In case a demand notice u/s 156, has been issued to the taxpayer for payment of tax (other than notice for payment of advance tax). Then such amount, as per section 220(1), shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. If the taxpayer defaults in payment of any tax due, then apart from other penal provisions, he is treated as an assessee in default. For an assessee in default, the penalty will get levied as decided by the AO. However, the penalty cannot exceed the amount of arrears in tax. The taxpayer is given a reasonable opportunity of being heard before been penalized and No penalty is levied if the taxpayer can prove otherwise.


• • Penalty in case of income from undisclosed sources :  The AO may make an addition to the income of a taxpayer as per Section 68, 69, 69A, 69B, 69C or 69D if the explanation about the nature and source of his income is not satisfactory. The AO is empowered to levy penalty at the rate of 10% of the tax payable if any addition is made. However, no penalty shall be levied if this income has been disclosed in the ITR and tax paid, u/s 115BBE, on or before the end of the relevant previous year.

Individual Documents

Other Documents

You may refer to the Eligibility section before return filing.

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