INCOME TAX RETURN (ITR-1) OR SAHAJ

Individuals residing in India with a total annual income of up to Rs 50 lakh are eligible for filling Income Tax Return i.e. ITR-1usually called SAHAJ. Resident individuals, whose income is generated by salary, one house property, family pension, agricultural revenue up to ₹5000/-, and other such as interest from bank, can file ITR-1. An NRI is not eligible to file for ITR-1. 

Using Form 16 and other income as mentioned above, Salaried taxpayers can file their ITR-1.

Steps for Income Tax Return Filing

• Provide all your documents to our expert by uploading all documents with our portal so that return can be prepared and filed correctly.
• Our expert will prepare your income tax return on the basis of documents provided by you and with the help of details shown in AIS,TIS and 26AS on the Income Tax Portal.
• Our expert will send the final draft of the income tax return, which is ready to file, for your approval.
• After Discussing with you and getting approval from you, our expert will help in depositing income tax if due .
• Our Expert will submit your income tax return and send a copy of acknowledgement of filing of income tax return for your records  

Documents & Details required for Income Tax Return Filing:

• If not registered on the income tax portal, Provide PAN Card & Aadhar Card copy with your email id and mobile number and then our expert will first register you on the income tax portal by your help. If you are registered on an income tax portal then our expert requires your income tax portal password and if you have forgotten your password then our expert will reset it with your help.

• Provide details of all income which is reflected in your all bank accounts 

• Provide Form-16-Part- A & Part-B or salary certificate  

• Provide Housing loan Interest Certificate for the relevant year in case of housing loan taken by you

• Provide Form-16A-Interest Certificates from Banks on FD and others. 

• Provide proof of Deduction Under Section 80C to 80U i.e. Life Insurance, PPF, NPS, Tuition Fees, Payment of Housing Loan Principal, Medical Insurance, Donation Receipts, Interest on Education Loan etc.

Who can file ITR 1?

• The ITR-1 must be filed by a resident individual whose:
• Total income does not exceed ₹50 lakh throughout the financial year.
• Income is generated by salary, one house property, family pension, agricultural revenue (up to ₹5000/-), and other sources, including: 

a.Interest on savings accounts

b.Interest on deposits such as (banks, post offices, cooperative societies)

c.Interest on Income Tax Refund

d. Any other interest income

e.Family Pension

Who cannot use the ITR-1 Form?

The following people are not eligible to file an ITR-1:

• Whose status is Resident but Not Ordinarily Resident and Non-Resident Indian (NRI) individuals

• Total income exceeding ₹ 50 lakh

• Agricultural income exceeding ₹ 5000/-

• Revenue generated from legal gambling, racehorses, lotteries, etc.

• Taxable capital gains (short-term and long-term) 

• Invested in unlisted equity shares

• Income from business or profession

• Director in a company

• Tax deduction under section 194N of the Income Tax Act 

• Deferred income tax on ESOP received from employer being an eligible start-up 

• Owns and generates money from many residential properties.

What are the types of income that are not included in the ITR-1 form?

The types of income listed below are excluded from the ITR-1 form:-                                      

• (a) Gains and profits from professions and businesses.      
• (b) Capital gains, whether they are long-term or short-term     
• (c) Income from several residential properties 
• (d) Income from other sources, which includes the following types of income:
• Lottery winnings. 
• the pursuit of owning and caring for racing horses
• Income subject to section 115BBDA or section 115BBE special rates of taxation    

Is it mandatory to define the nature of employment while filing of return?

Yes, it is necessary to specify the nature of employment when filing a return from the following:                     

• · Central Government Employee 
• · State Government Employee 
• · Employee of Public Sector Enterprise (either Central or State Government)   
• · Pensioners (CG, SG, PSU, OTHER)
• · Employee of Private Sector Concern     
• · Not applicable (in terms of family pension income)

What documents does one need to file ITR-1?

The ITR-1 or Sahaj forms do not require any attachments. It follows that taxpayers do not need to affix any paperwork.

Taxpayers should save the following papers for their records. They should be ready to show them to tax authorities when needed. This is important in situations such as assessments or inquiries.

•  Form 16:Form-16-Part-A & Part-B or a salary certificate provided by the employers for the relevant financial year.
•  Form 26AS: Ensures that the TDS details in Form 16 match those in Part A of Form 26AS.
• Receipts: Keep receipts for any exemptions or deductions (such as HRA allowances or Section 80C/80D deductions) that were not filed by your employer on time so that you can claim them on your income tax return.
• PAN Card: It is necessary to have your Permanent Account Number (PAN) card for identification.
• Bank Investment Certificates: Details about interest earned from bank accounts, such as bank passbooks or fixed deposit certificates.
• House loan: If you have taken out a house loan, please provide an interest certificate for the relevant year.

Penalty for late Filling of ITR 1

•  Depending on the overall income, late income tax returns might incur different penalties.
• Individuals having a total income of more than Rs 5 lakh may face a Rs 5,000 penalty, while those with less than this amount may face a Rs 1,000 penalty.
• In addition, they will charge 1% interest per month until you file the return if you owe taxes and miss the deadline.
• Underreporting or misreporting income may result in fines in more serious situations. Penalties for underreporting might reach 50% of the tax that was underreported, and penalties for misreporting could reach 200% of the tax that was mistakenly reported.
• Furthermore, failing to file tax returns despite repeated reminders from tax officials may result in prosecution. This might lead to a sentence of three months to seven years in jail, based upon the amount of unpaid taxes liabilities.
• Prompt and proper filing of your ITR-1 is essential to avert these financial and legal repercussions.

Why Should You Use “EZYMONEYDEALS.COM” to File Your Income Tax Return?

EZYMONEYDEALS.COM makes tax filling a hassle-free process. Selecting it for filing Income Tax Return-1 provides a reliable, expert, and convenient combination. It guarantees an efficient and precise tax filing experience. Hence, it is tailored to your financial situation and can provide you with the professional experts. 

Upload all your documents to our site, to provide our expert with access to it. We promise to protect your financial information and guarantee you that your documents will be entirely protected.