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ITR-INCOME TAX RETURN
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ITR 1 Form
Know all about ITR Forms and their role in determining your overall tax liability
01.
Read the comprehensive guide to understanding what about ITR 1 form in detail
The Income Tax Department in India has categorized the taxpayers based on their annual income. As per the revised income tax slabs in Budget 20, it is mandatory for people with an income above Rs. 2.5 lakh to file an Income Tax Return (ITR). While the return filing process is easy and hassle-free, you must know about different kinds of ITR forms, one of which is ITR 1. Also known as Sahaj form, ITR form 1 is for those having income up to Rs. 50 lakh. Here, we will discuss various criteria about how to file ITR 1.
ITR 1 form is for Indian residents having an income of up to Rs. 50 Lakhs from the following sources:
a)Salary or pension
b)House property
c)Other sources, like a lottery, earned interests or dividends
- If the taxpayer’s income is clubbed with the income of spouse, the total income must also adhere to these specifications while learning how to file ITR 1 form.
02.
Who is Not Eligible to File ITR 1 Form for AY 2023-24?
ITR-1 Form or SAHAJ
This form is for resident Indians who fall under the below-mentioned categories:
1. If income is created from a pension or salary
2. If income is created from single house property, however, in case the losses have been carried forward from the previous year, the exclusion is allowed.
3. In case the income is generated from agriculture (not more than Rs.5,000)
4. The total income produced can be a maximum of Rs.50 lakh and not more
5. Income that has been created from other sources such as lottery or winning horse races
What are the Documents Required to Fill Out ITR 1 Form?
Here are the documents required before you file ITR 1 form:
a) Form 16s, as issued by your employer for a specific financial year
b) Form 26AS
c) Proof of tax exemptions or deductions in case you have not submitted them to your employer timely
d) PAN Card
e) Bank investment certificates, like FD certificate or the bank’s passbook
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