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Your Easy Guide to ITR-1 Filing: Salaried Individuals, Demystified!

Your Easy Guide to ITR-1 Filing: Salaried Individuals, Demystified!

Navigating tax season doesn't have to be daunting, especially when it comes to filing your Income Tax Return. For salaried individuals, ITR-1 Sahaj is the most common and straightforward form. At Filingworld.in, we understand that businesses thrive when their people are empowered with clear, actionable information. This step-by-step guide will walk you through the entire ITR-1 filing process, ensuring a smooth and error-free submission. Learn how to effortlessly file ITR-1 online for salaried individuals and avoid last-minute stress.

Understanding ITR-1: Is It For You?

ITR-1 is specifically designed for resident individuals (not ordinarily resident, or non-resident) whose total income does not exceed Rs 50 lakh. This income should be from salary, one house property, other sources (like interest income), and agricultural income up to Rs 5,000. If your income sources are more complex (e.g., capital gains, business income), you'll need a different ITR form.

What You Need Before You Begin

Gathering these essential documents beforehand will streamline your ITR-1 filing for salaried individuals:

  • PAN Card: Your permanent account number is crucial.
  • Aadhaar Card: For linking purposes and e-verification.
  • Form 16: Issued by your employer, detailing salary and TDS.
  • Bank Statements/Passbook: For interest income details.
  • Investment Proofs: For claiming deductions under sections like 80C, 80D, 80G, etc.
  • Form 26AS: To verify TDS deducted from all sources.

Step-by-Step ITR-1 Filing Process

Step 1: Log In to the Income Tax Portal

Visit the official e-filing portal (incometax.gov.in). Log in using your PAN/Aadhaar and password. If you're a new user, register first.

Step 2: Select Assessment Year & Mode

After logging in, click on 'e-File' -> 'Income Tax Returns' -> 'File Income Tax Return'. Select the relevant 'Assessment Year' and choose 'Online' as the mode of filing.

Step 3: Choose ITR Form & Reason

Select 'ITR-1' as the Income Tax Form. Then, choose the reason for filing, typically 'Taxable income is more than basic exemption limit'.

Step 4: Pre-fill Details & Verify

The portal will pre-fill most of your personal, salary, and TDS details based on your Form 16 and AIS/TIS. Carefully review each section: 'Personal Information', 'Gross Total Income', 'Deductions', 'Tax Paid', and 'Total Tax Liability'. Make any necessary corrections or additions.

Step 5: Compute Tax & Pay (if applicable)

The system will automatically compute your tax liability. If there's any tax payable, make the payment online. Remember to note down the Challan Identification Number (CIN).

Step 6: Preview and Submit

After verifying all details, click 'Preview Return'. Go through the entire form one last time. If everything is correct, proceed to 'Submit'.

Step 7: Verify Your Return

E-verification is crucial. You can do this instantly using Aadhaar OTP, Net Banking, or your Demat account. Alternatively, you can send a signed ITR-V form to the CPC, Bangalore, within 30 days of filing.

Final Thoughts & Important Tips

Filing your ITR-1 doesn't have to be a headache. By following these simple steps, you ensure compliance and peace of mind. Remember to file before the due date to avoid penalties. For any complex scenarios or assistance, Filingworld.in is always here to simplify compliance for your business and its people.

FAQs
ITR-1 (Sahaj) is for resident individuals with a total income up to Rs. 50 lakh. Income must be from salary/pension, a single house property, other sources (like interest), agricultural income up to Rs. 5,000, or LTCG up to Rs. 1.25 lakh from the sale of listed equity shares or mutual funds.
You cannot use ITR-1 if you're a non-resident (NRI), have a total income over Rs. 50 lakh, own more than one house property, have business or professional income, have capital gains other than limited LTCG as specified, have foreign income or assets, or are a director in a company.
You need your PAN and Aadhaar card, Form 16 from your employer, Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS). You should also have bank statements and investment proofs (like for Section 80C) for verification.
Go to the Income Tax e-filing portal, log in, select "e-File" and then "Income Tax Returns." Choose ITR-1 (Sahaj) and the relevant assessment year. Fill in your details, review the pre-filled information, declare your income and deductions, and pay any tax due. Finally, e-verify the return using Aadhaar OTP or another method within 30 days of filing.