Salaried/Self Employed – Starter

ITR-1 Form Filing refers to the process of submitting the Income Tax Return (ITR) Form 1, designed for individuals with simple sources of income like Salaried/Self Employed earnings, pension, and interest income. Commonly known as the Sahaj form, it’s the easiest income tax return form for individuals. FilingIn simplifies this process, ensuring a smooth and accurate filing experience for those with straightforward income sources.

Key Features of ITR-1 Form:

• Eligibility: ITR-1 is meant for individuals who:
  • Have income from salary or pension.
  • Have income from one house property (excluding cases where loss is being carried forward).
  • Earn income from other sources, such as interest from savings accounts, fixed deposits, etc.
  • Total annual income is ₹50 lakhs or less.
• Income Sources: The form is specifically designed for taxpayers with the following income sources:
  • Salary/Pension Income: Income received as a salaried employee or pensioner.
  • House Property Income: Income from renting out a single property.
  • Other Sources: Interest income from savings accounts, fixed deposits, etc.

Benefits of Filing ITR-1:

• Easy and Quick: ITR-1 is simple to fill out, making it ideal for individuals with straightforward tax situations.
• Tax Compliance: Ensures you meet the Income Tax Department’s requirements, avoiding penalties for non-compliance.
• Claim Deductions: You can claim various tax-saving deductions under sections like 80C (for investments), 80D (for health insurance), and others.
• No Complexity: This form does not involve reporting income from business or profession, making it hassle-free for employees, pensioners, and small investors.

Process of ITR-1 Filing:

1. Gather Documents: Collect documents such as Form 16 (for salary), interest certificates, investment proofs for deductions, etc.
2. Fill Out the Form: Provide accurate details of your income, deductions, and taxes paid in the ITR-1 form.
3. Review: Double-check all the information to ensure its accuracy and consistency.
4. Submit Online: File the ITR-1 form through the Income Tax Department’s e-filing portal.
5. Verification: After submission, verify the return using options such as Aadhaar OTP, e-verification code, or by sending the signed ITR-V to the Income Tax Department.

Documents Required for ITR-1 Filing:

1. Form 16: Provided by your employer, detailing your salary income and TDS (Tax Deducted at Source).
2. Interest Certificates: For income earned from savings accounts or fixed deposits.
3. Investment Proofs: To claim deductions under sections like 80C, 80D, etc.
4. Bank Statements: To validate the interest income from various sources.
5. Other TDS Certificates: If applicable, for other income sources.