The filing of the Income Tax Returns (ITR) is the responsibility that helps the government and the taxpayers.
New Delhi: The deadline to file the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Salaried people can start filing their ITR for the financial year 2024-2024 from June onwards after receiving their form 16. Filing ITR in India has become significantly easier in recent years compared to the past.
The filing of the Income Tax Returns (ITR) is the responsibility that helps the government and the taxpayers. ITR also promotes a healthy tax system, ensures financial transparency, and offers advantages for taxpayers themselves.
Those who are filing the ITR must note that they can fill the form anywhere with an internet connection, 24/7.
The Income Tax Department’s website is extremely user-friendly and has a very simple interface with step-by-step guides and tutorials, for example, you can take guidance for ITR-1 (Sahaj).
Who Can File ITR 1 Sahaj?
According to the IT department, ITR-1 can be filed by a resident individual whose:
• Total income does not exceed Rs 50 lakh during the FY
• Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:
• Interest from Savings Accounts
• Interest from Deposits (Bank / Post Office / Cooperative Society)
• Interest from Income Tax Refund
• Interest received on Enhanced Compensation
• Any other Interest Income
• Family Pension
• The income of the Spouse (other than those covered under the Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
Documents Required For ITR 1 Filing
- You would need to download AIS and keep copies of Form 16
- House rent receipt (if applicable)
- Investment payment premium receipts (if applicable).
However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically)