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ITR 1
ITR Return Filing

Documents Required

  • Form 16
  • Bank Statement
  • Details of Other Income

Features

  • Affordable Prices
  • Pay per Filing
  • Experienced Accountants

Income tax return filing for an individual with salary income of less than Rs.50 lakhs.

INR 1770 All Inclusive
INR 2500 30% Off

Basic

  • INCOME TAX RETURN FILING

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    ITR-1 (Sahaj) Filing

    What is ITR?

     

    Description
    An Income Tax Return (ITR) is a crucial document submitted by taxpayers to report income and tax liabilities to the income tax department. It serves as a formal declaration of an individual or entity’s financial information, ensuring transparency and compliance with tax regulations. The ITR forms are governed by the Income Tax Act of 1961.

     

    ITR Forms Overview

    Form Type Eligible Taxpayers
    ITR-1 Resident Individuals with income up to ₹50 Lakhs
    ITR-2 Individuals with income from more than one house property
    ITR-3 Individuals with income from business or profession
    ITR-4 Individuals opting for presumptive taxation scheme
    ITR-5 Partnership firms, LLPs, etc.
    ITR-6 Companies other than those claiming exemption
    ITR-7 Persons required to furnish returns under section 139(4A), 139(4B), etc.

     

    What is ITR-1 (Sahaj)?

    Description
    The ITR-1 Sahaj Form is a simplified return for resident individuals in India whose total income is below ₹50 Lakhs. It covers income from:
    – Salary or Pension
    – A Single House Property
    – Other Sources (e.g., interest from savings accounts)

     

    Who Can File ITR-1?

    Eligibility Criteria Details
    Income Threshold Total income must not exceed ₹50 Lakhs
    Permissible Income Sources – Salary

    – Income from a single house property

    – Family pension income

    – Agricultural income (up to ₹5,000)

    – Other sources including interest from banks and       other accounts

     

     

    Who Cannot File ITR-1?

    Ineligibility Criteria Details
    RNOR and NRI Individuals Not eligible to file ITR-1
    Total Income Over ₹50 Lakhs Individuals with excess income cannot file
    Agricultural Income Exceeding ₹5,000 Invalidates eligibility
    Specific Activities Income Income from activities like lottery, racehorses, etc.
    Capital Gains Income Those with taxable capital gains cannot file
    More than One House Property Individuals generating income from multiple properties
    Other Specific Cases Directors of companies, etc.

     

    ITR-1 Due Date

    Filing Deadline
    The due date for filing ITR-1 is typically July 31st of the assessment year. Timely submission is crucial for compliance.

     

    Structure of ITR Form 1

    Section Content
    Part A General Information (personal details, PAN, address)
    Part B Gross Total Income (details on salary, property)
    Part C Deductions (sections 80C, 80D, 80U, 80G)
    Part D Tax Computation (status, rebates, TDS claims)
    Part E Other Information (as required by authorities)
    Schedules Schedule IT, Schedule TDS & TCS

     

    Documents Required for Filing ITR-1

    Documents
    1. Form 16: Provided by employers for the financial year
    2. Form 26AS: Ensure TDS details match
    3. Receipts: Proof of exemptions/deductions not submitted to employer
    4. PAN Card: Essential for identification
    5. Bank Investment Certificates: Details of interest earned

     

    Income Types Excluded from ITR-1

    Exclusions
    – Profits from Business or Profession
    – Income from More than One House Property
    – Capital Gains (Short-term and Long-term)
    – Specific Income Types (lottery winnings, etc.)

     

    Penalty for Late Filing of ITR-1

    Penalty Details
    – Late filing penalties may range from ₹1,000 to ₹5,000 based on total income.
    – Additional interest of 1

     

    How to File ITR-1

    You can file ITR-1 online through the Income Tax Department’s e-filing portal or with the assistance of a tax professional or a tax filing platform like TaxInno.

    Key Benefits of Filing ITR-1 with TaxInno

    Key Benefit Description
    Simplified Process User-friendly platform guides you through the filing process
    Expert Assistance Tax experts available to answer your queries
    Timely Filing Ensures return is filed before the deadline
    Accurate Calculations Accurate calculation of tax liability
    Secure Platform Protection of financial information

    Conclusion

    Filing ITR-1 on time is crucial to avoid penalties and ensure compliance with tax laws. With the help of Taxinno, you can simplify your tax filing process and focus on what matters most.

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