Income Tax Return (ITR) is a form taxpayers use to disclose their income earned and tax payable before the income tax department for every financial year.
The income Tax department has notified 7 ITR forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer needs to file their ITR on or before the specified due date applicable to them. The applicability of ITR forms depends on the sources of income earned by the taxpayer and the status of the taxpayer or assessee such as individuals, HUF, company, etc.
ITR-1 or SAHAJ is a form notified by the tax department used for filing income tax returns. If an individual earns income from pension/salaries, house property or from other sources (excluding betting, gambling and lotteries), such a person is eligible to file form ITR-1. In the case of resident individuals who have an agricultural income up to Rs 5000, the ITR 1 form applies to them also. To file ITR 1, one needs to keep necessary documents ready such as Form 16, investment proofs, donation receipts (if applicable), and house rent receipts (if applicable).
If an individual earns income up to Rs 50 lakh from the following sources: –
Aadhaar Card is required for income tax return filing: The income tax department has made it mandatory for all taxpayers to link their Aadhaar Card with their PAN on the income tax department website. If both are not linked, then the Income Tax Department will not process refunds.
Taxcellent assists you in filing ITR Form 1 within statutory timelines and also assists in claiming income tax refunds.
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.