What are the Procedures of ITR-1 Return Filing?
Income tax department has categorized taxpayers in different groups according to their income and the source of the income. ITR-1 is also known as Sahaj Form, which can be filed by an individual whose total income should not exceed Rs.50 lakh during the financial Year. The income can be from his salary, his house property, his Income from family pension and other sources. Eligibility to file ITR-1 are for those individuals whose Total income does not exceed Rs. 50 lakh in a financial year. ITR-1 is filed by individuals who earn their income from salary, own house property, family pension income. The interest gained from Savings account, Interest from deposits in Post Office, banks is considered to be an income of an individual hence they need to file ITR-1 Return form.
Individuals who cannot file ITR are those individuals who are the non-residential Indians (NRI). Individuals whose annual income exceeds Rs 50 lakh are applicable for the same. Individual who has income from legal gambling, race horses and has income from lottery cannot file ITR-1 Return form. A director of a company cannot file ITR-1 Return form. He who has more than one house property cannot file ITR-1. In that case we at Accounting4you assist to provide the ways to file Income tax return for those individuals.
Documents Needed to File ITR-1
There are a few documents needed to file ITR-1. Form- 16, House rent receipt, investment proofs like Premium receipts. No attachment is required to submit at the time of filing the ITR-1 Online as ITRs are annexure- less forms. But it is better to keep the documents handy for any unexpected situation if arises, we at Accounting4you can produce them before the income tax authorities, to reply to their queries on your income tax.
We help you to take the precautions needed during ITR Filing. Documents like:
- Bank statement, Passbook, Receipts to claim deductions for exemptions,
- Investment proofs are needed to keep during ITR -1 Filing.
- Details of your PAN,
- Permanent Address,
- Bank account details are needed to be filled correctly in the ITR-1 form.
Verification of the e-filing the return is mandatory. Someone should give full attention while verifying the e-filing return of ITR-1. We guide you to choose the right ITR. The pre filing and filling of the ITR-1 is available to registered users on the e-filing website.
Linking of Pan and Aadhar is mandatory for the filing of all income tax return forms. The Pan status should be active. Valid contact details should be linked with Aadhar and your bank. Let us know if you wish to know more About ITR-1 filing. We will give you a picture of the whole process. It is important to file your income tax return before the due date always. A late fee of Rs. 5000 is charged if the due date is missed out. So be cautious of the dates of ITR- 1 filing and get it done before the due date. We are there to assist you with ease. Our expert team give the most valuable tips and file your ITR on time.
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