Filing your Income Tax Return (ITR) is an essential financial responsibility. If you are a salaried individual earning up to ₹50 lakh, the ITR-1 form is your go-to option for seamless tax filing. In this guide, we break down the eligibility, documents required, and step-by-step process for ITR-1 form filing to help you file your taxes with confidence.
Who Can File ITR-1?
You can file ITR-1 if you meet the following conditions:
✅ You are a resident individual (not HUF or company).
✅ Your total income is up to ₹50 lakh.
✅ Your income sources include:
- Salary/Pension
- One house property (excluding cases with loss from the property)
- Other sources (like interest income, FD interest, etc.)
- ✅ Agricultural income (if any) is up to ₹5,000.
Who Cannot File ITR-1?
You cannot use ITR-1 if:
❌ Your total income exceeds ₹50 lakh.
❌ You have capital gains or income from business/profession.
❌ You own more than one house property.
❌ You are a Director in a company or hold unlisted shares.
Documents Required for ITR-1 Form Filing
Before you start filing, keep the following documents handy:
📌 PAN Card – Your unique tax identification number.
📌 Aadhaar Card – Mandatory for verification.
📌 Form 16 – Issued by your employer, showing salary details.
📌 Salary Slips – Breakdown of income and deductions.
📌 Bank Statements – To check interest income, if any.
📌 Investment Proofs – For deductions under Section 80C, 80D, etc.
📌 TDS Certificates (Form 16A/16B) – For tax deducted at source.
How to File ITR-1 Online?
Filing your tax return is easier than ever, thanks to the Income Tax e-Filing portal. Follow these steps:
Step 1: Login to the e-Filing Portal
- Visit the official Income Tax e-Filing website (https://www.incometax.gov.in).
- Click on "Login" and enter your User ID (PAN), Password, and Captcha.
Step 2: Select ITR-1 Form
- Click on "e-File" > "Income Tax Return".
- Select Assessment Year (e.g., 2024-25).
- Choose ITR-1 (Sahaj) as your return type.
Step 3: Fill in the Required Details
- Your personal details (name, PAN, address, etc.) are auto-filled.
- Enter your income details from Form 16.
- Provide details of deductions and exemptions (Section 80C, 80D, etc.).
- Declare other income sources (interest, rental income, etc.).
Step 4: Verify Tax Computation
- The portal automatically calculates the tax payable or refund.
- Cross-check the TDS details with your Form 16.
Step 5: Submit and Verify ITR
- Click on "Preview & Submit".
- Choose a verification mode:
- e-Verify via Aadhaar OTP (recommended)
- Net Banking
- Sending a signed ITR-V (Verification Form) to CPC, Bengaluru (if not e-verifying).
Step 6: Acknowledgment
- Once verified, you will receive an ITR acknowledgment (ITR-V) via email.
- If eligible for a refund, it will be processed in a few weeks.
Important Deadlines for ITR-1 Filing
📅 Due Date: July 31st of the assessment year (unless extended).
🚨 Late Filing Penalty: ₹1,000 - ₹5,000 (if filed after the deadline).
Why Should You File ITR on Time?
✔️ Avoid penalties and legal consequences.
✔️ Claim refunds for excess TDS deducted.
✔️ Maintain a good financial record for loan approvals.
✔️ Required for visa processing in many countries.
Final Thoughts
ITR-1 form Filing is a straightforward process when done correctly. With digital advancements, you can complete your return in just a few clicks. Ensure you have the right documents, follow the step-by-step process, and file your taxes before the due date to stay compliant and hassle-free.
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