Income Tax Return Documents List: What Do You Need To File ITR-1 Sahaj?

Income Tax Return: ITR 1 Sahaj is an Income Tax Return type that’s utilized by particular person taxpayers who’ve revenue from wage, pension, or curiosity. It is essentially the most generally used type for submitting revenue tax returns in India.

Why Is Income Tax Return Filing Important?

ITR or Income Tax Return is filed in India to report a person’s or entity’s revenue earned throughout a monetary 12 months (April to March) and to pay the taxes on it as per the Income Tax Act, 1961. Filing an ITR is a authorized obligation for all taxpayers in India whose gross whole revenue exceeds the fundamental exemption restrict as prescribed by the federal government.

Who Can File ITR 1 Sahaj?

ITR-1 may be filed by a resident particular person whose:

• Total revenue doesn’t exceed Rs 50 lakh in the course of the FY
• Income is from wage, one home property, household pension revenue, agricultural revenue (as much as Rs 5000), and different sources, which embrace:
• Interest from Savings Accounts
• Interest from Deposits (Bank / Post Office / Cooperative Society)
• Interest from Income Tax Refund
• Interest obtained on Enhanced Compensation
• Any different Interest Income
• Family Pension
• Income of Spouse (apart from these lined below Portuguese Civil Code) or Minor is clubbed (provided that the supply of revenue is throughout the specified limits as talked about above).

What Documents Do You Need To File ITR-1 Sahaj?

You would want Form 16, home hire receipt (if relevant), funding fee premium receipts (if relevant).

However, ITRs are annexure-less kinds, so you aren’t required to connect any doc (like proof of funding, TDS certificates) alongside together with your return (whether or not filed manually or electronically).

A taxpayer must hold these paperwork for conditions the place they should be produced earlier than tax authorities equivalent to evaluation, inquiry, and so forth..

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