ITR-1 Return
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Documents Required
- PAN Details
- Invoice Details
- Bank Statements
- Form 26AS
ITR-1 Return
ITR-1, also known as Sahaj, is a simplified income tax return form available for individual taxpayers in India. It is used to report income from various sources such as salary, one house property, and other sources of income. It is suitable for taxpayers with a straightforward financial situation.
Eligibility Criteria for ITR-1
Resident Individual:
The form is applicable only to individuals who are residents of India, not including those who are non-residents or residents but not ordinarily resident (RNOR).
Income Sources:
Income from salary or pension.
Income from one house property (excluding cases where the property is treated as “deemed to be let out”).
Income from other sources, such as interest from savings accounts or fixed deposits.
Income Limit:
Total income up to ₹50 lakh during the financial year.
Not Eligible If:
Income is from more than one house property.
Income includes capital gains or business income.
Resident taxpayers with foreign income or assets.
Individuals claiming deductions under Chapter VI-A (except for section 80TTA).
Documents Required
PAN Card:
Permanent Account Number for identification and verification.
Form 16:
Issued by the employer, detailing salary income and TDS deducted.
Form 26AS:
Tax Credit Statement reflecting TDS, TCS, and advance tax payments.
Bank Statements:
For reporting interest income and reconciling bank transactions.
Proof of Income:
Details of other sources of income, such as interest from savings accounts or fixed deposits.
Property Documents:
If claiming a deduction for home loan interest, documents related to the home loan and property.
Investment Proofs:
Documents for claiming deductions under section 80TTA for interest on savings accounts.
Tax Payment Challans:
Proof of advance tax or self-assessment tax paid.
Process of Filing ITR-1
Gather Information:
Collect all necessary documents and information related to income, deductions, and tax payments.
Download or Access ITR-1:
Download the ITR-1 form from the Income Tax Department’s e-filing portal or use the online filing option.
Fill Out the Form:
Enter personal details, income details (salary, house property, other sources), and any deductions (if applicable).
Verify and Check Details:
Ensure all details are correctly filled in and cross-check with the Form 16, Form 26AS, and other documents.
Submit the Form Online:
File the ITR-1 online through the Income Tax e-filing portal. You may need to verify the form through OTP or digital signature.
Acknowledge Receipt:
After submission, you will receive an acknowledgment receipt (ITR-V).
E-Verify or Send ITR-V:
You can e-verify the return through Aadhaar OTP, net banking, or using an electronic verification code (EVC). Alternatively, send a signed physical copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.
Keep Records:
Maintain a copy of the filed return and all supporting documents for future reference.
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