TAX
PaieOverview of ITR-1 Form Filing Service
The ITR-1 Form, also known as the Sahaj Form, is a simplified income tax return form designed for individuals who earn income from salaries, pensions, one house property, or other sources such as interest income. Filing the ITR-1 form is one of the easiest ways to comply with income tax filing requirements and ensure you are legally up-to-date with the tax department.
What is ITR-1 Form?
The ITR-1 form is an income tax return form that individuals can use to file their returns if they meet the eligibility criteria set by the Income Tax Department. It is a simplified form and is specifically designed for salaried individuals and pensioners.
The ITR-1 Form includes basic details such as:
• Personal information (Name, PAN, Address)
• Income details (Salary Form 16A & B, Pension, etc.)
• House property income (if applicable)
• Income from other sources (Interest, Dividends, etc.)
• Tax deductions under section 80C to 80U (if applicable)
Eligibility Criteria for ITR-1:
• Salaried Individuals:
Those who receive a salary or pension income, and have income up to ₹50 lakh.
• Income from One House Property:Individuals who own only one house property can file ITR-1.
• Other Sources of Income:Individuals with income from other sources, such as interest income, dividends, etc.
• Income Less than ₹50 Lakh:This form is applicable only if the total income is below ₹50 lakh in a financial year.
Who Cannot File ITR-1 ?
• Individuals earning income from business or profession (ITR-3 or ITR-4 must be filed in such cases).
• Capital Gains (Income from sale of assets like property or stocks) is not allowed in ITR-1.
• Individuals with foreign income or assets outside India.
• If you are a director of a company or have investments in unlisted companies, you cannot file ITR-1.
Why is Filing ITR-1 Important
1. Legal Compliance:
Filing your tax return on time ensures compliance with the Income Tax Act and avoids penalties for non-filing.
2. Claim Refunds:If you've paid excess tax as advance tax or by way of TDS/ TCS , filing ITR-1 (or applicable ITR's) ensures you can claim a tax refund.
3. Maintain Records:Filing your ITR helps to keep a record of your income and taxes paid, which may be required for loan applications, visa processing, and other financial purposes.
4. Avoid Penalties:Late or incorrect filings can lead to penalties, interest on dues, and scrutiny from the tax department.
5. Get Loans or Visa Approvals:Filing an ITR is often required when applying for loans or visas, and it acts as financial proof.
Our ITR-1 Form Filing Services
1. Personal Information Review
We gather and verify your personal details (name, address, PAN, etc.) to ensure accuracy in data entry while filing the tax return.
2. Income from Salary or Pension
We collect details of your salary (Form 16), pension, and any other sources of income to calculate your total taxable income.
3. Income from House Property
If you have income from one house property, we help you report rental income or claim deductions for self-occupied properties, as applicable.
4. Income from Other Sources
We include income from interest (bank, FD, etc.), dividends, or other sources and ensure proper reporting of the amount received.
5. Tax Deductions
We help you claim eligible deductions under sections like 80C (for life insurance, PPF, etc.), 80D (for insurance premiums), 80G (donations), and others to reduce your taxable income.
6. Calculation of Tax Liability
Our team calculates your tax liability based on the income and deductions and ensures that the correct tax rate is applied. Our team also helps you to opt old / new regime which ever is beneficial for you and thus reduce your tax burden.
7. TDS Verification
We verify if the TDS (Tax Deducted at Source) has been correctly deducted by your employer or other parties and adjust it in the tax return.
8. Filing of ITR-1 Form
We file your ITR-1 Form electronically on the Income Tax Portal, ensuring that the process is done securely and on time.
9. Acknowledgment and Verification
After filing, we provide you with the acknowledgment receipt (ITR-V) and guide you on e-verification to complete the process.
10. Tax Refund Tracking
If applicable, we help you track the status of any tax refund you are entitled to after filing the return.
11. Support for Future Queries
We offer post-filing support in case of any queries or communication from the Income Tax Department, including assistance in case of rectifications.
How ITR-1 Filing Works with Us
- 1
Consultation
Provide us with your basic information and documents (e.g., Form 16, bank statements, etc.) for the filing process.
- 2
Data Collection
We collect and organize your income details, tax deductions, and other necessary information to file your return accurately.
- 3
Form Preparation
We prepare the ITR-1 Form, making sure that all the necessary fields are filled out correctly, and all income and deductions are reported.
- 4
Review and Filing
We carefully review the form to avoid any discrepancies or errors before filing the return electronically with the Income Tax Department.
- 5
Acknowledgment
Once your ITR-1 Form is filed, we send you the acknowledgment receipt and assist with the e-verification process.
- 6
Refund (if applicable)
If you're entitled to a tax refund, we guide you through the process of tracking and receiving your refund.
Frequently Asked Questions
What is ITR-1?
Who can file ITR-1?
Who cannot file ITR-1?
What documents are needed for ITR-1?
How to file ITR-1?
What is the last date for filing ITR-1?
Can I revise ITR-1?
What if I make a mistake in ITR-1?
Explore Our Service Categories
Tax Filing
Other Services
ITR 2 Form Filing
ITR 3 Form Filing
ITR 4 Form Filing
ITR 5 Form Filing
ITR 6 Form Filing
ITR 7 Form Filing
Get In Touch
Whether you're an entrepreneur just starting out or a business looking for expert tax and GST advice, Taxpaie is here to help. Contact us today to learn more about how we can assist you in navigating the regulatory landscape and achieving your business goals with confidence.
Let us handle the complexities, so you can focus on building your future.