How to File Income Tax ITR-1?

How to File Income Tax ITR-1?Who Can File Income Tax Return-1? How to File Income Tax ITR-1? Check Further Details Below.

Filing your income tax returns (ITRs) is an essential responsibility for every taxpayer in India. The Income Tax Department provides various ITR forms to cater to different types of taxpayers.

One such form is ITR-1, which is specifically designed for individuals having income from salary, pension, one house property, and other sources such as interest, dividends, and agricultural income up to ₹5,000.

Who Can File ITR-1?

Let’s understand who can file ITR-1:

  • Individuals whose total income does not exceed ₹50 lakhs
  • Individuals with income from salary or pension
  • Individuals with income from one house property
  • Individuals with income from other sources like interest, dividends, gifts, etc.
  • Individuals with agricultural income up to ₹5,000

How to File Income Tax ITR-1?

The complete process to file ITR-1 is provided below:

Step 1: Register on the e-Filing Portal

  • Before you can file your ITR-1, you need to be a registered user on the Income Tax Department’s e-Filing portal (https://www.incometax.gov.in/).
  • If you haven’t registered yet, click on this link: Income Tax Registration to create your user ID and password.
  • Ensure that your PAN (Permanent Account Number) status is active.

Step 2: Gather the Required Documents

  • To make the filing process smooth, gather all the necessary documents in advance.
  • These may include your Form 16 (issued by your employer), interest certificates from banks, details of any other income sources, and any other relevant documents.

Step 3: Log in to the e-Filing Portal

  • Once you have your user ID and password, log in to the e-Filing portal.
  • After successful login, click on the “e-File” option, then go to “Income Tax Returns,” and select “File Income Tax Return.”

Step 4: Choose the Assessment Year and Filing Mode

  • Select the appropriate assessment year for which you are filing the return. For the current financial year 2023-24, the assessment year would be 2024-25.
  • Then, choose the filing mode as “Online” and click on “Continue.”

Step 5: Start a New Filing or Continue with a Draft

  • If you have a previously saved draft of your ITR-1, you can continue with the same draft. Otherwise, click on “Start New Filing.

Step 6: Select the Applicable ITR Form

  • On the next screen, select your status (individual, Hindu Undivided Family, etc.), and click “Continue.
  • Then, choose ITR-1 from the drop-down menu or proceed with the “Wizard-based Return Selection” if you’re unsure about the applicable ITR form.

Step 7: Provide Personal Information

  • The next step is to provide your personal information, including your profile details, contact information, filing status, and bank account details.
  • Ensure that all the information is accurate and up-to-date.

Step 8: Enter Your Income Details

  • In the “Gross Total Income” tab, you will need to enter your income details, including income from salary, house property, other sources, and exempt income.
  • Follow the on-screen instructions carefully and provide accurate information.

Step 9: Claim Deductions

  • In the “Total Deductions” tab, you can claim eligible deductions. However, please note that the new tax regime introduced in the Finance Act 2023 has made certain changes. Under the new tax regime (default regime), only deductions under Section 80CCD(2) for employer’s contribution to Tier-1 NPS account and Section 80CCH for Agniveer Corpus Fund are allowed.
  • If you wish to opt for the old tax regime and claim additional deductions, you will need to explicitly opt out of the new tax regime by selecting “Yes” to the relevant question in the personal information section.

Step 10: Verify Tax Paid and Tax Liability

  • In the “Tax Paid” and “Tax Liability” tabs, you can verify the tax deducted at source (TDS), advance tax paid, self-assessment tax, and your overall tax liability based on your income details.

Step 11: Preview and Validate Your Return

  • After completing all the sections, click on “Preview Return” to review the details you have entered.
  • Once you are satisfied with the information, click on “Proceed to Validation” to validate your return.

Step 12: Verify and Submit Your Return

  • After successful validation, you will be prompted to verify your return.
  • Select the verification method (Aadhaar OTP, EVC, or Digital Signature Certificate) and follow the on-screen instructions to complete the verification process.

Step 13: Download and Save the Acknowledgment

  • Upon successful submission, you will receive an acknowledgment from the Income Tax Department.
  • Download and save this acknowledgment for future reference.

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Additional Tips

  • Make sure to file your ITR-1 before the due date to avoid any penalties or interest.
  • If you need to revise your return after filing, you can file a revised return.
  • In case you require assistance, refer to the instructional videos and guides available on the Income Tax Department’s website or contact the helpline numbers.

Filing your ITR-1 may seem daunting at first, but by following these simple steps and ensuring accurate information, you can complete the process smoothly. Remember, timely filing of your income tax returns is essential to fulfill your legal obligations and avoid any potential penalties.

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