Description

ITR 1 (Only Salary Income)

ITR 1, also known as Sahaj Form, is an income tax return form primarily meant for individuals who have income from salaries, one house property, and income from other sources. It is the most commonly used form for filing income tax returns by salaried individuals or pensioners. ITR 1 is a simplified form designed for individuals with straightforward financial affairs.

ITR 1

1. Basic Information:

The form starts with basic personal details such as name, PAN (Permanent Account Number), address, date of birth, and contact information.

2. Income Details:

Under the “Income Details” section, the individual is required to provide information about their salary income. This includes:

– Salary: The total income received from the employer, including basic salary, allowances, bonuses, etc.

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– Any arrears of salary received during the financial year.

– Gross Salary: The total salary before any deductions.

– Deductions under section 16: Standard deduction of ₹50,000 (as per current tax laws).

– Net Salary: Gross salary minus deductions.

3. Deductions:

The individual can claim deductions under various sections of the Income Tax Act to reduce their taxable income. However, in the case of ITR 1 for only salary income, deductions other than standard deduction under section 16 are not applicable.

4.Tax Calculation:

The tax payable on the net salary income is calculated based on the prevailing income tax slabs. The individual can claim any taxes already paid through TDS (Tax Deducted at Source) by the employer.

5. Verification:

The individual needs to sign and date the form to declare that the information provided is true and accurate to the best of their knowledge.

6. Filing Methods:

Once filled, the ITR 1 form can be filed electronically on the Income Tax Department’s e-filing website or physically by submitting a physical copy to the concerned Income Tax Office.

7. Due Date:

The due date for filing ITR 1 varies each year and is usually around July 31st of the assessment year unless extended by the Income Tax Department.

It’s essential for individuals to ensure accuracy while filling out the ITR 1 form and to keep relevant documents such as Form 16 (provided by the employer), salary slips, bank statements, and other financial records handy for reference and verification purposes. Additionally, it’s advisable to seek assistance from tax professionals or utilize online tax filing platforms for accurate and efficient filing of income tax returns.

10 FAQs on ITR 1 (Only Salary Income)=

1. Who can use ITR 1 form for filing income tax returns?

– ITR 1 form, also known as Sahaj Form, is primarily meant for individuals with income from salaries, one house property, and income from other sources. Salaried individuals or pensioners with straightforward financial affairs can use this form.

2. What income sources are covered under ITR 1 (Only Salary Income)?

– ITR 1 form covers income from salaries, which includes basic salary, allowances, bonuses, arrears of salary, etc. It does not include income from business or profession, capital gains, or other complex income sources.

3. Can deductions be claimed under ITR 1 for only salary income?

– Yes, deductions under section 16 can be claimed, which includes the standard deduction of ₹50,000 (as per current tax laws). However, deductions under other sections of the Income Tax Act are not applicable for individuals using ITR 1 with only salary income.

4. What documents are required for filing ITR 1 with only salary income?

– Documents such as Form 16 (provided by the employer), salary slips, bank statements, and other financial records may be required for reference and verification purposes while filling out the ITR 1 form.

5.Is it mandatory to file income tax returns using ITR 1 if I only have salary income?

– It is not mandatory to use ITR 1 specifically for filing income tax returns with only salary income. However, it is the most commonly used form for individuals with straightforward financial affairs and is often preferred due to its simplicity.

6. Can I file ITR 1 electronically or do I have to submit a physical copy?

– ITR 1 can be filed electronically on the Income Tax Department’s e-filing website. However, if required, a physical copy can also be submitted to the concerned Income Tax Office.

7. How is tax calculated for salary income under ITR 1?

– Tax on salary income is calculated based on the prevailing income tax slabs. The individual can claim any taxes already paid through TDS (Tax Deducted at Source) by the employer.

8. What is the due date for filing income tax returns using ITR 1?

– The due date for filing income tax returns using ITR 1 varies each year and is usually around July 31st of the assessment year, unless extended by the Income Tax Department.

9. Can I revise my income tax return filed using ITR 1?

– Yes, individuals can revise their income tax returns filed using ITR 1 within a specified time frame if they discover any errors or omissions in the original return.

10. Where can I get assistance for filling out ITR 1 and filing income tax returns?

– Individuals can seek assistance from tax professionals, utilize online tax filing platforms, or refer to the official guidance provided by the Income Tax Department for accurate and efficient filing of income tax returns.

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