ITR-1 RETURN FILING
| Basic | Advance |
|---|---|
| ✔ ITR with Computation | ✔ ITR with Computation |
| ✔ Financials with CA sign | |
| ✔ Professional Consultancy |
File ITR-1 (Sahaj) in India
Guide to ITR-1 Return Filing in India
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Overview of ITR-1 Return Filing
ITR-1, also known as Sahaj, is an income tax return form for individuals who have income primarily from salary or pension, income from one house property, and other sources such as interest income. This form is designed for resident individuals with a total income less than Rs. 50 lakh.
Advantages of ITR-1 Return Filing
Filing your ITR-1 form accurately and on time has several benefits:
- Ease of Filing: The process is straightforward and can be completed online.
- Compliance: Ensures you are compliant with tax laws, avoiding penalties.
- Record Keeping: Helps maintain a record of your financial history.
- Refunds: Accurate filing can expedite tax refunds.
Eligibility Criteria for ITR-1 Return Filing
To be eligible to file the ITR-1 form, you must meet the following criteria:
- Individuals with income from salary or pension
- Income from one house property (excluding cases where loss is brought forward from previous years)
- Income from other sources like interest income, family pension, etc., excluding income from lottery and racehorses
- Total income less than Rs. 50 lakh
- Resident individuals only
Required Documents for Filing ITR-1
Gather the following documents before starting your ITR-1 filing process:
- PAN Card
- Aadhaar Card (for Aadhaar-based e-verification)
- Bank Statements
- Form 16 (for income from salary)
- Pension Statement (if applicable)
- Details of any other income sources (interest, rent, etc.)
- TDS Certificates
- Details of investments for deductions under Chapter VI-A
- Details of any tax paid or collected
Step-by-Step Guide to File ITR-1 Online
Follow these steps to file your ITR-1 form online:
Step 1: Log in to the Income Tax e-Filing Portal
Visit the official Income Tax e-filing website and log in using your credentials.
Step 2: Select the ITR-1 Form
Navigate to the “e-File” tab and click on “Income Tax Return”. Choose the assessment year, ITR form name (ITR-1), and filing type (Original/Revised Return).
Step 3: Fill in General Information
Complete the required fields under the “General Information” tab. Save your progress by clicking “Save Draft”.
Step 4: Income Details
Enter your income details related to salary, house property, and other sources. Use your Form 16 and bank statements for accuracy.
Step 5: Tax Details
Input details of TDS, TCS, and Advance Tax paid under the “Tax Details” tab. Verify this information with your TDS certificates.
Step 6: Taxes Paid and Verification
Compute the tax payable and input any tax payments made. This section also allows you to claim tax deductions under Chapter VI-A.
Step 7: Review and Submit
Carefully review the filled-in form by clicking “Preview and Submit”. Ensure all information is accurate.
Step 8: e-Verify Your Return
After submission, you will be prompted to e-Verify your return using Aadhaar OTP, Net Banking, or Electronic Verification Code (EVC).
Step 9: Receive Acknowledgment
Once e-Verified, your ITR-1 filing process is complete. You will receive an acknowledgment (ITR-V) on your registered email. Keep a copy of the ITR-V for your records.
Compliance and Maintenance
After filing, ensure regular compliance by maintaining accurate financial records and being aware of any changes in tax laws that may affect your filing status. Regularly update your documents and keep track of any notifications from the Income Tax Department.
Registering for ITR-1 Return Filing with Bharat Filing Point
At Bharat Filing Point, we streamline the entire process for you. Our expert team of chartered accountants, IT professionals, and legal advisors are here to assist you with every step of your ITR-1 filing.
Join thousands of satisfied customers who have found success with our user-friendly and efficient services. Start your ITR-1 filing with us today and experience the convenience and reliability of Bharat Filing Point.
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Mail: info@bharatfilingpoint.com
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Documents Required For ITR-1 vs ITR-2 vs ITR-3 vs ITR-4 vs ITR-5 vs ITR-6 & ITR-7 Return Filing
| FEATURES | ITR-1 | ITR-2 | ITR-3 | ITR-4 | ITR-5 | ITR-6 | ITR-7 |
|---|---|---|---|---|---|---|---|
| DOCUMENTS | 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 | 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 | Form 16 / Salary Slips (in case of income from salary), Rental Agreement, if any, Proof of Rental Income if any, Proof of Investments to claim Tax Exemption, Form 26AS, Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, Day to day Administration expenses and General expenses details, Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Outstanding receivables and payables, Bank Statement, Break-up of Bank Statement, Loan Details from bank, Proof of Foreign Income (if applicable), Details of Foreign Assets (if applicable). | Bank Statement, PAN Card, Aadhar Card, Aadhaar card of the authorized signatory | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flowk, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Statement from Bank, Incorporation Certificate, Certificate of incorporation provided by the Foreign Government. |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for ITR-1 Return Filing in India
To file an ITR-1 return in India, the following documents are required:
- PAN Card: The Permanent Account Number (PAN) is a mandatory requirement for filing an income tax return. It is issued by the Income Tax Department and should be linked with the taxpayer’s bank account for direct credit of income tax refund (if any).
- Form 16: Although Form 16 is not mandatory for filing ITR-1, it can be used as a reference for salaried employees to file their returns. However, several other documents can also be used as a reference if Form 16 is not available.
- Form 26AS: This is an annual consolidated tax statement that provides details of taxes deducted on behalf of the taxpayer and taxes paid by the taxpayer during the financial year. It can be used as a reference for filing ITR-1.
- Bank Statements: Bank statements are required to provide details of income, such as interest earned on savings accounts, fixed deposits, and recurring deposits.
- Investment Proofs: Documents related to investments made during the financial year, such as proof of investments in mutual funds, shares, and bonds, should be kept handy.
- House Property Details: If the taxpayer owns a house property, details such as rental income, property tax paid, and interest paid on home loans should be provided.
- Other Income Details: Details of any other income, such as income from freelancing or part-time work, should be provided.
- Deductions and Exemptions: Details of deductions and exemptions claimed, such as those under sections 80C, 80D, and 80TTA, should be provided.
- TDS Certificates: TDS certificates, such as Form 16A and Form 16B, should be kept handy if the taxpayer has received income from sources other than salary.
- Aadhaar Card: Although not mandatory for filing ITR-1, it is advisable to link the Aadhaar card with the PAN card to avoid any issues during the filing process.
It is important to note that ITR-1 is a simplified form that can be used by resident individuals whose total income does not exceed ₹ 50 lakh during the financial year and is earned from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include interest from savings accounts, deposits, income tax refund, interest received on enhanced compensation, any other interest income, family pension, and clubbing of income. ITR-1 cannot be filed by any individual who is a Resident Not Ordinarily Resident (RNOR) or Non-Resident Indian (NRI), has total income exceeding ₹ 50 lakh, has agricultural income exceeding ₹ 5000/-, has income from lottery, racehorses, legal gambling, etc., has taxable capital gains (short term and long term), has invested in unlisted equity shares, has income from business or profession, is a Director in a company, has tax deduction under section 194N of Income Tax Act, has deferred income tax on ESOP received from employer being an eligible start-up, owns and has income from more than one house property, or is not covered under the eligibility conditions for ITR-1.
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ITR-1 Return Filing FAQ’s
What is ITR-1 Sahaj?
Who can file ITR-1 Sahaj?
Can ITR-1 be filed by Non-Resident Indians (NRIs)?
What is the due date for filing ITR-1 Sahaj?
Are there any penalties for late filing of ITR-1?
Is ITR 1 an annexure less form?
Can I claim deductions in ITR-1 Sahaj?
Can I file ITR-1 Sahaj if I have more than one house property?
Is it mandatory to e-file ITR-1 Sahaj, or can I file it physically?
Can I file ITR-1 if I have taxable capital gains?
No, if you have taxable capital gains, whether short-term or long-term, you cannot use ITR-1 Sahaj.
What happens if I do not file my ITR-1 Sahaj on time?
Can I revise my ITR-1 Sahaj after filing it?
Can I file ITR-1 if I am an individual serving as a Director in a company?
Can I file ITR-1 Sahaj if I have foreign income?
ITR-1 Return Filing in State
ITR-1 Return Filing In Assam
ITR-1 Return Filing In Jammu And Kashmir
ITR-1 Return Filing In Andhra Pradesh
ITR-1 Return Filing In Assam
ITR-1 Return Filing In Jammu And Kashmir
ITR-1 Return Filing In Delhi
ITR-1 Return Filing In Telangana
ITR-1 Return Filing In West Bengal
ITR-1 Return Filing In Kerala
ITR-1 Return Filing In Goa
ITR-1 Return Filing In Bihar
ITR-1 Return Filing In Puducherry
ITR-1 Return Filing In Himachal Pradesh
ITR-1 Return Filing In Arunachal Pradesh
ITR-1 Return Filing In Manipur
ITR-1 Return Filing In Meghalaya
ITR-1 Return Filing In Mizoram
ITR-1 Return Filing In Nagaland
ITR-1 Return Filing In Sikkim
ITR-1 Return Filing In Tripura
ITR-1 Return Filing In Lakshadweep
