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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Pricing Summary
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 Limit:
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.
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Who is eligible to file ITR-1 for AY 2023-24?
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.
Who is not eligible to file ITR-1 for AY 2023-24?
Ineligibility Criteria for Filing ITR-1
What are the types of income that shall not form part of ITR
1 form?
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.
Is it mandatory to define the nature of employment while
filing of return?
- 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.
Posted on: 20-12-2023
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