Income Tax Return E-Filing For AY 2024-25: In India, the Income Tax Return (ITR) is the document through which taxpayers disclose their taxable income, deductions, and taxes remitted to the Income Tax Department.
Taxpayers are now able to initiate the filing of their ITRs for the fiscal year 2023-24 (or assessment year 2024-25) as the income tax department has activated online submission for ITR-1, ITR-2, and ITR-4.
“ITR-1, ITR-2 and ITR-4 for AY 2024-25 are enabled for filing in online mode at e-filing portal,” according to the income tax department’s website.
There are seven ITR forms that are used by different taxpayers according to the income and type of individuals. ITR 1 or Sahaj is one such form that is widely used to file returns.
Who Can File ITR 1 Sahaj?
According to the IT department, ITR-1 can be filed by a resident individual whose:
- Total income does not exceed Rs 50 lakh during the FY
- Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:
- Interest from Savings Accounts
- Interest from Deposits (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Interest received on Enhanced Compensation
- Any other Interest Income
- Family Pension
- The income of the Spouse (other than those covered under the Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
Who Is Not Eligible To File ITR-1?
ITR-1 cannot be filed by any individual who:
- Is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
- Has total income exceeding Rs 50 lakh
- Has agricultural income exceeding Rs 5000
- Has income from lottery, racehorses, legal gambling, etc.
- Has taxable capital gains (short-term and long-term)
- Has invested in unlisted equity shares
- Has income from business or profession
- Is a director in a company
- Has tax deduction under section 194N of the Income Tax Act
- Has deferred income tax on ESOP received from employer being an eligible start-up
- Owns and has income from more than one house property
- Is not covered under the eligibility conditions for ITR-1
What Documents Do You Need To File ITR-1 (Sahaj)?
You’ll require Form 16, a house rent receipt (if applicable), and investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, meaning you’re not obligated to attach any documents (such as investment proofs, TDS certificates) with your return, whether filing manually or electronically. Nonetheless, it’s essential to retain these documents for instances where they may need to be presented before tax authorities, such as during assessment or inquiries.
What Are The Types Of Income That Are Not Part Of ITR 1 Form?
Following are the types of income that shall not form part of the ITR 1 form:-
(a) Profits and gains from business and professions
(b) Capital gains
(c) Income from more than one house property
(d) Income under the head of other sources which is following:-
(1) Winnings from lottery
(2) Activity of owning and maintaining race horses
(3) Income taxable at special rates under section 115BBDA or section 115BBE
(e) Income to be apportioned by provisions of section 5A
How To File ITR 1 Online?
The pre-filling and filing of the ITR-1 service is available to registered users on the e-filing portal. This service enables individual taxpayers to file ITR-1 either online through the e-filing portal or by accessing the offline utility. This user manual covers the process for filing ITR-1 through online mode.
ITR-1 has five sections that you need to fill in before submitting it and one summary section where you are required to review your tax computation. The sections are as follows:
- Personal Information
- Gross Total Income
- Total Deductions
- Tax Paid
- Total Tax Liability
How To File Offline ITR
On Monday, April 1, 2024, the income tax department also enabled offline filing of the ITR by making available JSON and Excel utilities for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-25.
In the offline method, taxpayers are required to download the relevant form or Excel utility, fill it and then upload it on the income tax department’s portal. However, in the online form, taxpayers can directly fill in details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.
Though the ITR-1 online is now available for filing, salaried individuals will be able to file the income tax return after Form-16 is available to them from their company.
ITR Filing Date For AY 24-25
The last date for filing income tax returns for the assessment year 2024-25 for people who do not need to get their accounts audited is July 31.
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