What’s the ITR 1 Form?
The ITR 1 Form is used by taxpayers who are residents and have a total income up to INR 50 lakhs. It’s for people earning from salaries, one house property, other sources like interest, and agricultural income up to INR 5 thousand. If you’re a director in a company or have invested in unlisted equity shares, this form isn’t for you. Remember, you now have to provide your PAN and Aadhaar card details on the Income Tax Department’s official website. The income tax department has different ITR forms for taxpayers depending on their income sources, making tax compliance simpler. So, file your return accordingly.
Who Can File ITR 1 Online for AY 2024-25
ITR-1 is for taxpayers with income up to Rs 50 lakhs from these sources:
– Income from one house property (excluding losses carried forward from previous years)
– Pension or salary income
– Other sources of income
If you’re including clubbed income of a minor or spouse, you can file ITR-1 only if their income sources match the above points.
Who Can’t File ITR 1 Online for AY 2024-25
If you fall into any of these categories, you can’t use ITR-1 and must file either ITR-2 or ITR-3:
– Your income is over Rs 50 lakhs.
– You’re a non-resident or RNOR (Resident Not Ordinarily Resident).
– You own two or more house properties.
– You earn income under the business or profession category.
– You have capital gains, either short-term or long-term.
– Your agriculture income exceeds Rs. 5,000.
– You claim relief for foreign taxes paid or double taxation relief under sections 90/90A/91.
– You have assets (including financial interests in any entity) outside India or signing authority in any overseas account.
– TDS is deducted under section 194N.
– You’ve deferred income tax on ESOP.
Penalty for Missing the Income Tax Return Filing Deadline
If you miss the July 31 deadline for filing your ITR, the revised rules under section 234F of the IT Act state that you could face a penalty. For those with a total income exceeding INR 5 lakhs, the penalty could be up to INR 10,000. However, if your total income is under 5 lakhs, the penalty is reduced to INR 1,000.
| Late Income Tax Return Filing Fee Details | ||
| E- Filing Date | Total Income Below INR 5,00,000 | Total Income Above INR 5,00,000 |
| Before 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) | INR 0 | INR 0 |
| After 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) | INR 1,000 | INR 5,000 |
Changes in ITR 1 Sahaj Form
– Standard deduction of INR 50,000 included.
– Not applicable to directors of any company or individuals holding unlisted equity shares.
– Computation remains the same.
– Offline availability of ITR 1 & ITR 4 for senior citizens above 80.
– Section-wise return filing included in normal filing and response to notice.
– Salary divided into standard deduction, entertainment allowance, and professional tax.
– Pensioners column added under employment nature.
– Employer details like TAN, name, nature, address added under salary income.
– Details of return filed in response to notice u/s 153A and 153C deleted.
– New deductions like 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U added.
– Insertion of point regarding unrealized rent under house property.
– Condition of individual income from one house property, salaries, and other sources up to 50 lakhs remains unchanged.
Deadline for Online Filing of ITR 1 for FY 2023-24
For the financial year 2023-24 (assessment year 2024-25), the due date for filing ITR 1 online is 31st July 2024. Similarly, for FY 2022-23 (AY 2023-24), the deadline was 31st July 2023. Remember, every year, ITR-1 must be filed by 31st July of the following year. Late fees under section 234F are charged if you miss this deadline.
Guide to File Income Tax Return (ITR) 1 Online:
ITR 1 is divided into 7 sections. The first section is called
Part A – General Information
This tab includes details of the following general fields:
- PAN
- Name
- First
- Middle
- Last Name
- Date of Birth
- Aadhar number
- Mobile. No
- E-mail Address
- Address
- Filed u/s
- 139(1)-On or before the due date
- 139(4)-Belated
- 139(5)-Revised
- 119(2)(b)- After Condonation of delay
- Or Filed in response to notice u/s 139(9), 142(1), 148 and 153(C)
- Nature of employment
- Central Govt.
- State Govt.
- Public Sector Undertaking
- Pensioners-CG
- Pensioners-SG
- Pensioners-PSU
- Pensioners-Others
- Others
- Not Applicable(e.g. Family Pension etc.)
Part B – Gross total income
This tab includes details related to gross total income:
Part B1: Salary/Pension
- Information about Employer such as TAN, Name, Nature & Address of Employer
- Salary Information
- Exempted Allowances
- Value of Perquisites
- Net Salary
- Deductions under section 16
- Income subject to tax under the ‘salaries’ head
Part B2: House Property
- Gross Rent Received
- Tax Paid to Local Authorities
- Annual Value
- 30% of the Annual Value
- Interest Paid on Borrowed Capital
- Arrears/Unrealized Rent (less than 30%)
- Income subject to tax under the ‘house property’ head
Part B3: Income from Other Sources
- Deductions under section 57 (iia)
- Income claimed for relief from taxation under section 89A
Part B4 – Gross total income (B1 + B2 + B3)
Part C – Deductions u/c VI-A and Taxable total income
This tab includes all the deductions and taxable total income
- The deduction limit will follow the Income Tax Act.
- Deductions under sections 80C, 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U.
- Total value of deductions.
- Total income (B4 – C1)
Part D – Computation of tax payable
This tab includes all the valuation of tax payable
- D1 Tax payable on total income
- D2 Rebate u/s 87A
- D3 Tax after rebate
- D4 Cess on D3
- D5 Total tax and cess
- D6 Relief u/s 89(1)
- D7 Interest u/s 234A
- D8 Interest u/s 234B
- D9 Interest u/s 234C
- D10 Fee u/s 234F
- D11 Total tax, fee, and interest
- D12 Total tax paid
- D13 Amount payable
- D14 Refund
- Exempt income
Part E – Other Information
This tab contains banking information.
- IFSC Code of the bank
- Name of the bank
- Account Number
- Choose Amount for Refund Credit
Schedule-IT: IT Details of advance tax and self-assessment tax payments
- BSR code
- Date of deposit
- Serial number of challan
- Tax Paid
Schedule-TDS: TDS details of TDS/TCS
- TAN of deductor / PAN of tenant
- Name of deductor
- Gross payment
- Year of tax deduction
- Tax deducted
- TDS/TCS credit
Verification
The taxpayer needs to verify and self-attest the form by signing the verification section after filling in all the details such as name, parent’s name, and PAN details.
Ways to File Income Tax Return 1 (ITR) Online
You can file your ITR-1 form online or offline. For online filing, you can either upload an XML file or directly log in to the income tax portal and choose the “prepare and submit online” option. When filing online, some data can be imported from your latest ITR or form 26AS.
Super senior citizens (aged 80 years or older) are exempt from filing ITR online. Offline filing means submitting the return form on paper.
Filing ITR 1 Online or Electronically:
When you file ITR-1 online, enter the details and verify the return using Electronic Verification Code (EVC) through methods like Bank Account/Net Banking/Demat Account/Aadhar OTP.
Alternatively, you can enter the details electronically and send a physical copy of ITR V to the Centralized Processing Centre (CPC), Bengaluru via speed post or normal post.
Once you file ITR-1 electronically, you’ll receive a receipt in your registered email inbox. You can also manually download it from the official income tax website. After downloading, sign the form and send it to the CPC office in Bangalore within 120 days from the e-filing date. However, if you use the EVC/OTP option, there’s no need to send the ITR V to the CPC.
File ITR 1 SAHAJ Form Offline
You can file ITR 1 SAHAJ offline if you’re 80 years old or more during the tax period or the previous year.
Important Terms in ITR-1 SAHAJ Form for AY 2024-25
Notice Number: Mention this when responding to a notice from the Income Tax Department.
Revised Return: You can correct mistakes by refiling. For FY 2022-23, you can do this before 31st December 2023.
Advance Tax: If your tax on other income is over Rs. 10,000 in a year, pay advance tax quarterly in June, September, December, and March.
Annexure-less Return: No need to attach any documents with the ITR-1 Form. For any queries, contact us, today!
Faqs
What is Form 16, and why is it important for filing taxes?
– Form 16 is a certificate issued by employers in India that contains details of the salary paid to an employee and the taxes deducted. It is essential for filing taxes as it helps verify income and tax deductions.
What is the penalty for late filing of income tax returns?
– The penalty for late filing of income tax returns can vary depending on your country’s tax laws but may include fines, interest charges, and other penalties.
Can I file my income tax return if I have income from multiple sources?
– Yes, you can file your income tax return if you have income from multiple sources. You will need to report all sources of income and any applicable deductions or credits.
How can I check the status of my income tax refund?
– You can typically check the status of your income tax refund online through the official tax website of your country or by contacting the tax authority directly.
What is the difference between ITR-1, ITR-2, and other ITR forms, and which one should I use?
– ITR forms are different types of income tax return forms used for different types of income and taxpayers. The appropriate form to use depends on your specific circumstances, such as the sources of your income and your filing status. It’s essential to choose the correct form to ensure accurate tax reporting.
