Income Tax News: With a step-by-step guide, filing your Income Tax Return (ITR) in ITR-1 for Assessment Year (AY) 2024–2025 can be simple. Here’s a streamlined procedure to help taxpayers finish their returns quickly:
What is ITR-1?
Sahaj Form, sometimes referred to as ITR-1, is a type of simplified income tax return that is mainly used by pensioners and salaried people. It is applicable to taxpayers earning up to Rs. 50 lakh in total from salaries, one residential property, other sources (but not lottery or race horse winnings). Here are a few important ITR-1 details:
Log in to the E-Filing Portal
Go to the e-filing portal of the Income Tax Department and sign in with your user ID and password.
Select ITR-1 Form
After logging in, choose the AY 2024–25 ITR-1 form from the list of choices.
Enter Personal Details
Provide correct personal information in all fields, such as name, address, PAN, Aadhaar number, and contact details.
Provide Income Details
Enter information about your income from a variety of sources, including capital gains, a salary, and any other applicable sources of income.
Claim Deductions
To lower taxable income, take advantage of allowable deductions from sections such as 80C, 80D, and others.
Calculate Tax Liability
Your tax liability will be automatically calculated by the portal using the data you have provided.
Verify Information
Check all entered information closely to make sure it is accurate and comprehensive.
Submit the Form
After verification, electronically submit the ITR-1 form via the portal.
E-Verify or Send ITR-V
After submitting, use tools like net banking, EVC, or Aadhaar OTP to e-verify the return. As an alternative, you can download and submit the ITR-V for manual verification to the CPC Bengaluru within 120 days.
Receive Acknowledgment
A confirmation message or acknowledgment receipt will be generated following a successful submission.
Taxpayers can effectively file their ITR-1 for AY 2024–25 and easily complete their tax obligations by carefully following these steps.
