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Form ITR 1 Sahaj

Get to know Everything about form ITR-1 and check whether you are eligible to file the same. Also know how you can easily file ITR-1 sahaj through Vakilsearch.

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Form ITR 1 Sahaj- Overview

The Income Tax Department governs all the aspects of income and stands liable for collecting the taxes as per the slab. In India, individuals with incomes up to ₹50 lakh are required to file form ITR 1 Sahaj. The Income Tax Act of 1961 specifies how to calculate taxable income for each category of taxpayer. After estimation, the taxpayer must report their income tax returns.

Who is Eligible to File Form ITR 1 Sahaj?

For persons with incomes up to ₹50 lakh and people who get income from the following sources are eligible to file an ITR-1 Sahaj

  • Salaries professionals: A person who has paid a salary is compensated financially for the services they provide as required by their job contract. The following is estimated under the salary income sector of the Income Tax Act of 1961.
  • Pension or Annuity
  • Paid in advance of salary, leave encashment
  • Fees, requirements, commissions, and profits in addition to or instead of wages or salaries
  • Transferred funds in a known provident fund
  • A yearly addition is made for any central government payments made to the recognised provident account or for any employer contributions made to a pension account in accordance with Section 80 CCD of the Income Tax Act
  • Income through residential property: If the taxpayer owns a home from which they receive rent as an income it will be taxed
  • If the taxpayer uses the property to run a business or practise a profession, it would be taxable under the 'Income from Business or Profession' category
  • Further inceptions does not include income received from winning lottery or racehorses
  • Profit from agriculture (up to ₹5000)

Important Document to File Form ITR 1 Sahaj

  • Form 16 pay stubs
  • Interest certificates from banks and post offices
  • Form 16A/16B/16C
  • Type 26AS
  • Proof of tax-saving investments
  • Deduction for capital gains under Sections 80 D to 80 U for home loans from NBFCs or banks.

Step-by-Step Process For Filing Form ITR 1

Step 1: Income and Tax Calculation

The taxpayer must estimate their profit. The estimation should take into account all income sources, including salary, side income from freelancing, and interest income. Certain expenses, including tax-saving investments permitted by Section 80C, are allowable deductions for the taxpayer. You can also use our ITR calculator. It's fast, secure, and accurate.

Step 2: Source Certificates of Form 1 and Tax Deducted at Source (TDS)

The taxpayer must total their TDS based on the TDS certificates they have received for each of the four quarters of the fiscal year. The statement of TDS and tax paid throughout the rule of the financial year should be submitted using Form 1. Click here for TDS calculation.

Step 3: Choose the Appropriate Income Tax Form

The person must choose the correct ITR form, before filing their income tax return. After getting the income tax form, the person can proceed with finalising the income tax return. Online and offline filing are the two accessible choices.

Step 4: Visit the Income Tax Portal and Download the ITR Tool.

Choose 'downloads' from the top navigation bar on the income tax portal's website. The offline utility programme of your intention, such as Microsoft Excel, Java, or JSON utility, should be downloaded after selecting the appraisal year.

Step 5: Fill Your Information In The Downloaded File.

To determine if taxes are needed or refunds are due based on the tool's projections, enter the relevant information about your income after downloading the offline tool. The information from the income tax challan can be used to complete the form that has been downloaded.

Step 6: Re Confirm the Data You've entered

On the right side of the downloaded form, there are a few buttons. Select 'Validate' from the menu.

Step 7: Alter the File's Format to XML

To restore the file's format to XML when it has been successfully assessed, click the 'Generate XML' button on the right side of the file.

Step 8: Upload the XML file on the Income Tax Portal

  • After logging in, select 'Income Tax Return' from the 'e-File' menu on the income tax e-filing portal
  • Incorporate all pertinent features, such as your PAN, assessment year, ITR form number, and procedure of submission
  • Now click the drop-down menu next to 'Submission Mode' and select 'Upload XML'
  • Then, while still connecting the XML file from your computer, press the 'Submit' button.

Note: Even if a single information is wrong the filing may end up as an error and you will have to start from the first. The best option to file ITR 1 sahaj is through Vakilsearch. We offer fast and easy filing without much hassle. Get started right away!

Why Vakilsearch?

Vakilsearch has a team of top-notch tax experts who can complete the whole process without much hassles. Our team can help from scratch in calculating the tax and filing it with no errors. We have an in-house chartered accountant, and tax experts who can help in resolving all your queries and file form ITR-1 in just a few clicks. Get started now!

Recent Update in Important Amendments to ITR 1 filing for the AY 2021-2022

  • If the TDS is deducted in accordance with Section 194N, the taxpayer will not be allowed to submit an Form ITR 1
  • In accordance with this, if non-filers of the income tax return withdraw cash in excess of ₹20 lakh, the tax must be deducted at the source
  • In other situations, tax must be withheld if cash withdrawals total more than ₹1 crore in a fiscal year
  • Under Section 194N, there is no provision for the TDS to be carried forward
  • The TDS credit as described in Section 194N
  • Only the year in which the TDS was deducted shall be eligible for the TDS credit under Section 194N
  • The choice of the old or new tax regimes is given to either individuals or HUFs
  • Before filing income tax return required by Section 139 if the taxpayer chooses the new tax system under Section 115 BAC, they must submit form 101E. (1)
  • For the evaluation year 2020–2021, the ITR Forms now include the revised schedule DI
  • Taxpayers are now able to profit from reductions made during the extensive interval for AY 2020–21. Schedule DI is declined for the 2021–2022 fiscal year.
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