The last date for filing Income Tax Returns (ITR) for 2018-19 is July 31, 2019, and it is not too far away. There are different types of forms to file ITR but the most popular is ITR-1, which is also known as SAHAJ. Anyone who has an income of up to Rs 50 lakh needs to fill ITR-1 form.
As per the Income Tax Department, ITR-1 is used by individuals who have income under the following heads:
a) Income from Salary/Pension; orb) Income from One House Property; orc) Income from Other Sources (excluding income taxable at special rates under Section 115BBDA or Section 115BBE, income from winning the lottery, or income from horse racing activity.)
If the income of another person, like a spouse, minor child, etc, has to be clubbed with the income of the taxpayer, then the individual can use ITR-1.
As per the Income Tax Department website, ITR-1 cannot be file by below individual:
1. An individual having income above Rs 50 lakh cannot use this form.2. An individual who is either a director in a company and has invested in unlisted equity shares3. An individual who is a Non-Resident cannot file returns using ITR-14. An individual who has more than one House Property5. An individual who has short term and long term capital gains 6. An individual whose agricultural income is exceeding Rs 5,0007. An individual who is a Director in a company. Also, an individual who earns profits and gains from business and professions8. An individual who has any asset located outside India9. An individual who has income from any source outside India10. An individual who has any claim of relief under Section 90 (Double Taxation Relief) and/or Section 9111. An individual who has an income to be apportioned in accordance with provisions of section 5A (Apportionment of income between spouses governed by Portuguese Civil Code)
How to file ITR-1 Form:
One can submit ITR-1 form either online or offline.
Offline:
The following persons have the option to file the return offline:
1. An individual at the age of 80 years or more at any time during the previous .year2. An individual or HUF whose income does exceed Rs 5 lakh and who has claimed any refund in the return of income.
Online/Electronically:
If you submit your ITR-1 form electronically, the acknowledgement will be sent to your registered email id. You can download the form and send it to the Income Tax Department in Bengaluru within 120 days of e-filing or you can e-verify your return.