No, but filing shows you're a responsible taxpayer and can be helpful for loan applications etc.
July 31st of the assessment year (unless extended)
Late filing fees and interest on tax liability may apply.
ITR 1 Filing
24efiling makes filing ITR 1 easy and convenient .
WHAT IS ITR 1?
ITR 1, also known as Sahaj, is a simplified income tax return form designed for individual taxpayers with income up to ₹50 lakh from specific sources. It's a one-page form, making it easier to understand and fill compared to other ITR forms.
Eligible filers for ITR-1:
- Salaried individuals: If your income comes primarily from salary or pension.
- Income from house property: You can have income from a single house property.
- Other sources of income: You can have income from other sources, but it excludes things like lottery, gambling, or horse racing.
- Total income up to Rs. 50 lakh: Your total income for the financial year: should not exceed Rs. 50 lakh.
- Resident with specific income: You should be a resident taxpayer according to income tax rules in India.
- Spouse's income (certain conditions): You can include your spouse's income if it meets the specified limits and comes from approved sources.
Benefits of Filing ITR 1:
- Simple and user-friendly: Ideal for individuals with basic income sources.
- Faster processing: Streamlined form leads to quicker processing by the Income Tax Department.
- Claim tax benefits: Helps you claim deductions and exemptions to reduce your tax liability.
- Loan and visa applications: Many institutions require an ITR for loan approvals and visa applications.
Process of Filing ITR 1:
- Gather documents: Collect your PAN card, Form 16 (if salaried), bank statements, investment proofs, and other relevant documents.
- Choose the filing method: You can file ITR 1 online or offline. 24efiling offers a user-friendly online platform to guide you through the process.
- Enter your details: Fill in your personal information, income details, deductions claimed, tax paid, and other relevant information.
- Verify and submit: Carefully review your entries, verify them, and submit the ITR form.
Documents required for ITR 1:
- PAN card
- Form 16 (if salaried)
- Bank statements.
- Investment proofs (if applicable)
- Interest certificates (if applicable)
- House property documents (if applicable)
- Proof of deductions claimed (e.g., medical bills, donation receipts)
People who cannot file ITR-1:
- Non-resident individuals (NRIs): NRIs cannot use ITR-1.
- Multiple house properties: If you have income from more than one house property, ITR-1 is not applicable.
- Business or professional income: Income from business or profession disqualifies you from using ITR-1.
- Specific types of income: You cannot have income from activities like lottery, gambling, or horse racing.
- Losses to carry forward: If you have losses from house property or other sources that you want to carry forward, you cannot use ITR-1.
- High-value transactions: If you made high-value cash deposits, foreign travel expenses, or electricity expenditures exceeding certain limits, you might not be eligible for ITR-1.
Drawbacks of ITR 1:
- Limited scope: It's not suitable for individuals with income exceeding ₹50 lakh or income from complex sources like business or capital gains.
- Certain deductions not allowed: You cannot claim deductions for business expenses, agricultural income, or professional fees under ITR 1.
Why choose 24efiling for ITR 1 Filing?
Expert assistance: Get assistance from our tax professionals if you need help.
Data security: We ensure the highest security for your sensitive financial information.
Fast and efficient: File your ITR 1 quickly and easily with our streamlined process.
Faq
We Made Things Easy For You!
Related services
We Made Things Easy For You!
Ready To experience
stress-free and
compliance
management?
Contact us today for a consultation.