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ITR-1 Return Filling

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ITR-1 Return Filling

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ITR-1 (Sahaj) Filing Made Simple with Inc It.

Filing your income tax return is an important annual task for every taxpayer. At Inc It., we make this process quick, easy, and accurate—especially when it comes to filing ITR-1 (Sahaj), one of the most commonly used tax return forms in India.

Designed specifically for salaried individuals and pensioners earning below ₹50 lakh annually, ITR-1 is a straightforward way to comply with income tax laws. Whether you're navigating this for the first time or need help optimizing your return, our experts are here to guide you from start to finish.

What is an ITR?

An Income Tax Return (ITR) is a declaration you submit to the Income Tax Department, detailing your earnings, deductions, and tax liabilities for a given financial year. The Income Tax Act, 1961, outlines different ITR forms based on various income categories and taxpayer profiles.

There are seven types of ITR forms—ITR-1 to ITR-7—and choosing the right one depends on your source of income, total earnings, and your residential and employment status.

What is ITR-1 (Sahaj)?

The ITR-1 form, also known as Sahaj, is a simplified return form used by resident individuals whose total income doesn’t exceed ₹50 lakh and is earned from the following sources:

  • Salary or pension

     

  • A single house property

     

  • Other sources like interest income, family pension, etc.

     

This form is not meant for businesses, capital gains, or foreign income holders. It's best suited for straightforward income cases, making tax filing easier for the majority of working professionals in India.

Who Can File ITR-1?

ITR-1 is applicable if:

  • You are a resident individual (not HUF or company)

     

  • Your annual income is ₹50 lakh or less

     

  • Your earnings are from:

     

    • Salary or pension

       

    • Income from a single house property

       

    • Interest income or family pension

       

    • Agricultural income up to ₹5,000

       

Even if your total income is under the exemption limit, you must file ITR if you:

  • Have deposited large amounts in bank accounts

     

  • Made high-value transactions

     

  • Incurred major expenses such as travel or electricity bills

     

  • Are required to do so under other conditions specified by the Income Tax Act

     

Who Cannot File ITR-1?

You cannot file ITR-1 if:

  • You're an NRI or RNOR (Resident Not Ordinarily Resident)

     

  • Your income is over ₹50 lakh

     

  • You’ve earned income from multiple house properties

     

  • You’ve earned capital gains

     

  • You own unlisted equity shares

     

  • Your income is from business or profession

     

  • You’re a director in a company

     

  • You've received ESOPs from a startup

     

  • You’ve earned from lottery, racehorses, or gambling

     

In these cases, you’ll need to use a different ITR form (like ITR-2 or ITR-3).

Due Date for Filing ITR-1

The usual deadline to file your ITR-1 for a financial year is July 31st of the following year (for FY 2023–24, the due date is July 31, 2024). It’s important to file on time to avoid penalties and receive any refunds sooner.

Structure of the ITR-1 Form

The ITR-1 is divided into five parts and two schedules. Here's how it’s structured:

  • Part A – General Info: Includes your PAN, name, address, DOB, Aadhaar number, and contact details.

     

  • Part B – Gross Income: Captures income from salary, house property, and other sources.

     

  • Part C – Deductions and Taxable Income: Where you claim deductions like 80C, 80D, 80G, etc.

     

  • Part D – Tax Computation: Calculates taxes, rebates, interest, and includes bank details for refunds.

     

  • Part E – Other Info: Any other relevant disclosures.

     

The two schedules are:

  • Schedule IT: Details of advance/self-assessment taxes paid

     

  • Schedule TDS/TCS: TDS details from salary, interest income, etc.

     

Required Documents for ITR-1 Filing

Although the ITR-1 form is paperless and doesn’t require attachments, keeping these documents ready is essential:

  • PAN card

     

  • Aadhaar card

     

  • Form 16 (provided by your employer)

     

  • Form 26AS (TDS summary)

     

  • Investment proofs (LIC, PPF, ELSS, etc.)

     

  • Home loan interest certificate (if applicable)

     

  • Bank interest certificates or passbook

     

  • Donation receipts (for 80G)

     

Income Types Not Allowed Under ITR-1

If you have any of these incomes, ITR-1 is not the right form:

  • Business or professional income

     

  • Income from more than one house property

     

  • Capital gains (short or long-term)

     

  • Winnings from lotteries or races

     

  • Special income taxed under sections 115BBDA/115BBE

     

  • Foreign income or assets

     

Penalties for Late ITR-1 Filing

Filing after the due date can lead to:

  • ₹5,000 penalty if income exceeds ₹5 lakh

     

  • ₹1,000 if income is under ₹5 lakh

     

  • 1% interest per month on unpaid tax

     

  • Penalty up to 50% for underreporting and up to 200% for misreporting

     

  • Continued failure can lead to prosecution (3 months to 7 years of imprisonment)

     

Avoid stress by filing your ITR on time.


How Inc It. Can Help You File ITR-1 Seamlessly

At Inc It., we make ITR-1 filing simple, fast, and worry-free:

  • Form selection: We ensure you file the correct form

     

  • Tax calculation: Accurate and optimized

     

  • Error-checking: Avoid rejections or tax notices

     

  • Timely reminders: Never miss a due date

     

  • Expert assistance: Talk to real professionals

     

  • Refund assistance: Maximize and speed up your tax refund

     

  • 100% data safety: Your financial details are secure with us

     

Let our experts handle your ITR-1 filing while you focus on what matters. Start your tax filing journey today with Inc It., and enjoy a smooth, guided experience from start to finish.