ITR 1 Return
To make tax compliance easier, the Income Tax Department has categorised taxpayers into many groups based on income and its source. So, you need to file your returns accordingly. ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs.50 lakh.
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ITR 1 Return required mandatory
Benefits of Income Tax Return Filing
- The business loss or capital losses can be carried forward up to 8 years if the ITR is filed.
- The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person.
- The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance.
- After the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
Pricing
(Simple & Clear Pricing. No Hidden Charges)
| Government Fee | Rs 0 |
| Professional Fees | Rs 1,459 |
| Goods & Service Tax | Rs 00 |
| Total Cost | Rs 1459 |
An Overview on ITR-1
(All you need to know)
The Income Tax Department has categorized the taxpayers into the group to ease the tax compliances this categorization is done based on the income and the sources of the income. ITR 1 Return filing in India is for people with an income of up to Rs.50 lakh.
This article is a comprehensive guide to understand the ITR 1 Sahaj Form. Each category of the taxpayer has to compute the taxable income as it is laid down in the Income Tax Act,1961. Post computation it is necessary for the taxpayer to file the Income Tax Returns.
1. ITR 1 (Sahaj): For Income from Salary & Interest
2. ITR 2: For all incomes other than business income
3. ITR 4 For all incomes including business income
4. ITR 4S (Saral): For Presumptive tax, 8% is deemed income of turnover
5. ITR 5: For Partnerships business, this ITR is used for all income
6. ITR 6: For Companies, this ITR is used for all the incomes
Documents Required for ITR 1 Return
Following Documents are required :-
- PAN Card of the taxpayer
- In case of company or firm, PAN card of all directors or partners is required
- In case of company or firm, Aadhar card of all directors or partners is required
- Cancelled cheque of the taxpayer’s bank account is required
- The statement for concerned Financial Year is required to assess other incomes
- For business entities, except proprietorship, financial statements are required
- Details about the investments made or expenditure u/s 80 must be provided
- The salaried person should provide the TDS Certificate, known as Form 16
How to File ITR 1 Form?
There are two ways you can follow for ITR 1 filing process:
1. Online Method
You need to transmit the data electronically first and submit the return verification as ITR-V to CPC, Bengaluru. You can file the return online and then opt for e-verification of ITR-V via net banking, EVC, or Aadhar OTP. Next to ITR 1 filing online, you will receive the acknowledgement on your registered email address.
Another way you can choose for ITR 1 filing is to download the form from the Income Tax website, fill it and send it to the CPC office of the Income Tax Department within 120 days after e-filing income tax.
2. Offline Method
Only the following two categories of individuals can opt for ITR 1 filing in paper form: Individuals of age 80 years or more during the previous year. Individuals or HUF (Hindu Undivided Families) who have income under Rs. 5 Lakhs and have not claimed any return refund. For offline ITR 1 filing, you need to furnish the return in a physical paper form and submit the same to the Income Tax Department.
Important Terms Related to ITR 1 Form :-
You need to fill this number only if you have received a notice from the Income Tax Department and are filing the return in response to it.
It is the return you re-file in case you later realize you have made a mistake while filing the ITR (Income Tax Return).
It is the return with which you do not have to attach any documents. ITR 1 form is an example of this type of return.
TDS mostly covers the advance tax payment. However, you might have to consider other sources of income as well. If the tax on income is Rs. 10,000 in a year, you are liable to pay Advance tax.
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Frequently Asked Questions
Can all salaried individuals file ITR-1?
You can only file ITR-1 if the exemptions you claim under Section 10 are less than or equal to Rs. 5,000.
There is no refund due to me. Do I still have to fill in my Bank Account details in the Income Tax Return?
Yes, it is mandatory to fill in your bank account details. This is because it has been noticed that many taxpayers pay more than their required tax liability. In such cases, it is important for the Income Tax Department to send refunds within a certain amount of time. If you do not fill in your bank account details, the process would be considerably delayed.
Should I show interest income as ‘income from other sources’ if TDS has been deducted?
While filing ITR 1 form, you should always consider interest income under ‘Income from other sources’, even if the bank has deducted TDS.
What are the due dates for IT return online filing?
The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)
- Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
- Up to 30th September of next year (30th September, 2018) – Companies including other entities on which Audit provisions are applicable
Is it possible to revise the Income Tax return even after the acknowledgement is generated?
To revise the filed ITR, the deadline is 1 year from the end of the next financial year. Therefore, in the case of F.Y. 2017-18, the last date of filing would be 31st March, 2019.
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