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Filing income tax return using ITR-1 on e-filing portal are:

May 22, 2024
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Filing income tax return using ITR-1 on e-filing portal are:

ITR-1

What is ITR 1 File?

For those with salaries, pensions, family pensions, and interest income, the Income Tax Return Form for salaried individuals is the ITR-1 Form, sometimes known as Sahaj.

The Eligibility Criteria for file ITR 1 for AY 2024-25:

ITR-1 (SUGAM) is a simplified income tax return form designed for resident individuals whose total income does not exceed Rs. 50 lakhs. It caters to individuals who have an agricultural income of up to Rs. 5000 and own only one house property. This form is ideal for salaried employees, pensioners, and other individuals with straightforward financial situations, making the tax filing process easier and more efficient.

In short, Those who live in India and make up to Rs 50 lakh a year are qualified. A person who makes money via a job, a house, or other sources may file an ITR-1.

Who is not Eligible for filing ITR 1?

Income from speculative and capital gains: A person is ineligible to file their income tax return using the ITR-1 form if they have any capital gains income, such as profit from the sale of mutual funds, gold, stock shares, real estate, and other comparable assets.

The ITR-1 modifications for AY 2024–2025 filing are listed below.

  1. The ITR-1 form is designed to make filing your taxes simpler. It comes with several pre-filled sections that you just need to check and update if necessary before submitting. These sections include your Personal Information, Gross Total Income, and Total Deductions. There’s also a summary section where you can review your overall tax computation to ensure everything is accurate. This streamlined approach helps make the tax filing process quicker and less stressful.
 
  1. When filing the ITR-1 form, you’ll need to specify which tax regime you prefer. Following the amendments introduced by the Finance Act 2023, the New Tax Regime under Section 115BAC is now the default. This means it automatically applies to individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs).
  • If you prefer to stick with the old tax regime, you must explicitly indicate that you are opting out of Section 115BAC(6). For individuals with income not including business or professional income, it’s important to specify your chosen tax regime when submitting your income tax return for the relevant assessment year under Section 139(1). This ensures your tax calculations are based on your preferred regime.
 
  1. The Finance Act 2023 introduced a new section, Section 80CCH, which offers tax benefits for individuals participating in the Agnipath Scheme. If you enrolled in this scheme and contributed to the Agniveer Corpus Fund on or after November 1, 2022, you can claim a tax deduction for the entire amount deposited in the fund.
  • To make this process easier, the ITR-1 form has been updated with a new column where you can enter the details of the amount eligible for deduction under Section 80CCH. This addition ensures you can take full advantage of the tax benefits provided by your contributions to the Agniveer Corpus Fund.
 

What is the due date for filing the ITR

FORM 1?

 The deadline for reporting ITRs for the 2023–24 Financial Year (AY 2024–25) is July 31, 2024. Even so, you have until December 31, 2024, to file a delayed return if you fail to file by the deadline.
 

FAQs (Frequently Asked Questions).

  1. What income kinds are excluded from the ITR 1 form?

Answer- In ITR 1 form, certain types of income are excluded, such as:

(a) Income from business and profession,

(b) Capital gains,

(c) Income from more than one house property,

(d) Income from other sources, including winnings from lottery, owning and maintaining racehorses, income taxed at special rates under sections 115BBDA or 115BBE,

(e) Income to be apportioned according to section 5A.

This ensures that the form is suitable for individuals with simpler financial situations, focusing on salary income, interest income, and other basic sources.

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 4. Is it mandatory to link Aadhaar with PAN for filing ITR?

Answer- Linking your Aadhaar and PAN is crucial for various financial transactions and accessing government portals. While you can still file your Income Tax Return (ITR) even if your PAN is not linked with Aadhaar, you’ll have limited access to the portal. For a seamless experience and to fully leverage the benefits of online services, it’s highly recommended to link your PAN with Aadhaar. This ensures smoother access to government platforms and facilitates hassle-free tax filing and other financial activities.

  5. How can I prevent difficulties while filing my ITR?

Answer- To ensure a smooth tax filing experience and to avoid any issues with your return or refund, it’s important to follow these steps:

  • Link your Aadhaar and PAN to streamline your financial transactions.
  • Pre-validate the bank account where you wish to receive your refund.
  • Select the correct Income Tax Return (ITR) form before filing to prevent any errors. Using the wrong form may result in a defective return, requiring you to file a revised ITR with the correct form.
  • File your return within the specified timelines to avoid penalties or late fees.
  • Verify your return promptly, preferably through e-Verification, which is the simplest method. Opting for e-Verification ensures a secure and efficient verification process.
  • Respond to any notices from the Income Tax Department (ITD) within the specified deadlines to maintain compliance and address any issues promptly.

By following these guidelines, you can streamline your tax filing process and ensure timely compliance with tax regulations.

 

  6. What happens if I file my Income Tax Return after the due date under Section 139(1)?

Answer- If you happen to miss the deadline for filing your Income Tax Return under section 139(1), don’t worry—you can still file it afterwards. However, keep in mind that there may be consequences for filing late. You could be subject to a late filing fee of up to ₹5000/-, in addition to any interest on tax liability that may have accrued.

It’s important to file your return as soon as possible to avoid further penalties and to stay compliant with tax regulations. If you do miss the deadline, it’s best to file your return at the earliest opportunity to minimize any additional costs or consequences.

 

DISCLAIMER: The information provided in this ITR-1 form is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990888 or info@semantictaxgen.in. the appropriate government authority to verify the accuracy of the information and to obtain advice on their specific tax situations.

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