1. What is ITR and what is ITR-1?
– ITR stands for Income Tax Return, which is a form filed by taxpayers to disclose their income earned during the financial year. ITR-1 is the simplest form, also known as Sahaj, used by individuals with income from salaries, one house property, or other sources (excluding capital gains or business income) to file their income tax return.
2. Who is eligible to file ITR-1?
– Individuals with income from salary, one house property, and other sources (excluding lottery winnings and income from racehorses) can file ITR-1 if their total income is below Rs. 50 lakh.
3. Who is not eligible to file ITR-1?
– Individuals with a total income exceeding Rs. 50 lakh, non-resident Indians (NRIs), individuals with income from multiple house properties, specific income sources like lottery winnings or racehorses, taxable capital gains, unlisted equity shares, income from business or profession, directorship in companies, tax deductions under section 194N, or deferred income tax on ESOPs cannot file ITR-1.
4. What are the pre-requisites to file ITR-1 online?
– To file ITR-1 online, you need to register on the e-Filing Portal, ensure your PAN and Aadhaar are linked, have an active PAN, a registered mobile phone number linked to your Aadhaar for e-verification, and a pre-validated bank account for income tax refund.
5. What are the documents required to file ITR-1?
– Some of the documents required to file ITR-1 include Form 16 (issued by the employer), bank statements, Form 26AS (consolidated statement of tax deductions), proof of investments and expenses, house rent receipts (if applicable), housing loan interest certificates, documents related to capital gains, Form 15G/15H (if applicable), details of other income, Aadhaar card (beneficial but not mandatory), and the previous year’s tax return.
6. What is the procedure to file ITR-1 online?
– The online filing procedure for ITR-1 involves registering on the e-Filing Portal, logging in, selecting the “Filing of Income Tax Return” option, choosing the assessment year and ITR-1 form, pre-filling personal information, filling in income details, claiming deductions and tax relief, computing tax liability, reviewing and validating the form, and finally submitting it online.
7. Can I file ITR-1 offline?
– Individuals who are 80 years or older or Hindu Undivided Families (HUFs) or individuals with income not exceeding Rs. 5 lakhs, without the need to claim a refund, can file ITR-1 offline by filling out a paper form and submitting it. Others must file ITR-1 online.
8. Are there any updates or changes in ITR-1 for A.Y. 2023-24?
– The eligibility criteria for filing ITR-1 remain the same. However, certain individuals holding unlisted equity shares, serving as directors in a company, having tax deductions under Section 194N, or having an income tax liability for ESOPs cannot use ITR-1. Also, Hindu Undivided Families (HUFs) cannot file tax returns using ITR-1 for the assessment year 2023-24.
9. How can I access pre-filled data for filing ITR-1?
– The income tax department has introduced a new online mode that allows users
10. Can I revise my ITR-1 after filing?
– Yes, you can revise your ITR-1 within the specified time limit. The Income Tax Act allows taxpayers to revise their tax returns within a certain timeframe if they discover any errors or omissions in the original filing.
11. Is it mandatory to e-verify my ITR-1?
– Yes, it is mandatory to e-verify your ITR-1 after filing it online. E-verification can be done through various methods, such as using Aadhaar OTP, net banking, bank account-based validation, or by sending a physical ITR-V to the Centralized Processing Center (CPC).
12. What happens if I don’t file my ITR-1?
– Failing to file your ITR-1 can result in penalties and legal consequences. It is important to file your tax return on time to avoid penalties and to stay compliant with the Income Tax Act.
13. Can I file my ITR-1 after the due date?
– Yes, you can file your ITR-1 after the due date, which is usually July 31st of the assessment year. However, it will be considered a belated return, and you may be liable to pay penalties and interest on any tax dues.
14. Can I claim deductions and exemptions while filing ITR-1?
– Yes, you can claim deductions and exemptions under various sections of the Income Tax Act while filing ITR-1. These include deductions under Section 80C (for investments like life insurance, EPF, PPF, etc.), Section 80D (for health insurance premiums), Section 24(b) (for home loan interest), and more.
15. Do I need to keep a copy of my filed ITR-1?
– Yes, it is important to keep a copy of your filed ITR-1 for future reference and documentation purposes. It is recommended to keep both a digital and physical copy of your filed tax return.
16. Can I file ITR-1 if I have income from freelancing or consulting work?
– No, if you have income from freelancing or consulting work, it is considered income from a profession or business. In such cases, you are not eligible to file ITR-1 and should file the appropriate form, such as ITR-3 or ITR-4, depending on the nature and extent of your income.
17. Can I file ITR-1 if I have income from agriculture?
– Yes, you can file ITR-1 if you have income from agriculture, provided the income falls within the specified limits and meets the criteria mentioned in the ITR-1 form.
18. Can I file ITR-1 if I have income from multiple sources?
– Yes, you can file ITR-1 if you have income from multiple sources. However, there are certain limitations on the types and amounts of income you can have while using ITR-1. Make sure to review the eligibility criteria mentioned in the form instructions or consult a tax professional to determine if ITR-1 is suitable for your specific situation.
19. Is it necessary to disclose all bank accounts while filing ITR-1?
– Yes, it is mandatory to disclose all your bank accounts, including dormant accounts, while filing ITR-1. You need to provide the details of your bank accounts, such as the account number, IFSC code, and the type of account (savings, current, etc.).
20. Can I file ITR-1 if I have income from foreign sources?
– No, if you have income from foreign sources, you cannot use ITR-1 for filing your tax return. You would typically need to file the appropriate form, such as ITR-2, ITR-3, or ITR-4, depending on the nature and extent of your foreign income.
21. Can I file ITR-1 if I have capital gains?
– No, if you have capital gains from the sale of property, shares, or other assets, you are not eligible to file ITR-1. You should file the appropriate form, such as ITR-2 or ITR-3, depending on the type and complexity of your capital gains.
22. Can I file ITR-1 if I have income from house property?
– Yes, you can file ITR-1 if you have income from a house property, provided it is limited to one house property and does not involve any complex calculations or deductions. In case you have multiple house properties or certain types of deductions, you may need to use a different form, such as ITR-2 or ITR-3.
23. What documents should I keep as supporting documents while filing ITR-1?
– It is essential to maintain relevant supporting documents while filing your ITR-1. Some common documents include Form-16 (provided by your employer), TDS certificates, bank statements, investment proof, rent receipts, and other income-related documents. It is advisable to keep these documents safely for future reference or if any verification is required by the tax authorities.
For detailed guidance step by step to file ITR-1 read the article – How to File ITR-1 (Sahaj) Step by Step (A.Y.2023-24)