Understanding ITR 1 filing is the first step to maintaining tax compliance if you're a salaried individual filing your taxes for the first time. Sahaj, commonly known as the Income Tax Return (ITR) 1, is intended exclusively for residents with straightforward income arrangements. To make filing easier for first-time taxpayers, let's break it down.

ITR 1: What is it?

The income tax return form ITR 1 (Sahaj) is utilised by residents who:

Make money from a pension or wage.

Make money from a single home (not including situations when losses are moved forward).

possess additional revenue streams, such as interest

Make up to ₹50 lakh in total income.

The simplest and fastest way to declare your income to the Income Tax Department is to file an ITR 1 if you meet these requirements.

ITR 1: Who Shouldn't Use It?

ITR 1 should not be filed if

You make more than ₹50 lakh.

You earn money from multiple properties.

You have revenue from your business or profession or financial gains.

You own unlisted shares or serve as a director of a business.

A Comprehensive Guide for Novices on ITR 1 Filing

Gather all required paperwork

Before you start, get together:

Your employer's Form 16

Statements from banks

Certificates of interest from post offices and banks

Tax Credit Statement Form 26AS

Register using your PAN, which doubles as your user ID, on the Income Tax Portal by going to https://www.incometax.gov.in.

Select Sahaj ITR 1.

Select e-File > Income Tax Return after logging in, then pick the appropriate Assessment Year and ITR 1 filing form.

Fill out and confirm the information

Numerous details, including TDS and pay income, are automatically filled in. Verify all the information, including:

Breakup of salaries

deductions under 80C, 80D, and so forth.

Details of a bank account

Deductions for Claims

You can deduct investments such as PPF, ELSS, LIC, and others under Section 80C. If applicable, remember to include 80D (health insurance) and 80TTA (savings interest).

Verify and Send

Once your ITR has been reviewed, click Validate and then Submit. An acknowledgement (ITR-V) will be sent to you; it needs to be confirmed electronically or by mailing a signed copy to CPC Bangalore.

Why It's Important to File Your ITR 1:

aids in the development of financial self-control

is required if your income surpasses the basic exemption threshold.

allows for quicker processing of visas and credit applications.

If too much tax was withheld, it assists in claiming TDS refunds.

Advice for First-Time ITR 1 Filers: Submit your file by the deadline, which is typically July 31st.

Verify your PAN, bank information, and Form 16 data one more time.

Use reliable resources or, if in doubt, seek advice from experts.

Concluding remarks

Filing an ITR 1 doesn't have to be difficult, particularly if your income is simple. You may do your return quickly and with confidence if you use online resources and instructions like this one from Karsaathi.