Explore all the details you need about ITR-1 (Sahaj) Filing, tailored for your needs.
ITR, or Income Tax Return, is a crucial document in which taxpayers report their income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures. Among these forms, ITR-1, often referred to as Sahaj, holds particular significance. ITR1 (Sahaj) is designed for individuals with an income of up to Rs.50 lakhs, making it applicable to most salaried individuals.
Solocorp offers a seamless and efficient solution for filing Income Tax Returns using the ITR1 form in India. Our team of experts guides you through the entire process, ensuring that you meet your tax compliance obligations effortlessly. With Solocorp' ITR 1 filing Services, you can navigate the complexities of tax submission with ease, allowing you to focus on what matters most while we handle your tax return needs. Get started today!
An Income Tax Return (ITR) is a formal document filed by taxpayers to report their income, taxes paid, and any tax liabilities to the Income Tax Department. It ensures transparency and compliance with tax regulations.
There are seven different ITR forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The appropriate form is chosen based on income sources, income amounts, and taxpayer categories such as individuals, HUFs, or businesses.
Filing the correct ITR on or before the due date is a critical requirement for all taxpayers to avoid penalties and maintain compliance with tax laws.
ITR1 is applicable to Resident Individuals who meet the following criteria:
While ITR Form 1 may seem straightforward, it requires careful attention during the filling process. ITR Sahaj is organized into five distinct parts and two schedules to ensure clarity.
Personal details such as name, PAN number, age, gender, and date of birth. Ward and assessing officer details (if known). Communication address, contact number, city, and state. Filing date and Aadhaar details.
Information on gross total income, including earnings from salary, property, and other sources.
Details related to deductions under sections 80C, 80D, 80U, and 80G.
Rows covering tax computation, status, rebates, post-rebate taxes, TDS claims, etc. D20 for bank account details, including account number, bank name, IFSC code, and account type, with an option to specify the account for refund, if applicable.
Various additional details as required by the tax authorities.
ITR Sahaj Forms are attachment-less forms. This means that taxpayers are not required to attach any documents. However, taxpayers should retain the following documents for their records and be prepared to produce them before tax authorities if requested, particularly in situations like assessments or inquiries.
The ITR1 form comprises several sections, each requiring specific information for accurate completion.
The ITR-1 form excludes certain categories of income, including:
Income derived from business or professional activities is excluded from ITR-1.
If you have income from more than one house property, you cannot file ITR-1.
Income from capital gains, whether short-term or long-term, is excluded from ITR-1.
Income derived from owning and maintaining racehorses is excluded from ITR-1.
Any winnings from lotteries or similar games are excluded from ITR-1.
Income subject to special tax rates, such as those under Sections 115BBDA or 115BBE, is not eligible for ITR-1.
Income that is meant to be distributed under Section 5A is excluded from ITR-1.
Late filing of income tax returns can result in various penalties, depending on your total income.
Individuals with a total income exceeding Rs 5 lakh may face a penalty of Rs 5,000 for late filing.
Individuals with income below Rs 5 lakh may incur a reduced penalty of Rs 1,000 for late filing.
If you owe taxes and fail to file the return by the due date, additional interest at a rate of 1% per month will be charged until the return is submitted.
Underreporting of income may result in penalties of up to 50% of the tax underreported.
Misreporting of income can lead to penalties of up to 200% of the misreported tax amount.
Repeated failure to file tax returns despite reminders from tax authorities can lead to prosecution, with imprisonment ranging from three months to seven years, depending on the outstanding tax liabilities.
It is crucial to file your ITR1 promptly and accurately to avoid these legal and financial consequences.
Solocorp provides comprehensive support in filing your ITR-1 (Sahaj) income tax return, ensuring accuracy and timely submission.
We help you choose the right form based on your income sources, ensuring all necessary details are accurately captured.
Our team calculates your tax liability, performs error checks, and prioritizes filing before deadlines to reduce the risk of penalties or tax notices.
If you are eligible for a refund, we assist in processing it efficiently, ensuring you receive the refund quickly.
Solocorp' team of tax experts is available to address your questions, providing clear guidance throughout the process.
We also keep you updated on changes in tax laws and deadlines to ensure your compliance with the latest regulations.
Our secure platform ensures that your financial data is kept safe while simplifying your ITR-1 filing experience.
We guide you in selecting the appropriate ITR-1 (Sahaj) form based on your income sources and financial situation.
Our experts calculate your tax liability to ensure your return is filed accurately and you pay the correct tax.
We perform thorough error checks to ensure your return is free of mistakes before submission.
We ensure your ITR-1 is filed before the due date to avoid penalties and interest charges.
If eligible, we assist in processing your tax refund efficiently, ensuring you receive it promptly.
Our team of tax experts is always available to address your queries and provide guidance throughout the filing process.
We keep you informed about any changes in tax laws and deadlines, ensuring you're always compliant with the latest regulations.