ITR1

1. ITR-1 Form: Income Tax Return for Salaried Individuals Filing taxes might seem like a daunting task! If you are an individual with a steady income from salaries, pensions, or other sources (except winning the lottery or horse racing), and your agricultural earnings are less than INR 5,000, then ITR-1 form, also known as Sahaj, is your go-to form for a smooth tax filing experience. ITR-1 is one out of the seven different types of Income Tax Return forms. What is ITR-1 Form? ITR-1 form, also known as Sahaj, is designed for simplicity, catering to those with uncomplicated financial situations. If your income sources fall within the specified categories, filing your income tax return becomes a breeze. Let’s break down the key aspects: •Income Inclusion: •Salaries and Pensions: Report your earnings from your job or pension accurately. •Other Incomes: Include additional earnings except for lottery winnings or income from horse racing. •Agricultural Income: If you have agricultural earnings below INR 5,000, ITR- 1 is the form for you. •Exclusions: •Lottery or Horse Racing: Keep in mind that income from these sources is not considered under ITR-1. Why choose Income Tax Return-1? ITR-1 form is perfect for those who want a hassle-free tax filing experience without the complexity of other forms. Here’s why it might be the ideal choice for you: •Simplicity: •ITR-1 is straightforward and easy to comprehend, making it suitable for individuals with uncomplicated financial scenarios. •Time-Efficient: •Filling out ITR-1 won’t take up much of your time. Its simplicity ensures a quick and efficient filing process. •Limited Documentation: •You won’t need an extensive set of documents to fill out ITR-1. Keep your salary and income details handy, and you’re good to go. What are the steps to file ITR-1 form? •Go to the Income Tax e-filing portal. •Register or log in to your account.

2. •Select “e-file” > “Income Tax Returns” > “File Income Tax Return”. •Choose the Assessment Year as 2023-24 and mode of filing as ‘Online’. •Click on ‘Start New Filing’. •Select your applicable status. •Choose ITR-1 as the form type. •Click on ‘Let’s Get Started’. •Select the appropriate reason and ‘continue’. •Fill up 5 sections: •Personal Information: Name, PAN (Permanent Account Number), Aadhar, contact info, and bank details. •Gross Total Income: Verify income from all sources. •Total Deductions: Claim deductions under different sections (Eg. 80C, 80D). •Tax Paid: Provide details of tax payments (Tax Deducted at Source (TDS), Tax Collected at Source (TCS), Advance Tax, Self-Assessment Tax). •Total Tax Liability: Check computed tax liability based on previous sections. •Double-check the summary of tax computation. •Rectify errors, if any, and complete validation. •E-Verify the ITR. Who is eligible for ITR-1? ITR-1 form is designed for individuals with straightforward income sources. You are eligible to file ITR-1 if you fall into the following categories: •Earners of Salaries and Pensions: •If your income primarily comes from salaries or pensions, ITR-1 is the right form for you. •Other Income (excluding lottery or horse racing): •Individuals with additional income, excluding earnings from winning the lottery or horse racing, can opt for ITR-1. •Agricultural Earnings: •If your agricultural income is below INR 5,000, you can use ITR-1. •Payments for a Single-Family Home: •ITR-1 is applicable if you have received payments for a single-family home, with specific exceptions. Who cannot file ITR-1 form? While ITR-1 is suitable for many, there are certain scenarios where this form is not applicable. You cannot file ITR-1 if: •Your total income exceeds INR 50 lakhs. •You have income from foreign assets. •Your agricultural income is above INR 5,000. What are the documents needed for filing ITR-1? To complete a successful filing, ensure the following documents:

3. •PAN Card •Aadhaar Card •Bank Statements: Include statements reflecting your income, expenses, and any interest earned. •Form 16: This document from your employer outlines your salary details, TDS deductions, and other relevant information. •TDS Certificates: Collect certificates for TDS deductions on interest, salary, or any other income. What is the structure of ITR-1 form? The structure of the ITR-1 form consists of several sections: •Part A: Personal Information – Fill in your personal details like name, address, and PAN. •Part B: Gross Total Income – Specify your income sources such as salary, house property, and other income. •Part C: Deductions – Declare eligible deductions under sections like 80C, 80D, etc. •Part D: Tax Computation – Calculate your tax liability and TDS deductions. •Part E: Other Information – Provide additional details as required. What are the major changes in ITR-1 for FY2023-24 (AY2024- 25)? •Expanded Scope: •ITR-1 now includes individuals with higher agricultural earnings, extending the eligibility threshold to INR 5,000. •Digital Verification: •The process of digital verification has been enhanced for easier and secure online filing. •Updated Deductions: •Stay updated on changes in deduction limits or new deductions introduced for the assessment year. Conclusion In income tax returns, ITR-1 form emerges as an uncomplicated task for individuals with straightforward financial situations. As you embark on your tax-filing journey, armed with the simplicity of ITR-1, rest assured that the process can be both stress-free and efficient. By following these simplified steps and staying informed about the changes in ITR-1 for AY 2024-25, you can ensure a smooth and accurate filing process. For hassle free ITR-1 filing, reach out to 24efiling. We provide expert assistance and guidance to ensure a smooth and accurate submission of your Income Tax Return.