ITR-1 Return Filing
Filing your income tax return doesn’t have to be complicated, especially when you have Gubera Consultancy by your side. As your trusted tax partner, we specialize in simplifying the process of ITR-1 return filing, ensuring compliance and peace of mind.
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What is ITR-1 (Sahaj) Form?
ITR-1, commonly known as Sahaj, is specifically designed for individuals with a total income of up to Rs. 50 lakhs. This simplified form is ideal for salaried individuals and pensioners, as well as those earning income from a single house property or other sources.
Who Can File ITR-1?
ITR-1 is suitable for resident individuals who have resided in India throughout the financial year and meet the following criteria:
- Your total income for the financial year must not exceed Rs. 50 lakh.
- Your income sources should include:
- Salary income from a single-house property
- Family pension income
- Agricultural income (up to Rs. 5,000)
- Other sources such as interest from savings accounts, deposits, income tax refunds, etc.
Who Cannot File ITR-1?
here are certain individuals who are not eligible to file ITR-1 and may require other ITR forms. These include:
- Resident not ordinarily resident (RNOR) and non-resident Indian (NRI) individuals
- Individuals with total income exceeding Rs. 50 lakh
- Those with agricultural income surpassing Rs. 5,000
- Individuals with income from activities like lottery, racehorses, etc.
- Those with taxable capital gains or investments in unlisted equity shares
- Individuals with income from business or profession, serving as directors in a company, or owning multiple house properties
- Individuals availing specific tax deductions or benefits as per Income Tax Act provisions
Understanding the ITR-1 Filing Due Date and Form Structure
Filing your income tax return is an important task that every taxpayer must complete within the specified deadline. For individuals who fall under the category of ITR-1, it is crucial to understand the due date for filing and the structure of the form to ensure timely submission and compliance with tax laws.
ITR-1 Due Date: The due date for filing ITR-1 is typically July 31st of each assessment year. It is important to adhere to this cutoff to avoid any penalties or late fees. Filing your ITR-1 on time not only ensures compliance but also allows you to claim any eligible refunds or benefits in a timely manner.
Structure of ITR Form 1: The ITR-1 form, also known as Sahaj, may appear straightforward at first glance. However, it requires meticulous attention to detail during completion. Let’s take an in-depth look at its organized sections:
Part A: General Information: This section requires you to provide personal details such as your name, PAN number, age, gender, and date of birth. You should also include the details of the ward and assessing officer (if known). Additionally, you need to provide your communication address, contact number, city, and state. Don’t forget to mention the filing date and your Aadhaar details.
Part B: Gross Total Income: In this section, you need to provide a breakdown of your gross total income. This includes earnings from salary, property, and other sources. It is important to accurately report all your income to ensure compliance with tax laws.
Part C: Deductions and Total Taxable Income: Here, you need to provide details regarding deductions under various sections such as 80C, 80D, 80U, and 80G. These deductions help in reducing your taxable income. After deducting these amounts, you need to calculate your total taxable income.
Part D: Computation of Tax Payable: This section is dedicated to tax computation. It includes rows for tax computation, tax status, rebates, post-rebate taxes, and TDS claims. Additionally, there is a section (D20) where you need to provide your bank account details, including the account number, bank name, IFSC code, and account type. You can also specify the account for refund, if applicable.
Part E: Other Information: This section requires you to provide any additional details as required by the tax authorities to ensure comprehensive reporting. It is important to carefully review the instructions and provide accurate information.
Schedules:
The ITR-1 form also includes various schedules to provide space for specific computations. One such schedule is Schedule IT, which allows you to compute your tax liability.
It is important to note that the above information is a general overview of the ITR-1 form structure. It is recommended to refer to the official guidelines and instructions provided by the tax authorities for detailed information and specific requirements.
By understanding the due date for filing ITR-1 and the structure of the form, you can ensure timely submission of your income tax return and compliance with tax laws. Remember to review your form carefully before submission to avoid any errors or omissions.
Guide to Filing ITR 1: Documents and Details Required.
When it comes to filing your Income Tax Return (ITR) 1, it is important to gather all the necessary documents and details to ensure a smooth and hassle-free process. Here are the key documents you will need:
1. Form 16:
Form 16 is provided by all employers for the relevant financial year. It outlines the details of your salary income, tax deductions, and Tax Deducted at Source (TDS). Make sure you have this document from each employer you have worked for during the year.
2. Form 26AS:
Form 26AS is your Tax Credit Statement. It is important to verify that the TDS details mentioned in Form 16 match those in Part A of Form 26AS. This will ensure that the TDS claimed by you matches the TDS deposited by your employer.
3. Receipts for Exemptions or Deductions:
If you have any exemptions or deductions that were not submitted to your employer on time, make sure you have the receipts for them. Examples include House Rent Allowance (HRA) or deductions under Section 80C/80D. You can claim these directly on your income tax return.
4. PAN Card:
Your Permanent Account Number (PAN) card is essential for identification purposes. Make sure you have your PAN card handy while filing your ITR 1.
5. Bank Investment Certificates:
Details of interest earned from bank accounts, such as bank passbooks or fixed deposit certificates, should be retained for reference. These details will be required while calculating your income from other sources.
Required Details in ITR 1 Form:
The ITR 1 form consists of several parts, each requiring specific information. Here is a breakdown of the required details:
Part A: Personal Information
This section captures your personal information, including your PAN number, age, gender, address, and communication details. Make sure to provide accurate and up-to-date information.
Part B: Gross Total Income
In this section, you need to provide information on your gross total income. This includes earnings from salary, property, and other sources. Ensure that you report all your income accurately.
Part C: Deductions
Details related to deductions under Sections 80C, 80D, 80U, and 80G should be accurately documented in this section. Make sure you have the necessary documents to support your claims for deductions.
Part D: Tax Computation and Other Details
This section requires information on tax computation, tax status, rebates, post-rebate taxes, TDS claims, and bank account details. It is important to provide comprehensive and accurate information to ensure proper filing of your ITR 1.
By gathering these documents and details, you can ensure a smooth and hassle-free filing process for your ITR 1. If you need any assistance or guidance, Gubera Consultancy is here to help. Contact us today for expert support with your tax filing needs!
What is Excluded from ITR-1 Form: Important Income Exclusions for Tax Filing.
Certain categories of income are excluded from the ITR-1 form, which is used for filing income tax returns. It is important to be aware of these exclusions to ensure that you are using the correct form for your tax filing. The following types of income are not covered under ITR-1:
Profits and Gains from Business or Profession:
If you earn income from business or professional activities, it is not covered under ITR-1. This includes any profits and gains derived from these activities. If you have income from a business or profession, you will need to use a different form for filing your returns.
Income from More than One House Property:
If you earn income from more than one house property, you cannot use ITR-1 for filing your returns. This form is specifically designed for individuals who have income from only one house property. If you have multiple properties and earn income from them, you will need to use a different form.
Capital Gains:
Profits earned from the sale of assets like property or securities are not considered for ITR-1 filing. Whether it is a short-term or long-term capital gain, it is not covered under this form. If you have capital gains, you will need to use a different form for filing your returns.
Other Sources of Income:
There are specific other sources of income that are excluded from ITR-1 filing. These include income from owning and maintaining racehorses, winnings from lotteries, income subject to special rates under section 115BBDA or section 115BBE, and income meant to be distributed as per the regulations of section 5A. If you have any of these types of income, you will need to use a different form for filing your returns.
Penalty for Late ITR-1 Filing:
Filing your income tax returns late can result in various penalties, depending on your total income. It is important to file your returns on time to avoid these penalties. The penalties for late ITR-1 filing are as follows:
1. Individuals with a total income exceeding Rs 5 lakh may face a penalty of Rs 5,000.
2. For those with income below this threshold, the penalty is reduced to Rs 1,000.
In addition to the penalties mentioned above, if you owe taxes and fail to file the return by the due date, you will be liable for additional interest at a rate of 1% per month until you submit the return.
In severe cases, penalties can be imposed for underreporting or misreporting of income. Underreporting may lead to penalties of up to 50% of the tax underreported, while misreporting can result in penalties of up to 200% of the misreported tax amount.
Repeated failure to file tax returns despite reminders from tax authorities may lead to prosecution procedures, including imprisonment ranging from three months to seven years, depending on the outstanding tax liabilities.
It is crucial to file your ITR-1 promptly and accurately to avoid these legal and financial consequences. If you need assistance or guidance with your tax filing, Gubera Consultancy is here to help. Contact us today for expert support with your tax filing needs!
Penalties for Failure to File TDS Returns.
If an assessee fails to file TDS returns before the due date, a penalty of Rs. 200 per day under Section 234E is levied until the default is rectified. Additionally, if the return is not filed within a year from the due date or if incorrect information is furnished, the assessee may be liable for a penalty.
The penalty amount is not less than Rs. 10,000 and can go up to Rs. 1,00,000. Please note that these penalties are subject to the provisions of the Income Tax Act 1961 and may be revised from time to time. It is important to comply with the filing requirements and submit accurate information to avoid any penalties or legal consequences.