How to fill ITR-1 Form Easily

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fill ITR-1 Form Easily
fill ITR-1 Form Easily

There’s an old tax joke that talks about the income tax department having just two fields of information for the public:

  1. Amount of money made last year ______ and
  2. Give it here!

When filing your tax returns you need to ask yourself what sources of income you have. It’s best if you fill in the exact amount and not less. There are several penalties for under-reporting incomes as discussed in a previous post. However, if you state more than you earn, then you become liable for more tax than necessary and it becomes a wasteful exercise.

If you are a salaried individual, chances are you would end up filing Form ITR-1. Also known as the ‘Sahaj’ or ‘easy’ form, this form is meant for the following categories of individual:

  • Those with incomes from salary or pension.
  • Those with incomes from a single estate or house property.
    If you have multiple houses or estates which earn you some income or if you suffered a capital loss instead of a capital gain from acquiring this property and which you want to carry over to this assessment year, you need to fill Form ITR-2.
  • These are classes of income that do not fit into any of the other categories. As an example, interest income earned from bank deposits or other savings accounts is included here.

different types of ITR form

The above heads of income are valid only if your gross annual income is less than Rupees 50 lakh. Further, the following incomes should not be reported with this form:

  • Income from multiple house properties.
  • Income from betting on race horses or lotteries.
  • Incomes including dividends disbursed by domestic companies.
  • Incomes or assets from unexplained sources that have not been recorded in books of account/ bookkeeping journals, ledgers etc.
  • Income arising out of capital gains, whether short term or long term capital gains consequent to a transfer of immovable property.
  • Incomes from the practice of agriculture on a piece of land that is under the taxpayer’s ownership and periodically cultivated, not producing a highly processed item and not money earned from the sale of timber or sale of agricultural land.
    Even the first category is subject to income tax according to the prevailing slab if the amount earned from this avenue is greater than Rupees 5000 and total income from every other source exceeds the minimum tax exempt income for that assessment year.
  • Incomes from a business or professional vocation (doctors, CAs, lawyers etc.)
  • Losses cannot be claimed for offsetting income earned for this assessment year with this form.
  • Where agreements to prevent double taxation from tax assessees earning incomes in more than one country exist.
  • Incomes from sources or assets owned in a foreign territory.

From the assessment year 2018-2019, all eligible citizens and groups shall have to e-file their income tax returns online either through the income tax portal or a government authorized intermediary. To learn how to register and fill in an ITR form online please click here.

This information is provided to you in the public interest courtesy of AllIndiaITR, a product of Corwhite Solutions Private Limited.

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All India ITR
All India ITR, one of India’s leading tax prep websites offering personal tax solutions focussing on income tax return filing through tech platforms, be it the web, Android or iOS, is dedicated to making tax returns as easy and convenient and yet as complete as possible. With value added services to help maximise tax savings and minimise tax outgo and tax investment advice the comparative advantage of specialization allows us to uniquely serve our clients. All India ITR is certified to conduct E-return intermediary services by the Income Tax Department of India.

7 COMMENTS

  1. This blog was really helpfull for me. i learned about diffternt types of itr and i was able to understand which itr was suitable for me. it provided me step by step guidence for filing my income tax returnand also helped in understanding the rules for filing itr online. Keep it up All India itr.

  2. thanks for providing deep details about ITR and its various categories.i were been looking for an useful blog for clearing my doubts i had while filing our tax returns form.looking forward for this more again

  3. Thnx for this this really help me alot.This blog is really helpfull for us to know more about ITR. This tell us everything that we should know about ITR. This is like a algorithm to fill taxes becaute it tell us step by step how we should fill taxes and yes it is also easy to understand. It tell breifly and accurately about taxes. The best thing about this blog is that we can get every information hear only. we shoud not go on different side to search about itr. Great work keep it up.
    Can you tell me more about Income from multiple house properties?

  4. Amazing write up, as I got to know so much about filling the tax returns. Before reading this post I was not aware of that there are so many types of ‘Income Tax Return’ forms.From this blog I got to know ,which ITR would be suitable for me.
    Thanks to All India ITR for guiding us how to fill tax returns.

  5. Previously I had some doubts about which ITR form I need to fill while filing my Income Tax Return. But this blog is very much helpful. Thanks for giving detailed information about different categories of ITR forms.Now
    all my doubts are cleared. Great work ALL INDIA ITR.

  6. this was really helpful video .. Thanks for sharing.. I have a doubt.. I have one FD, tax is also deducted by Bank.. so when i fill ITR form as per interest and deductions for my FD given in 26AS, still the excel calculates that I have to pay some extra tax.. I am not able to understand, if bank has already deducted, then I am I getting this extra amount

  7. After reading this whole blog, I came to know about different ITR’s are there and also I came to know that which one is best for me to file. In my opinion this is one of the best blog for providing the all information regarding every kind of tax filling in such a easy way that everyone will understand. most important that I didn’t know about the online filling the tax returns through trustworthy of government authorized intermediary. I just want to more about income from dividends disbursed by domestic companies and thier taxes, can you provide more about more about that ? Thank you for providing such a great information.

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