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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.5 lakh.
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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.
ITR 1 can be used by individuals who is a resident of India for tax purposes only. Also, all the taxpayers with income only under any or all three heads of income that includes Salaries, Income from House Property, and Income from other sources are eligible to file ITR 1.
ITR 1 can be filed both offline as well online.
Yes, it is necessary to include interest income from other sources even if the tax is deducted by the bank.
ITR 1 returns can be filed offline: By furnishing a return in Physical Paper form after which an acknowledgment is issued at the time of submission of the physical paper return.
ITR 1 returns can be filed online by transmitting the data electronically and then by submitting the verification of the return in Form ITR V to the CPC Bengaluru. By making the return filing online and then e-verifying the ITR V through net banking/Aadhar OTP/EVC. If the ITR 1 is submitted electronically then the acknowledgment will be sent to the registered via email. Also, it can be downloaded from the income tax website then sign and send to the income tax department’s CPC office in Bangalore within 120 days of e-filing.
ITR 1 form is an annexure less return, there is no need to attach any documents such as Form 16 or Form 26 AS with the ITR 1 form.
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