ITR-1 (Sahaj) Filing

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.

GlobalTaxmanIndia 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 GlobalTaxmanIndia's 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!

What is ITR?

An Income Tax Return (ITR) is a document used by taxpayers to report details about their income earned and the corresponding tax liability to the income tax department. It serves as a formal declaration of an individual or entity's financial information, ensuring transparency and compliance with tax regulations.

The ITR landscape includes seven different forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each taxpayer is required to file their ITR on or before the specified due date. The choice of ITR form depends on factors such as the sources of income, the amount of income earned, and the taxpayer's category, which can include individuals, HUFs (Hindu Undivided Families), companies, and more.

What is ITR 1 Sahaj Form?

The ITR-1 Sahaj Form, as its name implies, serves as a simplified means for individual taxpayers to file their income tax returns. This form is specifically tailored for resident individuals in India whose total income falls below the Rs. 50 Lakhs threshold and originates from the following sources:

• Income from Salary or Pension
• Income from a Single House Property
• Income from Other Sources

The ITR-1 Form simplifies the procedure for eligible individuals to disclose their income tax information, offering a convenient and effective approach to fulfilling their tax obligations.

Who Can File ITR1

ITR1 is applicable to Resident Individuals who meet the following criteria:

• Income Threshold: The individual's total income for the financial year must not exceed Rs. 50 lakh.
• Permissible Income Sources: ITR-1 is suitable for individuals whose income comes from the following sources:
  • Salary
  • Income from a single-house property
  • Family pension income
  • Agricultural income (up to Rs. 5,000)
  • Other sources include:
    • Interest from Savings Accounts
    • Interest from Deposits (Bank / Post Office / Cooperative Society)
    • Interest from Income Tax Refund
    • Interest received on Enhanced Compensation
    • Any other Interest Income
    • Family Pension

Note: Filing your Income Tax Return (ITR) is mandatory if your Total Income exceeds the basic exemption limit, before claiming deductions under Sections 80C to 80U, as per Section 139 of the Income Tax Act. You must file even if your total income is below the exemption limit if you meet specific criteria like high deposits, significant expenditures, or substantial business/professional income. Ensure to file before 31st December 2024 to avoid penalties and notices from the Income Tax Department.

Who Cannot File ITR1

The following categories of individuals are not eligible to file ITR1:

• Resident Not Ordinarily Resident (RNOR) and Non-Resident Indian (NRI) individuals
• Those with a total income exceeding Rs. 50 lakh
• Individuals with agricultural income surpassing Rs. 5,000
• Individuals with income derived from activities like lottery, racehorses, legal gambling, etc.
• Those with taxable capital gains, both short-term and long-term
• Individuals who have invested in unlisted equity shares
• Individuals with income sourced from business or profession
• Individuals serving as Directors in a company
• Individuals availing tax deduction under section 194N of the Income Tax Act
• Individuals with deferred income tax on Employee Stock Ownership Plan (ESOP) received from an eligible start-up employer
• Individuals who own and generate income from more than one house property
• Individuals who do not meet the eligibility criteria outlined for ITR-1 filing.

ITR-1 Due Date

The due date for ITR 1 filing typically falls on July 31st of each assessment year. It's crucial to meet this deadline to ensure that your income tax return is filed on time and in compliance with tax regulations.

How can GlobalTaxmanIndia help in ITR-1 (Sahaj)?

GlobalTaxmanIndia provides valuable assistance in filing your ITR-1 (Sahaj) income tax return. We start by helping you select the appropriate form based on your income sources, ensuring accuracy in filing.

We meticulously calculate your tax liability, perform error checks, and prioritize timely filing to reduce the risk of penalties or tax notices. If eligible, we assist in processing your income tax refund efficiently.

Our team of tax experts is available to address your queries and provide guidance throughout the process. GlobalTaxmanIndia also keeps you updated on tax law changes and deadlines, ensuring your compliance with the latest regulations. With our secure platform, you can trust us to safeguard your financial data while simplifying your ITR-1 filing experience.