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Income Tax Return 1 (ITR-1) Filing

 

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    Income Tax Return 1 Filing (ITR-1 Form Filing)

    The Income Tax Act, 1961 states that any person falling under the purview of the income tax act will have to pay tax on the income earned in a particular financial year. The assessee could be an individual, partnership, Hindu Undivided Family, or any other business entity.

    The income tax department has categorized the taxpayers into many groups based on income and sources. So, you need to file the returns accordingly, depending on which group you fall under. ITR-1 is for people with an income of up to Rs. 50 lakhs.

    How can you file ITR-1 form?

    You can file the ITR-1 form online:

    Online Mode: You need to log in to the Income-tax portal and file the return online by clicking on the “prepare and submit online” option. The other option for online submission of income tax returns is by uploading an XML file.

    You can do the verification regarding completion of the filing of Income Tax Return in either of the two ways:

    • When filing the form online, fill in the details and e-verify the return by using EVC via Bank Account/Demat Account/Aadhar OTP/Net Banking; or
    • After completing the online submission of Form ITR-1, you will receive the receipt in your registered e-mail ID. You can download this acknowledgment and post its print-out to the CPC office, Bangalore within 120 days of e-filing.

    Income Tax Rates under the Existing and New Tax Regime

    Now, the taxpayers can choose between the old and new tax regimes. However, this decision is to be taken at the beginning of the financial year.

    Income Tax Rates under the Old Regime

     

    For Individuals up to the age of 60 years

    Taxable IncomeIncome Tax Rate
    Up to INR 2,50,000Nil
    INR 2,50,000 – INR5,00,0005%
    INR 5,00,000 – INR 10,00,00020%
    Above INR 10,00,00030%

    For Individual aged between 60-80 years (Senior Citizen)

    Taxable IncomeIncome Tax Rate
    Up to INR 3,00,000Nil
    INR 3,00,000 – INR5,00,0005%
    INR 5,00,000 – INR 10,00,00020%
    Above INR 10,00,00030%

    For Individual above the age of 80 years

    Taxable IncomeIncome Tax Rate
    Up to INR 5,00,000Nil
    INR 5,00,000 – INR 10,00,00020%
    Above INR 10,00,00030%

    As per the new tax regime, the taxpayer has two options when it comes to tax payments:

    1. Taxpayers can either choose to pay taxes at a lower interest rate as per the New Tax regime on the condition that they forgo certain permissible exemptions and deductions that are available under the Income-tax, or
    2. Continue paying taxes under the existing tax rates. The assessee can avail of rebates and exemptions by staying in the old regime and pay taxes at the existing higher rate.

    Income Tax rates under the new regime applicable for all Individuals and HUFs

    Income SlabNew regime tax slab rate
    (Applicable for all individuals and HUF)
    Up to INR 2,50,000NIL
    INR 2,50,000 – 3,00,0005% (Tax rebate u/s 87 a is available)
    INR 3,00,000 – 5,00,000
    INR 5,00,000 – 7,50,00010%
    INR 7,50,000 – 10,00,00015%
    INR 10,00,000 – 12,50,00020%
    INR 12,50,000 – 15,00,00025%
    More than INR 15,00,00030%

    Deductions allowed under the New Tax Regime

    FirstFiling can help you through the entire process of ITR-1 form filing

     

    Our team of professionals can get it done for you in no time!

    Pricing

    (All inclusive)

    Documents Required for filing ITR-1 Sahaj Form

    • Form 16
    • Salary slips
    • Interest Certificates from the Post offices and Banks
    • Form 16A/16B/16C
    • Form 26AS
    • Tax-savings investment proof
    • Deductions under the Section 80 D to 80 U
    • Home Loan statement from the NBFC/ Bank

    Frequently Asked Questions

    XML is a type of file format. Income details entered in the XML file get easily auto-entered in the online Form ITR-1.

    Yes, as long as agricultural income does not exceed INR 5,000, Form ITR-1 can be filed.

    Yes, Form ITR-1 can be filed if you have a house loan.

    There is no requirement of attaching documents with Form ITR-1. However, the taxpayer should always retain the documents on the basis of which he/she fills the return. The tax authorities can ask for the taxpayer to present these documents to them at any time.

    Get your ITR Form 1 filled today!

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