ITR-1 Return Filing

Documents Required

  • Form 16
  • Bank Statement
  • Details of Other Income
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ITR-1 Return Filing

Simplify your tax filing process with TaxQue ITR 1 Filing Service. Our user-friendly platform is tailored for individuals with income up to Rs. 50 lakh during the F.Y. 2022-23 and A.Y. 2023-24. Easily file your Income Tax Returns while adhering to the latest regulations and maximizing your potential refunds.

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Overview:

ITR-1, commonly referred to as Sahaj, is a simplified income tax return form tailored for individual taxpayers in India with straightforward income sources. This form is designed to facilitate an easy and efficient filing process for those who meet specific criteria.

Eligibility:

ITR-1 is suitable for individuals who meet the following conditions:

- Income Sources:

  • - Income from Salary or Pension: Any remuneration received from employment or pension payments.
  • - Income from One House Property: Income from a single house property, excluding cases where there is a loss that needs to be carried forward to future years.
  • - Income from Other Sources: Includes income such as interest from savings accounts, fixed deposits, family pension, and other similar sources.

- Income Limit:

  • - The total income must not exceed ₹50 lakh during the financial year.

Exclusions:

ITR-1 cannot be used by individuals who:

- Hold a directorship in any company.

- Have invested in unlisted equity shares.

- Have agricultural income exceeding ₹5,000.

- Have income from more than one house property.

- Have income from winnings from lotteries or income from horse races.

- Have taxable capital gains.

- Have income from business or profession.

Prerequisites for Filing ITR-1:

Before filing ITR-1, ensure the following prerequisites are met:

- Registration:

- You must be a registered user on the e-Filing portal (https://www.incometaxindiaefiling.gov.in) with a valid user ID and password.

- PAN and Aadhaar:

- Your PAN (Permanent Account Number) should be active.

- Your PAN must be linked with Aadhaar.

- Bank Account:

- It is recommended to have a pre-validated bank account for faster processing of refunds.

- Mobile Number:

- A valid mobile number should be linked with your Aadhaar or the e-Filing portal for the purpose of e-Verification.


Steps to File ITR-1 Online:

1. Login to the e-Filing Portal:

   - Go to the e-Filing portal and log in using your user ID (PAN) and password.

2. Access the Income Tax Return Section:

   - On your dashboard, navigate to e-File > Income Tax Returns > File Income Tax Return.

3. Select the Appropriate Assessment Year:

   - Choose the assessment year for which you are filing the return (e.g., AY 2024-25 for income earned in FY 2023-24).

4. Select ITR-1 Form:

   - Choose ITR-1 (Sahaj) from the list of available forms.

5. Fill in the Required Details:

   - Enter your personal information, including name, address, and Aadhaar number.

   - Provide details of your income sources such as salary/pension, one house property, and other sources.

   - Include information about deductions claimed under Chapter VI-A (like 80C, 80D, etc.).

6. Review Pre-filled Data:

   - The portal may have pre-filled some information based on your Form 16, Form 26AS, and other sources. Review this data and make corrections if necessary.

7. Calculate Tax:

   - Verify the tax calculation based on the provided income and deductions.

8. Submit the Return:

   - Once all details are correctly filled and verified, submit the return.

   - Note that no physical documents need to be attached with ITR-1.

9. Verification of Return:

   - After submission, you need to verify your return. This can be done electronically through methods like Aadhaar OTP, EVC through bank account, demat account, or net banking, or by sending a signed physical copy of ITR-V to the CPC, Bengaluru.

Additional Tips for Filing Your Return with TaxQue:

1. Ensure Accurate Reporting:

   - Double-check all the income and deduction details to ensure they are correctly reported. Any discrepancy might lead to notices from the Income Tax Department.

2. Verify Pre-filled Details:

   - TaxQue often pre-fills certain information based on your previous filings and other data sources. Review this information thoroughly and make any necessary corrections.

3. Review Tax Computation:

   - Before final submission, ensure that the tax computed by TaxQue matches your own calculations. This helps in identifying any discrepancies early on.

4. Choose the Right Verification Method:

   - After filing your return, you need to verify it. TaxQue provides options for e-Verification through Aadhaar OTP, EVC via bank account, demat account, net banking, or the traditional method of sending a signed ITR-V to CPC Bengaluru. Select the method that is most convenient for you.

5. Keep Documents Handy:

   - While you don't need to attach documents with your ITR-1, keep all relevant documents like Form 16, interest certificates, and investment proofs handy. These may be required for reference or if the IT department requests them later.

6. Track Filing Status:

   - After submitting and verifying your return, regularly check the status of your filing on the TaxQue portal to ensure it has been successfully processed.

7. Stay Updated on Deadlines:

   - Be aware of the filing deadlines and any extensions announced by the Income Tax Department. This helps in timely filing and avoids penalties.

8. Seek Assistance if Needed:

   - If you encounter any issues or have queries during the filing process, use the support resources provided by TaxQue. Timely assistance can help resolve problems quickly and ensure accurate filing.

By following these tips, you can effectively utilize TaxQue for filing your ITR-1 and ensure a smooth, hassle-free tax return process.

Documents Required For ITR-1 Return Filing

Form 16

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Bank Statement

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Details of Other Income

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Home Loan Repayment Schedule

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Rental Receipts

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Donation Receipts

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Insurance Payments

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Mutual Fund Investments

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Medical Bills

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School / College Bills

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Salary Slips

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The ITR-1 form is designed for Resident Individuals meeting certain criteria:

·        Your total income should not exceed ₹50 lakh during the financial year.

·        Your income should come from various sources such as salary, one house property, family pension, agricultural income (up to ₹5000), and other sources like interest from savings accounts, deposits (bank/post office/cooperative society), income tax refund interest, enhanced compensation interest, any other interest income, and family pension.

·        If your spouse's income (except under the Portuguese Civil Code) or minor's income falls within the specified limits mentioned above, it needs to be included.

Ineligibility Criteria for Filing ITR-1

  •           Individuals who are Resident Not Ordinarily Resident (RNOR) or Non-Resident Indian (NRI) are not eligible.
  • ·        Individuals with total income exceeding ₹50 lakh are ineligible.
  • ·        Those with agricultural income exceeding ₹5000 are ineligible.
  • ·        Individuals with income from lottery, racehorses, legal gambling, etc., cannot file ITR-1.
  • ·        Those with taxable capital gains (both short term and long term) are ineligible.
  • ·        Individuals who have invested in unlisted equity shares cannot file ITR-1.
  • ·        Those with income from business or profession are ineligible.
  • ·        Individuals serving as Directors in a company are not eligible.
  • ·        Individuals availing tax deduction under section 194N of the Income Tax Act are ineligible.
  • ·        Those with deferred income tax on ESOP received from an employer, being an eligible start-up, cannot file ITR-1.
  • ·        Individuals owning and earning income from more than one house property are ineligible.
  • ·        Individuals not meeting the eligibility conditions for ITR-1 cannot file it.

Types of income that shall not be included in ITR-1 form:

(a) Profits and gains from business and professions.

(b) Capital gains.

(c) Income from more than one house property.

(d) Income under the head of other sources which includes the following:

·        Winnings from lottery.

·        Income from owning and maintaining race horses.

·        Income taxable at special rates under section 115BBDA or section 115BBE.

(e) Income to be apportioned in accordance with provisions of section 5A.

- Central Government Employee: Individuals employed by the central government.

- State Government Employee: Individuals employed by a state government.

- Employee of Public Sector Enterprise (whether Central or State Government): Individuals employed in a public sector enterprise under either the central or state government.

- Pensioners (CG/SG/PSU/OTHER): Retirees receiving pension, categorized by their former employment status - Central Government (CG), State Government (SG), Public Sector Enterprise (PSU), or other sources.

- Employee of Private Sector concern: Individuals employed in the private sector.

- Not applicable (in case of family pension income): Applicable when the income source is solely family pension, and therefore, the nature of employment is irrelevant.

Document Requirements: While filing your taxes, it's essential to download the Annual Information Statement (AIS) and keep copies of documents such as Form 16, house rent receipts (if applicable), and investment payment premium receipts (if applicable). However, it's important to note that Income Tax Returns (ITRs) are annexure-less forms. Therefore, you're not required to attach any documents like proof of investment or TDS certificates along with your return, whether filing manually or electronically. However, it's advisable to keep these documents handy for situations where they might be required by tax authorities, such as during assessments or inquiries.

Aadhaar and PAN Linking: It's crucial to link your Aadhaar and PAN. While you can still file your ITR if your PAN is not linked with Aadhaar, you will have limited access on the portal. Therefore, it's recommended to link your PAN with Aadhaar to ensure seamless access and compliance with tax regulations.

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Shivam Tomar

Posted on: 20-12-2023

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