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Overview of ITR-1 Filing in India
Filing an Income Tax Return (ITR) is a statutory obligation under the Income Tax Act, 1961. The ITR-1 form, also called "Sahaj," is a simplified return form tailored for salaried individuals with basic income sources. It ensures tax compliance and enables individuals to claim deductions, access refunds, and build financial credibility.
The digitisation of the tax filing process has made it significantly easier for taxpayers to file their returns online. Timely and accurate filing also acts as proof of income for various purposes such as loans or visa applications. Choosing a trusted tax expert like Kanakkupillai can further streamline the process.
What is ITR-1 Form?
ITR-1 or ‘Sahaj’ is meant for individuals earning income up to ₹50 lakhs from salary, pension, one house property, or other income sources like interest or dividends. It excludes those with income from business, capital gains, or foreign assets.
Benefits of Filing ITR-1
- Ensure Legal Compliance: Stay compliant with tax regulations and avoid penalties.
- Claim Tax Refunds: Get refunds for excess TDS deducted.
- Proof of Income: Useful for applying for loans, credit cards, or visas.
- Avoid Penalties: Timely filing saves money by avoiding late fees.
- Carry Forward Losses: Offset current year losses in future filings.
- Avoid Scrutiny: Correct filings reduce chances of tax department notices or audits.
Eligibility Criteria for Filing ITR-1
- Individual earning up to ₹50 lakhs annually.
- Income sources limited to salary/pension, one house property, and other income (interest, dividends).
- Agricultural income up to ₹5,000.
- Not a director or shareholder in an unlisted company.
- Does not hold foreign assets or have foreign income.
Who Cannot File ITR-1?
- Individuals with income from business or profession.
- More than one house property income.
- Income from capital gains (stocks, property, mutual funds, etc.).
- Foreign income or ownership of foreign assets.
- Agricultural income exceeding ₹5,000.
- Company directors or holders of unlisted equity shares.
- Multiple sources of income (beyond allowed limits).
- Income from Virtual Digital Assets (e.g., Cryptocurrency).
- Tax deducted under Section 194N of IT Act.
- Deferred tax on ESOPs or foreign tax relief claims under Sections 90/90A/91.
Checklist for Filing ITR-1 Form
- Form 16 from employer (salary details & TDS).
- Form 26AS (tax credit statement).
- Bank account details for refund and interest reporting.
- Aadhaar-PAN link confirmation.
- Investment proofs for deductions (PPF, ELSS, LIC, etc.).
- Rent receipts (if claiming HRA).
- Home loan interest and principal repayment statements.
- Interest certificates from savings, deposits, etc.
- Dividend and other income details.
- Health insurance premium receipts for Section 80D deduction.
Documents Required for Filing ITR-1
Before filing your Income Tax Return using Form ITR-1 (Sahaj), it is essential to gather all the necessary documents. These documents ensure accuracy in your tax return and help you claim all eligible deductions and exemptions.
1. Basic Details
- PAN Card: Mandatory for identity verification and linking all your financial transactions.
- Aadhaar Card: Must be linked to your PAN and is required for e-verification of the return.
- Bank Account Details: Necessary for refund processing and reporting interest income.
2. Income & Tax Details
- Form 16: Issued by the employer, showing your salary breakup, exemptions, and TDS deducted.
- Form 26AS: A tax credit statement reflecting all TDS, TCS, and advance tax paid during the year.
- Salary Slips: Used to cross-check income with Form 16 for consistency and accuracy.
3. Investment & Deduction Proofs
- Interest Income Certificates: For interest earned from fixed deposits, recurring deposits, and savings accounts.
- Investment Proofs: Includes LIC, PPF, EPF, ELSS, 5-year tax-saving FD, NSC, etc., to claim deductions under Section 80C.
- Medical Insurance Premium Receipts: Required to claim deductions under Section 80D for health insurance payments.
- Home Loan Interest Certificate: If claiming tax benefits on home loan interest or principal repayments.
- Education Loan Interest Certificate: For claiming deductions under Section 80E on interest paid toward education loans.
Organizing these documents in advance ensures a smooth and error-free ITR filing experience and helps you claim all entitled deductions without delays.
Step-by-Step Guide to File ITR-1 Online
Submitting your income tax return using the ITR-1 (SAHAJ) form has become simpler with the online portal provided by the Income Tax Department of India. Here's a comprehensive guide to help you file your return accurately and on time.
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Visit the Income Tax e-Filing Website
Go to https://www.incometax.gov.in. Click on Login. If you're a new user, you can register using your PAN card details.
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Select the ITR Form
After logging in, click on File Income Tax Return. Choose the appropriate Assessment Year and select ITR-1 (SAHAJ) as your return form.
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Enter Your Income Details
Fill out the necessary sections like:
- Personal Information
- Gross Total Income
- Total Deductions
- Tax Paid
- Total Tax Liability
Report income from salary, house property, and other sources. Match your entries with Form 16 and Form 26AS for accuracy.
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Claim Deductions & Compute Tax
Enter deductions under applicable sections like 80C, 80D, 80E, etc. After deductions, verify the net taxable income and compute your tax liability accordingly.
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Pay Tax (If Any)
If you have any remaining tax liability, pay it online via net banking, debit card, or UPI using the portal’s payment options.
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Submit & Verify Your ITR
Review the return and click on Submit. Complete the verification using one of the following methods:
- Aadhaar OTP
- Net Banking
- Electronic Verification Code (EVC)
- Sending a signed copy of ITR-V to CPC Bengaluru
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Track Your Refund (If Applicable)
If a refund is due, it will be credited to your bank account typically within 3–6 weeks after successful verification.
ITR-1 Filing Deadline
The due date to file ITR-1 is 31st July of the relevant assessment year.
Penalty for Late Filing
- Penalty of up to ₹5,000 if filed after the deadline.
- If your total income is below ₹5 lakh, the late fee is restricted to ₹1,000.
Common Mistakes to Avoid While Filing ITR-1
- Providing incorrect PAN, Aadhaar, or bank details
- Mismatched income with Form 16 and Form 26AS
- Failing to report interest income
- Claiming wrong deductions or lacking proof
- Filing the wrong ITR form
- Forgetting to verify the return
- Missing the deadline
- Ignoring exempt income reporting
- Incorrect tax calculation
- Not responding to tax notices
Why Choose Kanakkupillai for ITR-1 Filing?
Kanakkupillai is a trusted name in tax compliance, with over 50,000 satisfied clients across India. Here’s why individuals prefer us:
- Expert Guidance: Our tax experts ensure your ITR is error-free and compliant with the latest tax laws.
- Personalized Support: We offer one-on-one consultation and document verification.
- Timely Filing: Avoid penalties by letting us manage your deadlines efficiently.
- Affordable Plans: Our pricing is transparent and pocket-friendly.
- Online Convenience: File from anywhere with our secure online platform.
Choose Kanakkupillai for a smooth, accurate, and timely ITR-1 filing experience.
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