ITR-1 Return

 
 
INR 2899 All Inclusive

Basic

  • Tax Computation Sheet
  • Acknowledgement Copy

ITR-1 (Sahaj) Filing

Income Tax Return (ITR) is a mandatory document for taxpayers to report their income and taxes to the Income Tax Department. According to the Income Tax Act of 1961, there are various ITR forms tailored to different categories of taxpayers, and ITR-1, also known as Sahaj, is one of the most commonly used forms. It is designed for individuals with an income of up to ₹50 lakh, making it ideal for salaried individuals and pensioners.

At Allycon, we offer an efficient, seamless, and hassle-free solution for filing your Income Tax Returns using the ITR-1 form. Our tax experts guide you through the entire process to ensure that you meet your tax obligations with ease. With our expertise, you can navigate the complexities of tax filing, allowing you to focus on what matters most. Let us handle your ITR-1 filing needs—get started today with Allycon’s expert services.

What is ITR?

An Income Tax Return (ITR) is a formal document through which taxpayers declare their income, tax liability, and deductions to the Income Tax Department. It ensures transparency and compliance with tax regulations and allows taxpayers to claim any refunds they may be entitled to.

There are seven different ITR forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The form you choose depends on your income type, the total amount earned, and your category as a taxpayer, such as individual, HUF (Hindu Undivided Family), or company. Each form has a specific filing due date, and it’s essential to file within this timeframe to avoid penalties.

What is ITR 1 Sahaj Form?

The ITR-1 Sahaj Form is designed for resident individuals in India whose total income is less than ₹50 lakh and is derived from the following sources:

  • Salary or Pension Income
  • Income from a Single House Property
  • Income from Other Sources (such as interest income)

The ITR-1 Form simplifies the tax return filing process, making it easier for eligible taxpayers to fulfill their tax obligations with minimal complexity. It provides a user-friendly platform for those with straightforward incomes to file their returns.

Who Can File ITR1

The ITR-1 form is applicable to resident individuals who meet the following criteria:

  1. Income Threshold: Total income for the financial year must not exceed ₹50 lakh.
  2. Permissible Income Sources: The individual’s income must come from the following:
    • Salary or Pension
    • Income from a single house property
    • Family pension income
    • Agricultural income (up to ₹5,000)
    • Other sources such as interest from savings accounts, deposits, and income tax refunds.
  3. Clubbing of Income: Income of a spouse or minor can be clubbed, but only if the combined income falls under the permissible limits mentioned above.

Who Cannot File ITR1

Certain individuals are not eligible to file ITR-1, including:

  • Non-Resident Indians (NRIs) or Resident Not Ordinarily Resident (RNOR) individuals.
  • Individuals with an income exceeding ₹50 lakh.
  • Those with agricultural income exceeding ₹5,000.
  • Individuals with income from lotteries, horse races, gambling, etc.
  • Those who have taxable capital gains (both short-term and long-term).
  • Individuals with investments in unlisted equity shares.
  • Individuals with income from business or profession.
  • Directors of companies.
  • Those claiming deductions under section 194N.
  • Individuals with deferred income from Employee Stock Ownership Plans (ESOP) of eligible startups.
  • Those owning more than one house property.

ITR-1 Due Date

The due date for filing ITR-1 typically falls on July 31st of the assessment year. Filing by this deadline ensures that you comply with tax regulations and avoid penalties.

Structure of ITR Form 1: A Comprehensive Overview

The ITR-1 form consists of five sections and two schedules that cover all aspects of an individual’s income and tax liabilities. A thorough understanding of these sections is important for accurate filing:

  1. Part A: General Information
    • Personal details such as name, PAN, address, and Aadhaar details.
  2. Part B: Gross Total Income
    • Income from salary, house property, and other sources.
  3. Part C: Deductions and Total Taxable Income
    • Deductions under sections like 80C, 80D, 80U, and 80G.
  4. Part D: Computation of Tax Payable
    • Detailed tax computation, including applicable rebates, TDS claims, and more.
  5. Part E: Other Information
    • Additional details required by tax authorities.

The form also includes:

  • Schedule IT: Information on taxes paid.
  • Schedule TDS & TCS: Details of tax deducted or collected at source.

Lastly, you need to verify the information provided before submission.

Documents Required for Filing ITR 1

The ITR-1 form does not require any attachments. However, taxpayers should retain relevant documents for reference in case of an audit or assessment by the Income Tax Department. Key documents include:

  • Form 16: Issued by your employer(s) for the relevant financial year.
  • Form 26AS: A detailed tax credit statement.
  • Receipts: For exemptions or deductions not submitted to the employer.
  • PAN Card: Your permanent account number for tax identification.
  • Bank Investment Certificates: Details of interest earned.

Required Details in ITR1 Form

The following information must be accurately provided in the ITR-1 form:

  • Personal Information (Part A): PAN, address, and contact details.
  • Income (Part B): Gross total income, including salary, house property, and other sources.
  • Deductions (Part C): Deductions under sections like 80C and 80D.
  • Tax Computation (Part D): Tax status, rebates, and TDS claims.

Types of Income Excluded from ITR-1 Form

Certain categories of income are excluded from the ITR-1 form, such as:

  • Profits and gains from business or profession.
  • Income from multiple house properties.
  • Capital gains.
  • Specific income sources like racehorse winnings and lottery earnings.

Penalty for late ITR 1 Filing

Failing to file your ITR-1 by the due date can result in financial penalties, including:

  • A fine of ₹5,000 for those with an income exceeding ₹5 lakh.
  • A reduced penalty of ₹1,000 for individuals earning below ₹5 lakh.
  • Interest at 1% per month for unpaid taxes.
  • Penalties for underreporting or misreporting income may reach up to 200% of the tax due.
  • Repeated non-compliance could lead to prosecution and even imprisonment, depending on the severity of the outstanding liabilities.

Allycon’s ITR-1 Filing Services:

At Allycon, we offer expert assistance in filing your ITR-1 (Sahaj) with precision and care. Our services include:

  • Choosing the appropriate form based on your income.
  • Accurate calculation of tax liability and timely submission to avoid penalties.
  • Assistance in claiming income tax refunds where applicable.
  • Continuous support from our tax experts, including updates on changes in tax laws and filing deadlines.

Trust Allycon to make your tax filing experience smooth, secure, and straightforward. 

Get started with Allycon today!

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