Who Can File ITR 1 Sahaj?
According to the IT division, ITR-1 might be filed by a resident particular person whose:
- Total earnings doesn’t exceed Rs 50 lakh through the FY
- Income is from wage, one home property, household pension earnings, agricultural earnings (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 acquired on Enhanced Compensation
- Any different Interest Income
- Family Pension
- The earnings of the Spouse (apart from these coated beneath the Portuguese Civil Code) or Minor is clubbed (provided that the supply of earnings is inside the specified limits as talked about above).
Who Is Not Eligible To File ITR-1?
ITR-1 can’t be filed by any particular person who:
- Is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
- Has complete earnings exceeding Rs 50 lakh
- Has agricultural earnings exceeding Rs 5000
- Has earnings from lottery, racehorses, authorized playing, and many others.
- Has taxable capital positive aspects (brief-time period and lengthy-time period)
- Has invested in unlisted fairness shares
- Has earnings from enterprise or occupation
- Is a director in an organization
- Has tax deduction beneath part 194N of the Income Tax Act
- Has deferred earnings tax on ESOP acquired from employer being an eligible begin-up
- Owns and has earnings from multiple home property
- Is not coated beneath the eligibility circumstances for ITR-1
What Documents Do You Need To File ITR-1 (Sahaj)?
You’ll require Form 16, a home lease receipt (if relevant), and funding cost premium receipts (if relevant). However, ITRs are annexure-much less varieties, that means you’re not obligated to connect any paperwork (resembling funding proofs, TDS certificates) together with your return, whether or not submitting manually or electronically. Nonetheless, it’s important to retain these paperwork for situations the place they might should be offered earlier than tax authorities, resembling throughout evaluation or inquiries.
What Are The Types Of Income That Are Not Part Of ITR 1 Form?
Following are the sorts of earnings that shall not kind a part of the ITR 1 kind:-
(a) Profits and positive aspects from enterprise and professions
(b) Capital positive aspects
(c) Income from multiple home property
(d) Income beneath the top of different sources which is of the next nature:-
(1) Winnings from lottery
(2) Activity of proudly owning and sustaining race horses
(3) Income taxable at particular charges beneath part 115BBDA or part 115BBE
(e) Income to be apportioned by provisions of part 5A
How To File ITR 1 Online?
The pre-filling and submitting of the ITR-1 service is offered to registered customers on the e-submitting portal. This service permits particular person taxpayers to file ITR-1 both on-line by means of the e-submitting portal or by accessing the offline utility. This consumer guide covers the method for submitting ITR-1 by means of on-line mode.
ITR-1 has 5 sections that you have to fill in earlier than submitting it and one abstract part the place you might be required to evaluate your tax computation. The sections are as follows:
- Personal Information
- Gross Total Income
- Total Deductions
- Tax Paid
- Total Tax Liability
How To File Offline ITR
On Monday, April 1, 2024, the earnings tax division additionally enabled offline submitting of the ITR by making obtainable JSON and Excel utilities for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-25.
In the offline methodology, taxpayers are required to obtain the related kind or Excel utility, fill it after which add it on the earnings tax division’s portal. However, within the on-line kind, taxpayers can straight fill in particulars about their incomes on the earnings tax portal and submit it. In each modes, the varieties should be verified by the taxpayers.
Though the ITR-1 on-line is now obtainable for submitting, salaried people will be capable to file the earnings tax return after Form-16 is offered to them from their firm.
ITR Filing Date For AY 24-25
The final date for submitting earnings tax returns for the evaluation 12 months 2024-25 for individuals who don’t must get their accounts audited is July 31.
Disclaimer: The views and funding ideas by consultants on this News18.com report are their very own and never these of the web site or its administration. Readers are suggested to test with licensed consultants earlier than making any funding choices.
