Tax filing season is here! As responsible citizen, it is our duty to file our income tax returns on time. it is a way to ensure that the government is able to collect enough revenue to carry out its various functions and certifies that individuals are paying their fair share of taxes, which supports the government in providing services to citizens.
The due date for filing income tax returns is 31st July, but it is always recommended to file your returns well before the last date. This way you can ensure that you have enough time to correct any mistakes that might have occurred while filling up the forms. Moreover, filing your income tax returns on time will help you avoid any kind of fines or penalties.
The Indian Income Tax Department uses various Income Tax Return forms to assess the annual income of an individual or entity. ITR-1 (Sahaj) Form is the most basic form used to file income tax returns in India.
What is ITR 1 form?
The Income Tax Department of India has categorized taxpayers into various groups to simplify tax compliance. This categorization is based on the income and the sources of income of the individual taxpayer. For taxpayers with an income of up to ₹50 lakh, the ITR 1 Return filing has been prescribed.
The different types of income that are taken into consideration include salary income, income from house property, income from business or profession, capital gains income, and income from other sources.
What are the documents required while filing the ITR-1 form?
The following documents are required to file ITR-1 (Sahaj) Form:
• PAN Card
• Aadhaar Card
• Form 16 or Form 16A (if applicable)
• Bank account details
• Details of investments made during the financial year
• Details of any exempt income
• Details of any capital gains
• Details of any foreign assets or income
How to file ITR-1 (Sahaj) form?
Step 1: Gather all the documents and information required to fill out the ITR-1 (Sahaj) form.
Step 2: Visit the Income Tax Department website and click on ‘e-File’.
Step 3: Log in using your user ID, password, and PAN.
Step 4: Select the ‘ITR-1 (Sahaj)’ form from the list of available forms.
Step 5: Select AY 2023–24 and the mode of filing as online and proceed.
Step 6: Enter the details of salary income and other sources of income such as house property, capital gains, etc.
Step 7: Select checkboxes applicable to you regarding the reason for filing and click 'Continue'.
Step 8: In case one has a tax liability, after clicking on total tax liability, select the 'Pay Now' or 'Pay Later' option.
Step 9: Click 'Return to Filing' to complete the filing of ITR.
Step 10: Select the declaration checkbox and click 'Proceed to Preview'. Proceed with the e-verification process.
It is essential to ensure that you have all the necessary documents and information required to complete the filing process. Taxpayers must make sure to file their returns on time to avoid any fines or penalties. It is recommended that taxpayers take the help of a tax expert to ensure that the process is completed correctly.
