File Your 2023-24 ITR today for an Early Tax Refund
Your Tax Assistant
Ask Me Anything
ITR1: Detailed guide
Form ITR-1, also known as the Income Tax Return Form-1, is filled by those who have taxable income from sources such as salaries, pensions, and inter…

Form ITR-1, also known as the Income Tax Return Form-1, is filled by those who have taxable income from sources such as salaries, pensions, and interest. It is also known as Sahaj. As the name suggests, it is the least complicated method for filing an income tax return.

It is necessary to file the income tax return within the prescribed time period to prevent any penalties and interest that may be applied to the tax that is due.

Who can file ITR-1?

The ITR-1 form can be used by persons if they satisfy all of the following requirements:

The individual's annual income must be less than or equal to Rs. 50 lakhs, and it cannot be more than that. The individual should have income from the sources such as salary, pension, and interest income such as savings, deposits, income tax refund, and enhanced compensation.

Besides the revenue from the one-house property, the individual can have income from other sources, such as agricultural income, which is up to a maximum of Rs. 5,000. The person must have a residential status that indicates they are a citizen or permanent resident of India.

ITR-1 is not relevant to individuals who have income from a business or profession because it is not intended to be used by businesses. Individuals with an annual taxable income of less than Rs.2.5 lakh are also eligible to file ITR-1 tax returns voluntarily.

Components of ITR-1

The individual must provide certain information for each portion of the ITR-1, which is broken up into multiple subsections.

The following is an abbreviated rundown of the various parts that make up ITR-1:

Part A, General Information: This component of the application requires general information about the individual, such as their name and address, as well as their PAN and Aadhaar details.

Part B, Gross Total Income: In this section, the individual is required to declare the total income earned during the fiscal year, including pay, pension, and interest. This portion is referred to as the "gross total income."

Part C, Deductions and the Taxable Total Income: This provision of the Income Tax Act requires the individual to declare the deductions they have claimed under various other sections of the Act, such as Provision 80C, Section 80D, and Section 80G. After deducting all of the allowable deductions, the remaining income is considered taxable.

Part D, Computation of Tax Payable: This section of the tax return requires the individual to declare the amount of tax payable on the taxable income. Using the tax bracket rates that are in effect for the current fiscal year, one may estimate the amount of tax that must be paid.

Filing ITR-1

The ITR-1 form can be submitted either online or offline. Individuals who wish to file their ITR-1 online must first go to the website of income tax e-filing and fill out the necessary information there.

Another option available to the user is to download the form from the website, fill in the details on their computer, and then upload the completed XML file to the website.

To submit an ITR-1 paper return, the individual must first obtain the form from the website of the Income Tax Department, then print it out, fill it out with the necessary information, and then take it to the Income Tax Office located closest to them.

ITR-1 filing deadline

Typically, the 31st of July of the following year is the deadline for submitting an ITR-1 for a given fiscal year. Depending on the circumstances, the Department of Income Tax may grant a request for an extension of this date.

Required documents to file ITR-1

Taxpayers who wish to file Form ITR-1 are required to have:

PAN card linked with an Aadhaar card Form 16 from their employer, Specifics regarding their income from other sources, such as interest income, among other things.

A valid mobile number linked with Aadhaar / e-Filing portal / your bank / NSDL / CDSL for e-Verification) Receipt of house rent, if applicable Receipt of investment payment premium, if applicable

Try TaxSpanner Today
TaxSpanner offers an end-to-end tax compliance solutions to individuals, Professionals and Businesses.
... is one of India’s largest and most trusted websites that offers online preparation of accounts books and filing of TDS, GST, individual Income Tax Returns (ITR). Established in 2007, TaxSpanner is based out of New Delhi. Since then, it has grown to build very large customer base in this market segment.