Income Tax: Check If You Are Eligible to File ITR-1 Sahaj Form

In India every earning individual exercises a healthy financial practice of filing an Income Tax Return or ITR, yearly. In this form, they disclose their net income, liabilities, tax amount, deductions, assets, etc. “Every year, individuals, businesses, and other entities whose income exceeds the minimum threshold set by the government are required to file their income tax returns. The due date for filing returns depends on the type of taxpayer and the nature of their income,” mentioned News18.

Check Income Tax Eligibility for Filing ITR-1 Sahaj Form

“There are seven ITR forms which are used by different taxpayers according to the income and type of individuals. ITR 1 or Sahaj is one such form which is widely used to file the returns.”

So, Who is Eligible to File ITR-1 Sahaj Form

As per the IT Department individuals who have:

• Net income under ₹50 lakh in a financial year.
• “Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources”, which include:

1. Savings account interest.
2. Income from depositing in banks, post offices, etc.
3. Interest earned from an income tax refund.
4. The income is generated through enhanced compensation.
5. And any other income from earning interest.
6. Pension for family.
7. Income earned by a spouse.

Individuals Who are Not Eligible to File ITR-1:

• If a person is Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
• The total income of an individual exceeds ₹50 lahks in a financial year.
• Income from the lottery, horse races, or any other type of legal gambling.
• If a person has taxable capital gains.
• Has invested in non-listed equity shares.
• Earning from business or any other profession.
• A director of a company.
• “Has tax deduction under section 194N of Income Tax Act.”

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Documents You Need to file ITR-1

“You would need Form 16, house rent receipt (if applicable), and investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, or TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc,” mentioned News18.