Keep ready the following before filing Income Tax Return – 1 ( ITR-1) Called SAHAJ for the Assessment Year 2017-18
FILLING Income Tax Return Form (ITR-1) SAHAJ
Click on the Income Tax Return Form Image here below:
Income Tax Return-1 (ITR-1) form also known as SAHAJ is found online for all the income-tax payers who have to periodically file normaly in the month of June or July of a particular Year. We file Income Tax Return for a financial year. Financial Year begins from April of that year and ends in March next year.
Who has to file Income Tax Return?
If an individual paid in the last assessment year, then he have to pay this assessment year also. Another possibility is, if the employer recovered a portion of amount and paid as Income Tax, then also that individual has to file Income Tax Return. Otherwise any individual who falls under the income tax slabs either as a salaried individual or pensioner, then also they have to file Income Tax Return.
So let us clarify what is assessment year and financial year for an individual who has to file Income Tax Return.
Financial year will be April month of this year 2017 to March 2018. During this period what ever the income earned by you will become taxable income if your employer recovers part of your salary for income tax payment.
When you have to file Income Tax Return?
You have to file income tax return -1 in the assessment year that is between April 2018 – 19. That is you will file your income tax return in the month of July in the assessment year.
Who will use the Income Tax Return form / Tax Return Form?
It is to be used by the individuals earned income for the Assessment Year 2017-18. What is that income that should be used in this form?
1. Yearly income drawn from your salary or pension
2. If income is earned from one house property
3. Income from other sources
4. Excludes winning from a lottery
5. Income earned from Race Horses
6. If income is already taxable under section 115BBDA
7. Or income of the nature referred to in section 115BBE
If the income earned by the life partner or a minor child and such income is eligible as per the above conditions, then such income can be clubbed to the income of the individual who has to file the tax return for the assessment year 2017-18.
Of course when we know who can use this return form, then we should also aware of that, who should not use this return form.
An individual whose earning is more than 50 lacs for the assessment year 2017-18, is not supposed to use this return form.
The other conditions that suits not to use this return form includes:
If the individual is earning income from more than one house property
If the individual has made income from winning a lottery or gained income from Race horses
If income is taxable under section 115BBDA
Income of the nature referred to in section 115BBE
Income received or earned under the head “Capital Gains”
Examples of capital gains can be , if somebody earns money by sale of a house, or plot, or shares, etc which are to be classified as short-term capital gains or long-term capital gains
If an individuals agricultural income exceeds 5,000 rupees
If the individual is having business or is a professional
If there is any loss incurred under the head ‘income from other sources’
If there is claim relief under section 90 and or 91
If any resident having any asset outside India
If any resident earning income from any sources outside India
Return Form has no attachments
No document including TDS certificate should be attached to this Return Form. In case mistakenly if any individual enclosed the attachements, they will be returned to the individual
Which mode of filing of this Return Form can be made?
An individual can produce the Return in a paper form. But the age should be 80 years or more than 80 years, or, an individual or HUF whose income is not exceded 5 lakh rupees and no refund is claimed for income in the return.
Online method of submitting the Return From by transmitting the data in the return. Then submit the verification of the return in Return Form ITR-V
The Return Form ITR – V should be prepared in two sets and one set should be submitted in two sets to the below address:
Electronic City Office, Bengaluru – 560100, Karnataka.
Well, the other copy should be retained as reference.
The following table shows the income slabs, the amount which is not chargeable for different categories of individuals:
1. Say, all the individuals who are not crossed the age of 60 years, if the income they earn is above 2,50, 000, the exceeding amount is taken for calculation of income tax.
2. All the individuals, who are 60 and above age during any time of the financial year 2016-17, and are resident in India, such individuals income will be calculated for income tax above 3 lakh rupees.
3. Other individuals who are of 80 years and above age, during any time of the financial year 2016-17 and are resident in India, they should also file income tax return for the amount above 3 lakh rupees.
While the individuals filling the Return Form, ensure that the following are arranged before hand.
1. Permanent Account Number ( PAN ): PAN consists of starting 5 letters and the last one are alphabets and remaining are numeral digits. PAN number consists of 9 digits mixed as alpha numerals.
2. Your name is very important. Fill the Return Form your name as given in the PAN card.
3. Aadhaar Number is also compulsory from 1st July, 2017 onwards.
4. Digital signature method is used online where the return will be reached the income tax department
By transmitting the data in the return electronically under electronic verification code