The ITR-1 form, also known as the Sahaj Form, is designed for individuals with an annual income of up to Rs. 50 lakh. In this article, we will walk you through the process of filing ITR-1 online for the financial year 2022-23 (assessment year 2023-24) and discuss the eligibility criteria, required documents, and recent changes in the form.
Eligibility for Filing ITR-1 for FY 2022-23 (AY 2023-24)
ITR-1 is meant for individuals who have earned income from the following sources:
- Income from salary/pension.
- Income from one house property (excluding cases where there is a loss carried forward from previous years).
- Income from other sources (excluding winnings from lotteries and income from racehorses).
- In cases of clubbed Income Tax Returns, where a spouse or a minor is included, it’s allowed only if their income conforms to the above specifications.
It’s important to note that the Aadhaar card has been made mandatory for income tax return filing by the income tax department. All taxpayers are required to link their Aadhaar card with their PAN on the income tax department website.
Who Cannot File ITR-1 for AY 2023-24?
The following individuals are not eligible to file ITR-1 for the assessment year 2023-24:
- Individuals with an income exceeding Rs. 50 lakh.
- Individuals who are directors of a company or have held unlisted equity shares at any point during the financial year.
- Residents not ordinarily resident (RNOR) and non-residents.
- Individuals with income earned through multiple house properties, lotteries, racehorses, legal gambling, taxable capital gains, agricultural income exceeding Rs. 5,000, business and profession, or those with assets outside India or are signing authorities in foreign accounts.
- Individuals claiming relief for foreign tax paid or double taxation relief under section 90/90A/91.
- Those with deferred income tax on ESOP received from an eligible start-up.
Documents Needed to File ITR-1
To file the ITR-1 form, you will require the following documents:
- Form 16: This is issued by all your employers for the given financial year and provides details of your income, TDS, and deductions.
- Form 26AS: Ensure that the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS.
- Receipts: Keep receipts for any exemptions or deductions that were not submitted to your employer on time, such as HRA allowance or Section 80C/80D deductions.
- PAN card.
- Bank investment certificates: Details of interest earned from bank accounts, including bank passbooks or FD certificates.
How to File ITR-1 (SAHAJ) Online on the Income Tax Portal?
Filing ITR-1 online is a straightforward process. Here are the steps:
- Visit the Income Tax e-filing portal.
- Register or log in to your account.
- Select “e-file,” then “Income Tax Returns,” and click on “File Income Tax Return.”
- Choose the Assessment Year as 2023-24 and the mode of filing as ‘Online.’
- Click on “Start New Filing.”
- Select your applicable status.
- Choose ITR-1 as the form type.
- Click on “Let’s Get Started.”
- Select the appropriate reason and continue.
- Fill out the five sections: a. Personal Information: Provide basic details like your full name, PAN, Aadhaar number, contact information, and bank account details. b. Gross Total Income: Enter and verify income from all sources, including salary, pension, house property, and other sources. Report any exempt income. c. Total Deductions: Claim deductions under various sections, such as 80C, 80D, 80TTA, 80TTB, and others. d. Tax Paid: List tax payments made, including TDS, TCS, Advance Tax, and Self-Assessment Tax. e. Total Tax Liability: Calculate your tax liability based on the information provided in the previous sections.
- Double-check the tax computation summary for accuracy.
- Rectify any errors and complete the validation process.
- E-verify the ITR to complete the filing.
Significant Changes in the ITR-1 Form for AY 2023-24
For the assessment year 2023-24, the ITR-1 form has seen some notable changes:
- Schedule ‘Salary’ allows disclosure of income from retirement benefit accounts maintained in notified countries under Section 89A.
- Pensioners must specify the ‘Nature of employment’ (Central government, state government, public sector unit, etc.).
- Tax relief can now be claimed for taxes paid on income from retirement benefit accounts in notified countries at the time of withdrawal or redemption, as per Section 89A.
Conclusion
In conclusion, filing your ITR-1 (SAHAJ) online for FY 2022-23 (AY 2023-24) has been made more accessible and hassle-free, thanks to platforms like Kanakkupillai. Understanding the eligibility criteria, required documents, and recent changes in the ITR-1 form is essential for a smooth filing experience. Remember to keep your PAN card and other necessary documents to facilitate the process.
For expert assistance and guidance in navigating the intricacies of income tax return filing, you can rely on trusted services like Kanakkupillai. Kanakkupillai offers a range of tax and financial services to ensure a seamless and accurate filing experience, helping you meet your tax obligations confidently and easily. With our expertise, you can rest assured that your ITR-1 will be filed accurately and in compliance with the latest tax regulations. So, don’t let tax filing stress you out; partner with Kanakkupillai for a hassle-free and reliable tax filing journey.
FAQs
1. What is ITR-1 (SAHAJ)?
ITR-1 (SAHAJ) is an income tax return form designed for individuals with an annual income of up to Rs. 50 lakh. It is a simplified form used to report income from various sources.
2. Who is eligible to file ITR-1 for AY 2023-24?
Individuals with income from sources like salary, one-house property, and other sources (excluding certain winnings and specified incomes) are eligible to file ITR-1 for AY 2023-24.
3. What are the documents needed to file ITR-1?
The documents needed to file ITR-1 include Form 16, Form 26AS, receipts for unsubmitted exemptions or deductions, PAN card, and bank investment certificates.
4. Is an Aadhaar card mandatory for income tax return filing?
Yes, 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.
5. Who cannot file ITR-1 for AY 2023-24?
Individuals with income above Rs. 50 lakh, directors of a company, non-residents, and those with specified incomes (e.g., multiple house properties, taxable capital gains, agricultural income exceeding Rs. 5,000) cannot file ITR-1.
6. What is the process for filing ITR-1 online?
The process involves registering on the Income Tax e-filing portal, selecting ITR-1 as the form type, and filling in personal information, income details, deductions, and tax payments. After validation, the ITR can be e-verified.
7. Are there any significant changes in the ITR-1 form for AY 2023-24?
Yes, changes include the disclosure of income from retirement benefit accounts in notified countries, specifying the nature of employment for pensioners, and claiming relief for taxes paid on such income under Section 89A.
8. What deductions can I claim in ITR-1?
You can claim deductions under various sections like 80C, 80D, 80TTA, and 80TTB, among others. The deductions depend on the specific investments and expenses you have made.
9. Can I file ITR-1 if I have multiple sources of income?
ITR-1 is meant for individuals with income from specified sources. If you have income from other sources that do not fit the ITR-1 criteria, you may need to use a different ITR form.
10. Is professional assistance required to file ITR-1 online?
While it’s possible to file ITR-1 independently, professional assistance, like the services provided by Kanakkupillai, can ensure accuracy and compliance with tax regulations, making the process smoother and more reliable.
