Indian Income Tax Return SAHAJ ITR-1 Form for 2023-24
This file is the SAHAJ (ITR-1) Indian Income Tax Return form for the assessment year 2023-24. It is used by individuals being residents with total income up to Rs. 50 lakh from salaries, one house property, other sources, and agricultural income up to Rs. 5,000. Not applicable for individuals who are directors in a company, have invested in unlisted equity shares, cases where TDS has been deducted u/s 194N, or if income-tax is deferred on ESOP.
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How do I fill this out?
To fill this form, start by providing personal general information such as your name, PAN, and address details. Next, enter your gross total income from various sources like salary, house property, and other sources. Lastly, compute your tax payable, provide details of tax payments, and verify the form before submission.
How to fill out the Indian Income Tax Return SAHAJ ITR-1 Form for 2023-24?
1
Provide general information including name, PAN, and address.
2
Enter gross total income from various sources.
3
Compute tax payable.
4
Provide details of tax payments.
5
Verify the form and submit.
Who needs the Indian Income Tax Return SAHAJ ITR-1 Form for 2023-24?
1
Individuals with total income up to Rs. 50 lakh from salaries need this form to file their tax return.
2
People with one house property should use this form for tax return filing.
3
Persons earning income from other sources such as interest should fill this form.
4
Individuals with agricultural income up to Rs. 5,000 need this form.
5
Residents who are not ordinarily residents can file their tax returns using this form.
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What are the instructions for submitting this form?
Submit the filled form to the Income Tax Department through the e-filing portal at www.incometaxindiaefiling.gov.in. Alternatively, it can be sent to the Central Processing Centre (CPC) for Income Tax Department in Bengaluru. Ensure accuracy and timely filing to avoid penalties. For assistance, contact the Income Tax helpline at 1800 103 0025 or email ask@incometax.gov.in. It is advisable to keep a copy of the submitted form and acknowledgment for future reference.
What are the important dates for this form in 2024 and 2025?
For the assessment year 2024-2025, the due date for filing the SAHAJ ITR-1 is July 31, 2024. If missed, a belated return can be filed by December 31, 2024.
What is the purpose of this form?
The SAHAJ (ITR-1) form is designed for Indian residents (other than not ordinarily residents) to file their income tax returns. It is applicable for individuals whose total income does not exceed Rs. 50 lakhs from salaries, one house property, other sources such as interest, and agricultural income up to Rs. 5,000. This form helps streamline the tax filing process, ensuring compliance with income tax laws and proper computation of tax liabilities.
Tell me about this form and its components and fields line-by-line.
- 1. General Information: Includes basic personal details such as name, PAN, Aadhaar number, address, contact details, and filing status.
- 2. Gross Total Income: Captures details of the taxpayer's income from salaries, house property, and other sources.
- 3. Deductions and Taxable Total Income: Includes information on various deductions as per Income-tax Act to calculate the taxable total income.
- 4. Computation of Tax Payable: Involves calculation of tax payable on the total income, rebates, cess, and total taxes paid or payable.
- 5. Other Information: Includes details of bank accounts held in India, advance tax, self-assessment tax payments, and TDS/TCS information.
- 6. Verification: The declaration section where the taxpayer verifies the accuracy of the information provided.
What happens if I fail to submit this form?
Failing to submit this form can lead to penalties, interest, and legal consequences.
- Penalties: Penalties may be imposed for late or non-filing of the return.
- Interest: Interest will accrue on the outstanding tax payable.
- Legal Action: Legal actions and notices from the Income Tax Department may be initiated.
How do I know when to use this form?
- 1. Income from Salaries: If your total income includes salary earnings.
- 2. One House Property: If you have income from one house property.
- 3. Other Sources: If you earn income from interest and other sources.
- 4. Agricultural Income: If you have agricultural income up to Rs. 5,000.
- 5. Resident Individuals: If you are a resident individual excluding not ordinarily residents.
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