ITR-1 FORM FILING

ITR-1, also known as Sahaj, is an income tax return form used by individual taxpayers with income from salary, pension, or income from one house property (excluding cases where there is a brought forward loss or loss to be carried forward) and other sources (excluding lottery and racehorse winnings). It is one of the simplest ITR forms and is designed for taxpayers with relatively straightforward income sources.

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Sailing Smoothly Through ITR-1 Return Filing | A Comprehensive Guide for Efficient Tax Planning

ITR-1, also known as Sahaj, is an income tax return form used by individual taxpayers with income from salary, pension, or income from one house property (excluding cases where there is a brought forward loss or loss to be carried forward) and other sources (excluding lottery and racehorse winnings). It is one of the simplest ITR forms and is designed for taxpayers with relatively straightforward income sources.

What you need to know about ITR-1

    1. Applicability: ITR-1 is applicable to resident individuals (not ordinarily resident) with a total income of up to INR 50 lakh during a financial year.
    2. Income sources: ITR-1 covers income from the following sources:
      • Salary or pension
      • Income from one house property (excluding cases where loss is brought forward or carried forward)
      • Other sources (excluding lottery, racehorse winnings, and income taxable under section 115BBDA or 115BD)
  • Not applicable to: ITR-1 is not applicable to:
    • Non-resident individuals
    • Individuals who are ordinarily residents of India
    • Individuals with income from more than one house property
    • Individuals with agricultural income exceeding INR 5,000
    • Individuals with income from business or profession
    • Individuals with capital gains
    • Individuals with income from lottery or racehorse winnings
    • Individuals with income taxable under section 115BBDA (dividends exceeding INR 10 lakh) or 115BD (income from specified foreign companies)
    • Individuals claiming relief under sections 90, 90A, or 91
    • Individuals with income from any other source that is not included in ITR-1
  1. Filing process: Taxpayers can file ITR-1 either online or offline. For online filing, taxpayers can use the Income Tax Department’s e-filing portal (https://www.incometaxindiaefiling.gov.in) and submit the form using a digital signature or Electronic Verification Code (EVC). For offline filing, taxpayers can download the ITR-1 utility from the e-filing portal, fill it out, and submit the printed form to the Income Tax Department.
  2. Sections in ITR-1: The form is divided into multiple sections, such as personal information, income details, deductions, tax computation, and verification. Taxpayers need to fill in the required information accurately to ensure correct tax computation and filing.
  3. Deadline: The deadline for filing income tax returns, including ITR-1, is usually July 31st of the assessment year. However, the deadline may be extended by the Income Tax Department, depending on the circumstances.
  4. Documents required: While filing ITR-1, taxpayers need to keep relevant documents handy, such as Form 16, Form 26AS, bank statements, and documents related to deductions claimed under Chapter VI-A.

By understanding the applicability, requirements, and filing process for ITR-1, taxpayers with straightforward income sources can file their income tax returns accurately and efficiently.

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Documents Required

  • Form 16
  • Bank Statement
  • Details of Other Income
  • Home Loan Repayment
  • Schedule Rental
  • Receipts Donation
  • Receipts Insurance
  • Payments Mutual Fund
  • Investments Medical
  • Bills School / College
  • Bills Salary Slips