What is ITR-1?
Income Tax Return-1, commonly known as ITR-1, is a form that individuals use to file their income tax returns. ITR-1 is the simplest form available for filing income tax returns and is meant for taxpayers who have income from salaries, pensions, or interest from savings accounts. In this blog post, we will discuss the basics of ITR-1, who should file it, the procedure to file ITR-1, and the due date for filing ITR-1.
Who should file ITR-1?
ITR-1 is applicable for individuals who have income from the following sources:
- Salary or pension
- Income from one house property
- Income from other sources such as interest from savings accounts, fixed deposits, etc.
- Agricultural income up to Rs. 5,000
If you have income from multiple sources or own more than one house property, you cannot file ITR-1. In that case, you need to file ITR-2 or any other relevant form.
Procedure to file ITR-1
The process of filing ITR-1 is straightforward. You can either file it online or offline. Here are the steps to file ITR-1:
- Gather all the necessary documents: Before you start filing ITR-1, ensure that you have all the necessary documents like Form 16, salary slips, bank statements, TDS certificates, etc.
- Login to the e-filing portal: If you are filing ITR-1 online, you need to visit the Income Tax Department’s e-filing portal and log in using your credentials.
- Fill in the details: Once you have logged in, select ITR-1 and start filling in the details such as personal information, income from different sources, deductions, etc.
- Verify the details: After filling in all the details, verify them and ensure that there are no errors.
- Submit the form: Once you have verified the details, submit the form electronically. You will receive an acknowledgement once the form is successfully submitted.
Due date for filing ITR-1
The due date for filing ITR-1 is usually July 31st of the assessment year (AY). For example, for the financial year 2022-23, the due date for filing ITR-1 would be July 31st, 2023. However, the government may extend the deadline in certain cases, and it is always advisable to file the returns well before the due date to avoid any penalties or late fees.
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Conclusion
In conclusion, ITR-1 is the simplest form available for filing income tax returns and is suitable for individuals who have income from salaries, pensions, or interest from savings accounts. By following the simple steps mentioned above, you can easily file ITR-1 online and ensure that you are compliant with the income tax laws.