What is ITR 1?

The ITR-1 form, also called Sahaj, is the income declaration form for salaried persons (i.e. salary / pension / family pension and interest income).

Who is eligible for ITR 1?

  •         The individual is an employee and not a businessman or entrepreneur
  •         The person receives a pension
  •         The individual gains from 1 property of the house
  •         The individual earns a tax-free income of less than INR 5,000, such as farming income
  •         The person does not earn income from other countries
  •         The person has no property in another country
  •         Whether the individual earns income from investments in FDs or stocks.
  •         The person does not earn income through activities like a lottery, gambling, etc.
  •         The individual earns income from taxable capital gains
  •         If the total income of the individual does not exceed Rs.50 lakhs.

How do I fill out the ITR-1 Form?

Preparation: –

The documents you must keep on hand before completing your ITR-1 form are:

  •         Form 16s, issued by all your employers for the given fiscal year
  •         Form 26AS – remember to check that the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS
  •         If you have not been able to submit proof of certain exemptions or deductions (such as the HRA allowance or deductions from Section 80C or 80D) to your employer on time, keep these receipts handy for future reference. claim directly on your tax return.
  •         PAN card
  •         Interest from bank details – bank book or FD certificate

Referances:

https://www.incometax.gov.in/iec/foportal/help/how-to-file-itr1-form-sahaj

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