ITR-1 (SAHAJ)

This return is applicable for a Resident Individual (other than Not Ordinarily Resident) having Total Income from any of the following sources up to Rs. 50 lakhs

1. Salary/Pension

2. One House Property

3. Other sources (Interest, Family Pension, Dividend etc.)

4. Agricultural Income up to Rs. 5,000

Indian Individual Income Tax Form ITR-1 with Indian coins on isolated background

Note: ITR-1 cannot be used by a person who:

1. Total Income Exceeding Rs. 50 Lakhs.

2. Agriculture income exceeding Rs 5000.

3. Having Capital Gain.

4. Having Income From Business & Profession

5. Having Income from more than one house property.

6. Is a Director in a Company.

7. Has held any unlisted equity shares at any time during the previous year.

8. Has any asset (including financial interest in any entity) located outside India.

9. Has signing authority in any account located outside India.

10. Has income from any source outside India.

11. Is a person in whose case tax has been deducted u/s 194N.

12. Is a person in whose case payment or deduction of tax has been deferred on ESOP.

13. Who has any brought forward loss or loss to be carried forward under any head of income.

Following are some documents should be Kept with you for Filling ITR-1:-

1. Form 26AS

2. Form 16

3. Form 16A

4. House Rent Receipt

5. Investment premium receipts- LIC,ULIP

6. Saving Bank Account Statement

Form 10E – Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance.

Following are the different Tax Slab applicable from AY 2021-22 i.e., from FY 2020-21.

Old Tax Slab (For Age Group Less than 60 years)

Total Income Rate of tax
Upto Rs. 2,50,000 NIL
From Rs. 2,50,001 to 5,00,000 5%
From Rs. 5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Old Tax Slab (For Age Group from 60 years and less than 80 years)

Total Income Rate of tax
Upto Rs. 3,00,000 NIL
From Rs. 3,00,001 to 5,00,000 5%
From Rs. 5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Old Tax Slab (For Age Group Above  80 years)

Total Income Rate of tax
Upto Rs. 5,00,000 NIL
From Rs. 5,00,001 to 10,00,000 20%
Above 10,00,000 30%

New Tax Slab (For All Age Group Same)

Total Income Rate of tax
Upto Rs. 2,50,000 NIL
From Rs. 2,50,001 to 5,00,000 5%
From Rs. 5,00,001 to 7,50,000 10%
From Rs. 7,50,001 to 10,00,000 15%
From Rs. 10,00,001 to 12,50,000 20%
From Rs. 12,50,001 to 15,00,000 25%
Above 15,00,000 30%

Changes which are made in the ITR 1 for the AY 2021-22

The following changes have been incorporated in the ITR form:

  • The individuals or HUFs are given the option to select old or new tax regime. If the taxpayer selects a new tax regime under section 115BAC, he needs to file Form 10IE before filing ITR under section 139(1).
  • Although Salary Income of Director of Company is a Income from Salary, but is eligible to file ITR-1, Therefore ITR-2 need to be filed.
  • The ITR forms for the assessment year 2020-21 were modified by including new schedule DI. It allowed taxpayers to avail the deduction made during the extended period for the AY 2020-21. The schedule DI is removed from AY 2021-22.

Disclaimer: – The Above Article is Just for Sharing Information.

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