It is right time to file Your Income Tax Return as last date is 31st July to file Original Income Tax Return and if you are a salaried person then you can choose most easy ITR filing form which is ITR-1, you can file it yourself online without any assistance and without any cost.
What is ITR-1?
ITR-1, also known as Sahaj, is an income tax return form used by resident individuals whose total income includes:
- Salary or pension
- Income from one house property (excluding cases where loss is brought forward from previous years)
- Income from other sources (excluding winning from lottery and income from racehorses)
- Agricultural income up to Rs. 5,000
Who Can File ITR-1?
You can file ITR-1 if:
- You are an individual (not an HUF or company)
- Your total income is up to Rs. 50 lakhs
- Your income includes salary, one house property, and income from other sources
You cannot use ITR-1 if:
- You have income from more than one house property
- Your total income exceeds Rs. 50 lakhs
- You have income from business or profession
- You have capital gains
- you are a Director of a Company
- Your TDS is deducted under section 194N on cash withdrawal
- You hold foreign assets or have income from foreign sources
Watch below video and file ITR-1 yourself for free:
You can contact team of Tax Experts to file Your ITR at 9150010300 or visit www.legalsahayak.com
Benefits of Filing ITR-1
- Compliance with the Law: Filing your ITR is a legal requirement if your income exceeds the basic exemption limit.
- Claiming Refunds: You can claim a refund of excess taxes paid or deducted.
- Proof of Income: It acts as proof of income for loans and credit cards.
- Avoid Penalties: Filing on time helps avoid penalties and interest.
Key Points to Remember
- Deadline: The due date for filing ITR-1 is typically July 31st of the assessment year.
- Accuracy: Ensure all information is accurate to avoid notices from the Income Tax Department.
- Documents: Keep all necessary documents handy for reference while filing.
- E-Verification: E-verify your return to complete the filing process.
By following these steps, you can file your ITR-1 online for free, ensuring compliance with tax laws and benefiting from timely filing. Make sure to keep track of the deadlines and verify your details to avoid any issues post-filing.
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Thank for the useful information.
I took a loan amount of 10 Lakh. Do i need to file ITR..?