How do I file my ITR-1 -Indian Income Tax

Introduction

Taxpayers in India use the income tax return (ITR) to declare their income and pay the appropriate taxes to the income tax department. Depending on the taxpayers’ sources of income and other factors, the Income Tax Department of India offers a variety of ITR forms. ITR 1 is one of the ITR forms that is most frequently used. In this article, we’ll give you a thorough rundown of the requirements, deadlines, documents needed, and step-by-step directions for filing ITR 1 both online and offline in India.

What is ITR 1?

Individual taxpayers who have earned income through a salary, pension, or interest should use the ITR 1 Income Tax Return form. The name Sahaj Form, which in Hindi means “easy,” is another name for it. It is a straightforward form that is simple to complete and submit and is appropriate for those with a clear source of income.

Eligibility to File ITR 1

Individual taxpayers who meet the following criteria may use the ITR 1 form:

• The person must be an Indian citizen; 
• The person must have earned income from a job, a pension, a home, or other sources like interest, dividends, etc.
• The person’s annual income should not be more than Rs. 50 lakhs.
• The person shouldn’t make any money from a business, profession, or capital gains.
• The person shouldn’t serve as a director for any organisation.
• The person shouldn’t possess any assets that are located outside of India.
• The person should not earn more than Rs. 5000 per year from agricultural activities. 

Dates to File ITR 1 in 2023

The due date for filing ITR 1 for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. However, if the taxpayer is required to get their accounts audited or if they are a working partner in a firm whose accounts are required to be audited, the due date is September 30, 2023.

Documents Required to File ITR 1

To file ITR 1, taxpayers need to have the following documents:

• PAN card
• Aadhaar card (optional)
• Form 16/16A (for salary income)
• Bank statements/passbook (for interest income)
• Proof of any other income (such as rent receipts, dividend income statements, etc.)
• Details of any deductions claimed under Chapter VI-A of the Income Tax Act (such as investments in PPF, NSC, LIC, etc.)

How to File ITR 1 Online

Filing ITR 1 online is a convenient and easy option for taxpayers. Here’s a more detailed step-by-step guide on how to file ITR 1 online:

• Step 1: Visit the income tax department’s e-filing website (https://www.incometaxindiaefiling.gov.in/) and register as a new user if you haven’t already done so. You will need to provide your PAN (Permanent Account Number), name, date of birth, and contact details to register. Once registered, log in to your account.
• Step 2: Click on the ‘e-file’ tab on the dashboard. Select the ‘Income Tax Return’ option from the drop-down menu and choose the assessment year for which you want to file the return. Assessment year refers to the year following the financial year for which the return is being filed.
• Step 3: Select ITR 1 as the form type and fill in the required details such as personal information, income details, tax paid, and deductions claimed. The personal information includes your name, address, PAN, Aadhaar (optional), and contact details. The income details include details of income earned from salary, pension, and interest, as well as any other income earned from sources such as rent, dividends, or capital gains. You will also need to provide details of any tax paid or deducted at source, and any deductions claimed under Chapter VI-A of the Income Tax Act, such as investments in PPF, NSC, LIC, etc.
• Step 4: After filling in all the required details, click on the ‘Validate’ button to verify the details entered. The system will check for any errors or discrepancies in the form and prompt you to rectify them. Make sure that all the details entered are accurate and match the information provided in the supporting documents.
• Step 5: If there are no errors, you can proceed to generate the XML file by clicking on the ‘Generate XML’ button. The XML file is a computer-readable file that contains all the details entered in the ITR 1 form.
• Step 6: After generating the XML file, you will need to upload it on the income tax department’s e-filing portal. To do this, click on the ‘Upload Return’ button and select the XML file from your computer. The system will prompt you to enter your digital signature (if you have one) or an electronic verification code (EVC). The EVC is a unique code that is sent to your registered mobile number or email address, and can be used to verify the authenticity of the return. Once the verification is complete, you can submit the return.
• Step 7: After submitting the return, an acknowledgement number will be generated. Keep this number safe as it will be required for future reference. You can also download and save a copy of the acknowledgement for your records.
• Step 8: Once the return is successfully filed, the income tax department will process it and send an intimation to you via email or post. The intimation will contain details of any tax refund or tax payable, if applicable.

It is important to note that the deadline for filing ITR 1 for individuals and Hindu Undivided Families (HUFs) is July 31st of the assessment year. However, if you miss the deadline, you can still file a belated return before the end of the assessment year (March 31st).

Filing ITR 1 online is not only convenient and easy, but also ensures accuracy and prompt processing of your tax return. It is recommended to keep all supporting documents and receipts handy while filling the form to avoid any errors or discrepancies.

How to File ITR 1 Offline

If taxpayers are not comfortable filing their ITR 1 online, they can opt for the offline mode of filing. Here’s a step-by-step guide on how to file ITR 1 offline:

• Step 1: Download the ITR 1 form from the income tax department’s website (https://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx).
• Step 2: Print the form and fill in all the required details using a black ink pen.
• Step 3: Attach all the required documents such as Form 16/16A, bank statements/passbook, and proof of any other income.
• Step 4: After filling in all the required details, calculate the tax payable and fill in the details in the appropriate section of the form.
• Step 5: Once all the details have been filled in, sign the form and send it to the income tax department’s office through registered post or speed post.
• Step 6: Keep a copy of the filed ITR 1 form and the acknowledgement for future reference.

Conclusion

Filing ITR 1 is a simple and straightforward process, but it is important to ensure that all the required details are filled in accurately and all necessary documents are attached. Filing ITR 1 on time not only helps in avoiding penalties but also ensures that taxpayers are compliant with the income tax laws. Taxpayers can choose to file their ITR 1 online or offline, depending on their comfort level. However, filing ITR 1 online is a more convenient and time-saving option. With this comprehensive guide, taxpayers can easily file their ITR 1 and fulfill their tax obligations.