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. |
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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 Sadaweh Financial Solutions (OPC) Pvt. Ltd.
Key Benefits of Filing ITR-1 with Sadaweh Financial Solutions (OPC) Pvt. Ltd.
| 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 Sadaweh Financial Solutions (OPC) Pvt. Ltd., you can simplify your tax filing process and focus on what matters most.