Filing of ITR-1 Sahaj Form – FAQ
Who is eligible for filing itr1?
ITR-1 can be filed by a Resident Individual whose:
• Total income does not exceed Rs 50 lakh during the Financial Year.
• Income is from salary, one house property, family pension income, agricultural income (up to Rs. 5000/-), and other sources, which include:
o Interest from Savings Accounts
o Interest from Deposits (Bank / Post Office / Cooperative Society)
o Interest from Income Tax Refund
o Interest received on Enhanced Compensation
o Any other Interest Income
o Family Pension
o More information, visit our website: https://apnadigitalkendra.com/itr-1-sahaj-form/
• Total income does not exceed Rs 50 lakh during the Financial Year.
• Income is from salary, one house property, family pension income, agricultural income (up to Rs. 5000/-), and other sources, which include:
o Interest from Savings Accounts
o Interest from Deposits (Bank / Post Office / Cooperative Society)
o Interest from Income Tax Refund
o Interest received on Enhanced Compensation
o Any other Interest Income
o Family Pension
o More information, visit our website: https://apnadigitalkendra.com/itr-1-sahaj-form/
While filing ITR-1, Is it necessary to show the interest income from other sources, if the TDS is already deducted ?
Yes, it is necessary to include interest income from other sources even if the tax is deducted by the bank.
Can I file ITR-1 with exempt agricultural income ?
> Yes, you can exempt agricultural income if it does not exceed Rs 5000.
> If the agricultural income is more than Rs 5000, then you should file ITR 2.
> If the agricultural income is more than Rs 5000, then you should file ITR 2.
How to report bank accounts in ITR-1 ?
The details of all the savings and current accounts held at any time during the previous year must be provided.
However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years.
The account number should be as per Core Banking Solution (CBS) system of the bank.
It is to be provided in the Part E – other information of the ITR form.
However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years.
The account number should be as per Core Banking Solution (CBS) system of the bank.
It is to be provided in the Part E – other information of the ITR form.
Do I need to include dividend income from mutual Funds ?
> Yes. Dividend income from mutual funds is exempt under sec 10(35).
> It is to shown in Part D under the head Exempt Income(others).
> However, from financial year 2020-21 onwards, dividend income from mutual funds is taxable in the hands of shareholders.
> It is to shown in Part D under the head Exempt Income(others).
> However, from financial year 2020-21 onwards, dividend income from mutual funds is taxable in the hands of shareholders.
While filing ITR-1, should interest income be shown in income from other sources, if TDS has already been deducted ?
Yes, you should always include Interest Income under Income from Other Sources, even if tax has been deducted by the bank.
Is there any restrictions on the number of returns, I can file using one e-mail id and mobile number ?
Yes, you can only file 10 returns using the same email id and mobile number.
If there is no refund due to me. Do I still have to fill in my bank account details in income tax return ?
Yes, it is mandatory to fill in your bank account details, whether you have refund due or not. This is because it has been noticed that many taxpayers end up paying more than their required tax liability. In such cases, it is important for the Income Tax Department to send refunds within a certain amount of time. If you do not fill in your bank account details, the process would be considerably delayed.
