ITR 1
Documents Required
- Form 16
- Bank Statement
- Details of Other Income
Features
ITR Return Filing
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
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.
