Simplify Your Tax Filing with Our Expert ITR 1 Service
Filing your ITR 1 has never been easier! Our expert team is here to guide you through a seamless, hassle-free process, ensuring maximum refunds and compliance with the latest tax laws. Trust us to handle your taxes so you can focus on what matters most.
What is ITR 1?
ITR 1, also known as SAHAJ, is an Income Tax Return form designed for individuals who are residents (other than Not Ordinarily Resident) and have a total income up to ₹50 lakh. This form is applicable for individuals who earn income from:
- Salary or pension
- One house property (excluding cases where loss is brought forward from previous years)
- Other sources (interest, family pension, etc.)
- Agricultural income up to ₹5,000
Who Should File ITR 1?
You should file ITR 1 if:
- You are an individual (resident) with a total income up to ₹50 lakh.
- Your income sources include salary, pension, one house property, and other sources (interest, etc.).
- Your agricultural income is up to ₹5,000.
- You do not have income from business or profession.
- You do not own more than one house property.
- You are not a Director in any company.
- You do not have any assets (including financial interest in any entity) located outside India.
- You do not have any income from any source outside India.
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FAQs
Can I file ITR 1 if I have income from more than one property?
No, ITR 1 is only for individuals with income from one house property. If you have income from more than one house property, you need to file ITR 2.
What happens if I miss the ITR filing deadline?
Missing the ITR filing deadline can result in penalties and interest on any unpaid tax. Additionally, you may not be able to carry forward certain losses.
Is it mandatory to file ITR 1 if my income is below the taxable limit?
While it is not mandatory to file if your income is below the taxable limit, it is advisable to file your return to claim any refunds and to maintain a record of your income.
Can I claim deductions under Section 80C while filing ITR 1?
Yes
You can claim deductions under Section 80C, as well as other sections such as 80D, 80G, and 80TTA while filing ITR1.
You can claim deductions under Section 80C, as well as other sections such as 80D, 80G, and 80TTA while filing ITR1.
Can I file ITR 1 if I have capital gains?
No, if you have any capital gains, you need to file ITR 2 or another appropriate form. ITR 1 is not applicable for individuals with capital gains.
What is Form 16 and why is it required for filing ITR 1?
Form 16 is a certificate issued by your employer detailing the salary paid and the tax deducted at source (TDS) from your income. It is required for filing ITR 1 to ensure accurate reporting of your income and TDS.