ITR-1
Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable undersection 115BBDAor income reffered in section 115BBDA or income referred in section 115BBE).
Who can use ITR-1
Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:
- Income from salary/pension.
- Income from one house property (excluding cases where loss is brought forward from previous years).
- Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
Documents Required for Filing ITR 1
ITR Sahaj Forms are attachment-less forms. This means that taxpayers are not required to attach any documents.
However, taxpayers should retain the following documents for their records and be prepared to produce them before tax authorities if requested, particularly in situations like assessments or inquiries.
- Form 16: Provided by all your employers for the relevant financial year.
- Form 26AS: Ensure that the TDS details in Form 16 match those in Part A of Form 26AS.
- Receipts: Retain receipts for exemptions or deductions (e.g., HRA allowance or Section 80C/80D deductions) not submitted to your employer on time to claim them directly on your income tax return.
- PAN Card: Your Permanent Account Number (PAN) card is essential for identification.
- Bank Investment Certificates: Details of interest earned from bank accounts, such as bank passbooks or fixed deposit certificates.
