Step-by-Step Process For Filing ITR 1 Online, Check Full Details

An Income Tax Return (ITR) is a formal document submitted to the tax department that outlines your income, deductions, and tax payments for a given financial year. This process is commonly known as income tax filing.

Filing an ITR allows you to determine your tax liability for the year, pay any additional taxes owed, or claim a refund if you’ve overpaid.

Additionally, filing an ITR is legally required if your total income exceeds the basic exemption limit or if you earn specific types of income, such as capital gains or foreign income.

Who Can File ITR 1 Sahaj?
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simplified forms designed for small and medium taxpayers. ITR 1 Sahaj is for resident individuals with an income up to Rs. 50 lakh, who earn from salary, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.

Individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships (LLPs)) who are residents and have a total income up to Rs. 50 lakh, with income from business and profession calculated under sections 44AD, 44ADA, or 44AE, can file Sugam.

Required Documents for Filing ITR-1 (Sahaj)
To file ITR-1, you’ll need Form 16, house rent receipts (if applicable), and investment payment premium receipts (if applicable). Though ITRs don’t require annexures, it’s important to keep these documents handy in case the tax authorities request them during assessments or inquiries.

How to File ITR 1 Sahaj Online?
Registered users on the e-filing portal can utilize the pre-filling and filing service for ITR-1, available both online and offline. Here’s a step-by-step guide to filing ITR-1 online:

1. Log in to the e-filing portal using your user ID and password.
2. Navigate to e-File > Income Tax Returns > File Income Tax Return on your Dashboard.
3. Select Assessment Year and mode of filing as online, then click continue.
4. Resume Filing if you have a saved return pending submission, or Start New Filing if starting afresh.
5. Choose Status as applicable to you and click continue.
6. Select ITR Type: Choose the ITR form you need or use the 'Help me decide' feature if unsure.
7. List of Documents: Note the required documents and click 'Let’s Get Started'.
8. Filing Reasons: Select applicable checkboxes and click continue.
9. Review Pre-filled Data: Edit if necessary, enter additional data, and confirm each section.
10. Income and Deductions: Enter details, confirm all sections, and proceed.
11. Tax Liability: Review your tax computation summary. If you owe taxes, choose 'Pay Now' or 'Pay Later'.
12. Preview Return: If no tax is due or a refund is expected, proceed to 'Preview Return'.
13. Make Payment (if needed): Select your bank and complete the payment.
14. Return to Filing: After payment, complete the filing process.
15. Preview and Submit: Review your return and proceed to validation.
16. Verification: Correct any errors, if found, and proceed to e-verify your return.
17. E-Verify: Choose your verification method and complete the process.

ITR Filing Deadline 2024
Filing your ITR before the due date is crucial to avoid penalties and interest charges. For individuals, the deadline for filing ITRs for the financial year 2023-24 (assessment year 2024-25) is usually July 31, 2024, but extensions can be granted by the government under certain conditions.

For more details and updates, visit the official income tax department website ( https://www.incometax.gov.in/iec/foportal/). It’s advisable to seek professional assistance for any clarifications or queries.