A comprehensive guide to understand the ITR 1 Sahaj Form
Category: Income Tax, Posted on: 17/12/2021 , Posted By: Webtel
Visitor Count:338

What is ITR-01 & Who is Eligible to File ITR 1 for AY 2021-22?

This is also called Sahaj, which is to be filed by only resident individuals having total income up to Rs. 50 lakhs. It means this ITR cannot be filed by NRI. The sources of income shall be:

  • Salary/wages

  • Single House property

  • Other sources (excluding winning income and income from horse race)

  • Agricultural income up to Rs. 5000

Income Tax Return - 01

Who cannot file ITR-01 for AY 2020-21?

The following are ineligible to file a return of income under form ITR-01:

  • A Non-resident Indian (NRI)

  • A Resident, not an ordinary resident (RNOR)

  • If the total income of the individual exceeds Rs.50lakh

  • Has income from business and profession

  • Owns and has income from more than one house property

  • Has invested in unlisted equity shares

  • Is a director in the company

  • Has long term or short terms taxable capital gains

  • Has earned agricultural income exceeding Rs.5000

  • Has earned income from lottery, racehorses, legal gambling, etc.

  • Has not fulfilled eligibility criteria to file ITR-01.

What documents are required to file ITR-01?

As such, no documents are required to file ITR-01, but an individual should keep records of a few, which can be useful if needed to represent before the tax authorities:

  • Form 16/16A

  • Aadhaar Card

  • PAN Card

  • Audit reports

  • TDS Certificates

  • Proof of investments made

  • Balance sheet and profit and loss accounts of the business

How to file ITR-01?

The taxpayers have been divided into different groups, based on their source of income and the limits. Accordingly, each taxpayer has to file the type of return that is applicable to them.

The user can file an income tax return in two ways:

The offline mode:

  • First, download the applicable ITR form, fill the form, save the generated XML file and upload it.

  • To upload the XML file, the user must download Excel utility or Java utility from the income tax e filing portal.

  • All the applicable and mandatory fields in the form should be filled in.

  • After validating all the tabs of the ITR forms and then calculate the tax.

  • Generate and save the XML file.

  • Login to the income tax portal by giving the required details.

  • Attach the XML file under the ‘income tax return’ link.

  • Verify the income tax return using any of the desired options.

  • Submit the ITR, then once view the uploaded ITR.

The online mode:

  • Login into the Income-tax portal, by filing the mandatory fields.

  • Click on the e-file under the income tax return, link.

  • After reading the instructions, fill in all the applicable and mandatory fields.

  • The taxpayer can choose any of the applicable verification options under the ‘taxes paid and verification tab’.

  • To verify all the details entered, click on Preview and submit button.

  • Submit the ITR.

  • E-verification can be done by entering the EVC/OTP when asked for.

  • The EVC/OTP has to be filled under 60secs; otherwise, the ITR will be auto-submitted, which will have to be verified later under the ‘My Account section’.

  • You can view the uploaded ITR.

Is there any easy way to file ITR-01?

Users can now file their ITR-01 in an easier and hassle-free manner using the Webtel’s Income Tax filing software. Filing with Web-e-Tax is secure, accurate, and quick, as it allows bulk upload and e-filing of income tax returns. It also provides the facility to digitally sign-in the ITR forms. It comes with the additional facility of easy tax calculation and deduction. The new income tax portal designed, has a lot of glitches and errors as of now. But, Webtel’s software functions smoothly and the website is updated when there are any amendments in the law. You can now book a demo for software from Webtel experts. Or if you are an existing user of Webtel’s Income Tax filing solution, then click here to know the process of filing ITR-01 through Web-e-Tax.

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