ITR-1 SAHAJ

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ITR-1 SAHAJ Form is an essential Income Tax Return form for Indian citizens filing their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file their returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.

Every Income Tax Return Form is applicable to a certain section of the Assessees and so is the case with the ITR-1 SAHAJ Form. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Filing of Income Tax Returns: Obligation by Law [1][edit]

Individuals who fulfill any one of the following conditions should by law file their Income Tax Returns during a financial year:

  • Possesses a valid Credit Card
  • Pays for foreign travel, either for himself or another individual
  • Is the member of a Club where entrance fees charged is twenty five thousand or more
  • Occupies a particular floor area of an immovable piece of property
  • Is the owner of a vehicle

Due Date for filing returns[edit]

The due date for filing Income Tax Returns for a financial year is the 31st of July of the end year, unless the Income Tax Office specifies an extension. E.g. The due date for filing returns for the FY 2011-2012 was extended as per an Income Tax Department directive till August 31, 2012.[2]

The due date for filing Income Tax for year FY 2012-13 was extended up to 5-Aug-2013[3]

Eligible individuals for ITR-1 SAHAJ [4][edit]

Individuals who have earned their Income for a Financial Year only through the following means are eligible to fill the ITR-1 SAHAJ form [5]

  • Through Salary or Pension
  • Through One House Property (except in case of losses brought forward from preceding years)
  • Through other sources apart from Lottery, Racehorses, Legal Gambling etc.

In case of clubbed Income Tax Returns, where a spouse or a minor etc. is included in the tax returns, this can be done only if their income too is limited to the specifications laid down above.

Non-eligible individuals for ITR-1 SAHAJ [6][edit]

Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means

  • Through more than one piece of Property
  • Through Lottery, Racehorses, Legal Gambling etc.
  • Through non tax-exempted capital gains, Short term as well as Long term
  • Through agricultural means exceeding Rs. 5000
  • Through Business and Professions

Submission of ITR-1 SAHAJ form[edit]

The form can be submitted physically at any Income Tax Returns Office. An Acknowledgment Receipt can be obtained upon submission.

In case of Electronic Filing[7] of the form there are two alternatives. Firstly, if a Digital Signature is obtained, the Form is uploaded online. Secondly, the Form is downloaded, printed, signed, and a copy of the acknowledgement is sent by post to the Income Tax Department’s office in Bengaluru.

References[edit]

  1. ^ "File Income Tax Return". Government of India - Income Tax Dept. Retrieved 2012-10-29. 
  2. ^ "Deadline for income tax returns filing extended". Hindustan Times. 31 July 2012. Retrieved 2012-10-29. 
  3. ^ "Last date for filing income tax returns extended to August 5". 
  4. ^ "Instruction of SAHAJ Income Tax Return". Government of India - Income Tax Dept. Retrieved 2012-10-29. 
  5. ^ "ITR - 1 - (SAHAJ) Indian Individual Income Tax Return (2012-13)". Makemyreturns.com. 6 September 2012. Retrieved 2012-10-29. 
  6. ^ "Instruction of SAHAJ Income Tax Return". Government of India - Income Tax Dept. Retrieved 2012-10-29. 
  7. ^ "Tips on filing I-T returns". DNA India. 25 July 2012. Retrieved 2012-11-03.