Income tax returns made easy: Step-by-step guide to filling the 1-page form

The ITR 1 Sahaj form is a one-page simplified return form introduced by the government for salaried individuals to ease the filing process. Only salaried individuals having an income up to Rs 50 lakh can use this form. However, if along with salary income, you have income from more than one house property, capital gains, income from agriculture exceeding Rs 5,000, foreign income/assets, business income or income from winnings from lottery/gambling, then you cannot use this form.

ITR 1 Sahaj consists of the following parts:

Part A – General information

Part B – Gross total income

Part C – Deductions and taxable total income

Part D – Computation of tax payable

Part E – Other information

Schedule IT – Detail of advance tax and self-assessment tax payments

Schedule TDS – Detail of TDS/TCS

Here we provide you step-by-step instructions that will help you easily fill all the above parts in your return form:

1. Part A- General information

This part contains general information such as name, PAN, communication address, e-mail ID etc. Fill all these details carefully. Write your name as per your PAN card. For Aadhaar number, there is 28-digit column given. If you have an Aadhaar card, then write your 12-digit Aadhaar number. However, if you don’t have an Aadhaar card but have applied for it, then write your Aadhaar enrolment id that should be a 28-digit number. Fill your e-mail ID also. This is important for faster communication with the income tax department.

2. Part B – Gross total income

Under this part, you have to disclose your income under the three heads. The first column is for income under salary/pension, which can be filled using your form 16 issued by the employer. The second column is for income from house property. If you have taken a home loan resulting in loss under this head, mark the negative sign within the brackets on the left. Remember, income/loss from only one house property can be shown here. The third column is for income from other sources. Only income can be shown here. If there is loss, use the ITR 2 form.

3. Part C – Deductions and total taxable income

In this part, you can claim deductions from your total income. This part has five columns. The first column is for sec 80C deduction, including PF contribution, children tuition fees, LIC premium, NSC etc, for an amount up to Rs 1.5 lakh. The second column is for sec 80D, which includes premium paid for health insurance for self, spouse, dependent children and parents, for a maximum amount up to Rs 60,000. The third column is for sec 80G, which includes donations made to certain funds, charitable institutions etc. The fourth column is for sec 80TTA, which allows deduction with respect to interest on deposits in savings account up to Rs 10,000. If you want to claim any other deductions apart from this, mention it along with the section in the fifth column for others.

4. Part D – Computation of tax payable

Under this part, you need to calculate your tax on total taxable income arrived at Part C after providing for deductions. You can claim rebate under sec 87A up to a maximum amount of Rs 5,000 if your total income does not exceed Rs 5 lakh. You can also claim relief under sec 89(1) from the tax payable amount if any advance/arrears of salary is received during the year. Also mention all your exempt income — dividend income, agricultural income, and LTCG etc. If your agricultural income exceeds Rs 5,000, use ITR 2.

5. Part E – Other information

Please provide the details of all the savings and current accounts held by you at any time during the year. However, it is not mandatory to provide details of dormant accounts that have not been operational for more than 3 years. Please indicate the account in which you would like to get your refund credited irrespective of whether you have a refund or not. Also, you have to mention the amount of cash deposited between November 9, 2016, and December 12, 2016, in the said bank accounts. In case you deposited cash between November 9, 2016, and December 12, 2016, in any account other than the current and savings account (viz loan accounts etc), then details of such account, indicating the cash deposited in the said account during the said period, should also be provided. However, the details of cash deposited are to be provided only if the aggregate amount of cash deposited during the said period is Rs 2 lakh or more.

6. Schedule IT

Here you need to enter the details of all the payments for advance tax and self-assessment tax made by you. You have to mention the BSR code, date of payment, serial number of the challan, and amount of tax paid.

7. Schedule TDS

Here you have to quote the complete details of every TDS/TCS transaction deducted on your income. You should furnish these details in accordance with Form 16 issued by your employer and Form 16A issued by a person in respect of interest income and other sources of income. Also, details of TCS in accordance with Form 27D issued by the tax collector should be furnished. Archit Gupta if the founder & CEO ClearTax