The Income Tax Return Form 1 has been particularly created for salaried individuals for filing income tax returns. Also known as the “Sahaj Form”, it is used by a large number of salaried people for filing their IT returns. Besides ITR -1 Form, there are other types of forms like the new ITR Form 1 and Form 2. ITR-1 Form is the simplest of all forms for filing taxes. It is free of complications.
The form has been divided into different sections. Every section is for different information.
Part A: This is the first section. Rows A1 to A28 in this section contain personal information like first name, middle name if any, last name, age, sex, date of birth according to PAN, PAN details as mentioned on the PAN Card. Details such as the ward and details of the assessing officer, Aadhar details, contact number, date of filing, address for correspondence, state, and city can also be added.
Part B: The second section includes information about the salaried individual’s gross total income. Income from salary and other sources like property needs to be mentioned here.
Part C: This part includes the details of taxable income and deductions. Rows C1 to C20 in this section contain deductions according to sections 80C, 80D, 80G, and 80U.
Part D: Rows D1 to D19 include information regarding tax computation and status, rebates offered, taxes after deduction of rebates, TDS (Tax Deducted at Source) claimed, etc.. Row D20 contains details of the employee’s bank account. These details include name of the bank, IFSC Code, type of account held, and account number. It also needs to be specified whether the employee wants any refund to be transferred to that bank account.
Those who have an income from any one of the following sources are not eligible to file their IT Returns through ITR-1 Form.
Losses incurred cannot be filed under the ITR-1 Form.