ITR-1 Return Filing

Income Tax Return (ITR), a vital document, requires taxpayers to declare income and taxes to the income tax department. Governed by the Income Tax Act of 1961, ITR forms vary, with ITR-1 (Sahaj) being significant for individuals with income up to Rs.50 lakhs.

Speed Filings provides a seamless solution for filing Income Tax Returns using the ITR-1 form in India. Our expert team ensures effortless tax compliance, guiding you through the process. With Speed Filings’ ITR-1 Filing Services, focus on priorities while we handle your tax return needs. Get started today!

What is ITR?

Income Tax Return (ITR) is a document for taxpayers to report income and tax liability. Seven forms, ITR-1 to ITR-7, cater to different taxpayers based on income sources, amount earned, and category.

Understanding ITR-1 Sahaj Form
ITR-1 Sahaj is for resident individuals in India with total income below Rs.50 Lakhs. Covering income from salary, pension, single-house property, and other sources, it simplifies tax filing.

Who Can File ITR-1

Applicable to Resident Individuals meeting these criteria:
– Income Threshold: Total income for the financial year must not exceed Rs.50 lakh.
– Permissible Income Sources: Suitable for those with income from salary, single-house property, family pension, and specified other sources.

Who Cannot File ITR-1

Not eligible for those falling into specific categories, such as NRIs, individuals with income over ₹50 lakh, those with substantial agricultural income, or engaged in specific activities like lottery, racehorses, etc.

ITR-1 Due Date

Due on July 31st each year, timely filing ensures compliance with tax regulations.

Structure of ITR Form 1:

An Overview
Organized into five parts and two schedules, capturing personal information, gross total income, deductions, tax computation, and other details. Two schedules include IT and TDS & TCS.

Documents Required for Filing ITR 1

Attachment-less forms don’t require documents, but retain Form 16, Form 26AS, receipts, PAN card, and bank investment certificates for records.

Types of Income Excluded from ITR-1 Form
Excludes income categories like business profits, multiple house property income, capital gains, and specific other sources.

Penalty for Late Filing of ITR-1

Late filing may result in penalties based on total income. Ensure prompt and accurate filing to avoid legal and financial consequences.

Speed Filings’ Assistance in ITR-1 (Sahaj)

Speed Filings facilitates ITR-1 (Sahaj) filing by helping select the right form, calculating tax liability accurately, performing error checks, and ensuring timely filing to minimize penalties. Our team assists in processing eligible income tax refunds efficiently and keeps you informed on law changes and deadlines for seamless compliance. Trust Speed Filings for a secure and simplified ITR-1 filing experience. Start now!