The ITR 1 filing procedure might be perplexing for many salaried people and first-time taxpayers in India. However, the procedure can be considerably simpler and less stressful if you are aware of the stages and qualifying requirements. Here is a straightforward explanation to assist you grasp what you need to know if you’re a novice preparing to file your ITR 1 (Sahaj).
ITR 1 (Sahaj): What is it?
The simplest and most popular income tax return form is ITR 1 Filing, sometimes referred to as Sahaj. It is intended especially for people who make money from:
Pension or salary
One residential property
Additional sources (such as interest on fixed deposits, savings accounts, etc.)
It is intended for residents who meet specific eligibility requirements and have a total income of up to ₹50 lakhs.
ITR 1 Can Be Filed by Whom?
You can file an ITR 1 if you are:
You live in India (not with HUF or the firm).
You make less than ₹50 lakh in total.
Your salary, one home, and other sources of income (apart from lottery and horse racing) are your sources of income.
You don’t have any business or professional revenue or capital gains.
How-To Guide for Novices on ITR 1 Filing:
1. Sign up on the Income Tax Portal
If this is your first time filing, go to incometax.gov.in and register using your PAN card number.
2. Sign in to your account
To log in, enter your password, captcha code, and PAN (user ID).
3. Choose Income Tax Return.
Click File Income Tax Return after selecting the e-File tab. Select the appropriate evaluation year, such as AY 2024–2025.
4. Select between Online and Offline Mode
For ease of use, novices should choose for the online approach.
5. Choose ITR 1 (Sahaj) as the ITR Form.
From the list of available forms, select ITR 1.
6. Enter Your Information
You’ll be asked to complete:
Personal data (automatically generated from PAN)
Pay information (you can utilize the Form 16 that your employer has given you)
revenue from real estate (if any)
Bank interest or other sources of income
7. Verify Tax Information
Use Form 26AS to cross-check the TDS (Tax Deducted at Source) and advance tax information.
8. Deductions for Claims
Enter the deductions you qualify for under Chapter VI-A (similar to Sections 80C and 80D), such as tuition, investments, and insurance.
9. Examine and Send
Preview your return once all the information has been entered. Click Submit if everything appears to be in order.
10. e-Confirm the Refund
Once submitted, use one of the following methods to confirm your return:
OTP for Aadhaar
Online banking
based on bank accounts EVC
Typical Errors Novices Should Steer Clear of: Failing to disclose interest income
entering erroneous bank or PAN information
Not claiming deductions
I neglected to confirm the return.
Each of them may result in penalties or potentially postpone the processing of your refund.
Why Use Karsaathi as a Guide?
Karsaathi provides a straightforward, step-by-step ITR 1 filing guide that might assist novices in avoiding typical mistakes. Their blog offers advice to guarantee accurate and timely filing and lays down each section in an approachable way.
In conclusion
Filing an ITR 1 is not as difficult as it may seem, particularly if you have a steady job and straightforward sources of income. Even first-time taxpayers can submit their ITR with confidence if they follow the right instructions and pay a little attention to detail. Make your tax filing process easy and hassle-free by using tools such as Karsaathi’s advice.