Hurry up!IT department warns of Income Tax Return (ITR) filing deadline; These are the citizens who can file ITR-1 in Sahaj

The Income Tax Department (IT department) has rolled out a new advertisement where it directs Indian citizens on who should file for Income Tax Return (ITR) under Sahaj. In order to make tax compliances flexible and easier, the department had introduced ITR-1, also known as or Sahaj Form which is levied on a list of taxpayers for filing their ITR. Recently, the department has also revamped the ITR form 1 for assessment year 2018-19 and has opened the window for filing of this form at their website.

In latest development, the IT department has launched an advertisement with a tagline saying, “It’s easy to e-file Income Tax Return in Form No.1 Sahaj.”

The deadline to file ITR is scheduled at July 31 of this year. IT department even mentions that, ‘Why wait till July 31st, file early, beat the rush.”

In the new advertisement IT department has list out persons who can file ITR in Sahaj and who cannot.

Who can file

Individuals having income upto Rs 50 lakhs from salary/single house property/other income (interest etc.) can file ITR on one page ITR form No.1 Sahaj quickly and easily by following these simple steps.

• Firstly log on to your e-filing account on www.incometaxindiafiling.gov.in
• Select ITR-1 and file in the requisite details
• Calculate tax automatically online
• Pay balance tax payment (if any) online
• Upload and verify only

IT department also highlights that the above mentioned option is for the following people.

• An individual of the age of 80 years or more at any time during the previous year or
• Any individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

Earlier ITR-1 form was applicable for both residents, residents not ordinarily resident (RNOR) and also non-residents. Now, this form is made available only for resident individuals. Earlier, an individual had to show his salary break-up in Form 16, which has been changed and brought under the ambit of ITR-1 form. Apart from this, the revised ITR-1 form also has requirement to furnish a break up of Income under House Property which was earlier mentioned in ITR -2 and other forms.

Who cannot file

IndIviduals having income from sources like more than one House Property, Lottery, Racehorses, Legal Gambling etc., taxable capital gains (Short term and Long term), agricultural income exceeding Rs 5,000, Business and Profession.

Also, if an Individual who is a resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India cannot file ITR through it.

Even individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

Structure of ITR-1 form

Part A – General Information

Part B – Gross total Income

Part C – Deductions and taxable total income

Part D – Computation of Tax Payable

Part E  – Other Information

How to file

Step 1. Login to e-filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.

Step 2. Go to e-File and click on "Prepare and Submit ITR Online".

Step 3. Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.

Step 4. Fill in the details and click the "Submit" button.

Step 5. Upload Digital Signature Certificate (DSC), if applicable. One needs to ensure the DSC is registered with e-Filing.

Step 6. Click on "Submit" button.

Step 7. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V, which will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.