ITR-1 (Sahaj) Form: A Simplified Income Tax Return

The ITR-1 form, also known as "Sahaj," is a simplified income tax return form designed for resident individuals with relatively straightforward financial situations. It aims to make the tax filing process easier for a specific category of taxpayers.

Eligibility Criteria

ITR-1 can be used by a Resident Individual whose income is up to ₹50 lakh and comes from the following sources:

• Salary/Pension

• One house property

• Other sources, such as interest income

• Agricultural income (up to ₹5,000)

Key Components of ITR-1

While the specifics can vary slightly each year, ITR-1 generally covers these main areas:

• Personal Information: Basic details of the taxpayer, like name, address, and PAN.

• Income Details: Reporting income from salary, house property, and other eligible sources.

• Deductions: Claiming applicable deductions under various sections of the Income Tax Act.

• Tax Paid: Details of taxes already paid through TDS, advance tax, etc.

• Tax Computation: Calculation of total tax liability and any refund due or tax payable.

Important Considerations

• Who Cannot Use ITR-1: This form is not for those with income from business or profession, capital gains, more than one house property, or agricultural income exceeding ₹5,000.

• Filing Method: ITR-1 can be filed online through the income tax department's e-filing portal.

ITR-1 simplifies tax filing for many individuals, but it's crucial to ensure you meet the eligibility criteria before using this form.

for more detailed understanding for key changes in ITR-1, please check the video down below

https://youtu.be/LBDTq2YDo_c?si=_CF9PUYjGk9t7Yhe