ITR 1

It is specifically designed for individuals.

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Welcome to Trisuka, your trusted partner for all your financial needs. We understand that tax compliance can be overwhelming, which is why we are here to simplify it for you. We will guide you through the basics of ITR-1, including its purpose, required documents, eligibility criteria, and the benefits of filing it on time.

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ITR 1

ITR-1, also known as Sahaj, is an income tax return form provided by the Income Tax Department of India. It is specifically designed for individuals who earn income from salary, pension, or from one house property, and have an annual income of up to Rs. 50 lakh. ITR-1 is the simplest form among all the income tax return forms and is widely used by salaried individuals.

To file ITR-1, you will need the following documents:

  • PAN card (Permanent Account Number)
  • Aadhaar card
  • Form 16 or salary slips
  • Bank statements
  • Details of any other income, such as interest income or rental income
  • TDS (Tax Deducted at Source) certificates
  • Investment proofs, such as LIC premium receipts or home loan interest certificates
  • Visit the Income Tax Department’s e-filing portal or Click Here for easy filing.
  • Register yourself and create an account (if you don’t already have one).
  • Download the ITR-1 form and fill in the required details accurately.
  • Validate the form and generate an XML file.
  • Upload the XML file on the e-filing portal.
  • After successful upload, an acknowledgment called ITR-V will be generated. Download and keep it for your records.
  • If you have a digital signature, you can electronically sign the ITR-V. Otherwise, print it, sign it, and send it to the Centralized Processing Center within 120 days.

To be eligible for filing ITR-1, you must meet the following criteria:

  • Your total income should be up to Rs. 50 lakh.
  • You should have income from salary or pension, or from one house property.
  • You should not have income from any other sources like capital gains, business/profession, or foreign assets.
  • You should not be a director in any company.
  • You should not hold any assets outside India.
  • You should not have any income from lottery or horse races.
  • You should be a resident individual, not an NRI.

Filing your ITR-1 on time offers several advantages, including:

  • Avoiding penalties: Filing your tax return within the due date helps you avoid penalties and interest charges imposed by the Income Tax Department.
  • Faster loan processing:
    Many financial institutions require income tax returns as a proof of income while processing loans. Timely filing ensures smoother loan processing.
  • Claiming refunds:
    If you are eligible for an income tax refund, filing your ITR-1 on time ensures you receive it promptly.
  • Compliance with the law:
    Filing your tax return on time demonstrates your compliance with tax laws and helps maintain a clean financial record.
  • Financial planning:
    Filing ITR-1 on time provides accurate financial data that can be utilized for effective financial planning and decision-making.
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FAQ

    1. Can I file ITR-1 if I have income from both salary and freelance work?
      No, if you have income from freelance work, you are not eligible to file ITR-1. You should consider filing ITR-4, which is designed for individuals with income from a business or profession.

    2. Can I claim deductions under Section 80C while filing ITR-1?
      Yes, you can claim deductions under Section 80C for investments in instruments such as LIC premiums, PPF, EPF, NSC, etc., while filing ITR-1.

    3. Is it necessary to file ITR-1 if my income is below the taxable limit?
      If your total income is below the taxable limit, you are not obligated to file ITR-1. However, filing a tax return voluntarily can be beneficial in the long run.

    4. Can I file ITR-1 if I have income from more than one house property?
      No, if you have income from more than one house property, you are not eligible to file ITR-1. You should consider filing ITR-2 or ITR-3, depending on your specific circumstances.

    5. What happens if I miss the deadline for filing ITR-1?
      If you miss the deadline for filing ITR-1, you can still file a belated return within the specified time frame. However, late filing may attract penalties and interest charges, so it is advisable to file on time.

**Please note that while these answers provide a general understanding, it is always advisable to consult with professionals or legal experts for specific guidance to your unique circumstances.