The Income Tax Department has recently notified six forms for filing ITR this year along with ITR-V (verification form) and ITR acknowledgement form. The filing forms include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, and Form ITR-6. Among these, ITR 1, also known as Sahaj, is available for individuals who are residents with a total income up to Rs 50 lakh, who have income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000.
Eligibility details
Total income does not exceed Rs 50 lakh during the FY
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
Income of a spouse (other than those covered under Portuguese Civil Code) or minor is clubbed (only if the source of income is within the specified limits as mentioned above).Types of income that shall not form part of ITR-1 form
Following are the types of income that shall not form part of ITR 1 form:-
Profits and gains from business and professions;
Capital gains
Income from more than one house property
Income under the head of other sources which are of the following nature: (i) winnings from lottery; (ii) Activity of owning and maintaining race horses; (iii) Income taxable at special rates under section 115BBDA or section 115BBE; (e) Income to be apportioned in accordance with provisions of section 5ADocuments required
Taxpayers would need Form 16, house rent receipt (if applicable), and investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so individuals are not required to attach any document (like proof of investment, or TDS certificates) along with their return (whether filed manually or electronically).
However, documents should be kept for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.
As per the modified norms, individuals on whom search and seizure operations have been carried out by tax officials can now file a revised return under section 153 C on the basis of self-assessment of their undisclosed wealth in ITR-1.
CBDT has also made certain changes in the ITR-1 form with regard to disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. These individuals will not be required to intimate in their ITR forms even if their fixed deposits exceed Rs 1 crore.
This decision has been made with the understanding that since the government already has all the necessary mechanisms, like PAN, to track such large banking transactions, no additional purpose was being achieved by this disclosure.
