ITR -1 Filing

ITR-1 Form Filing - Income Tax Return

ITR-1 SAHAJ form is filed by individuals for Income Tax Return whose income is Rs 50 lakh or less and whose earnings for the Financial Year has been through Salary or Pension, single House Property and other sources excluding lottery, racehorses, legal gambling etc.

Individuals earning more than Rs 5000 from agriculture or in possession of foreign assets are not eligible to file ITR-1 form. Also, ITR-1 form can’t be used by someone who has an income from Business, Profession or from more than one house property.

Who can use ITR-1 Form?

ITR-1 form can be filed by individuals who have an income of Rs 50 Lakhs or less from Salary/Pension, One House Property and other sources excluding winning from lottery and race horses, income from foreign assets, Capital Gains, Business or Profession and agricultural income of more than Rs 5000.

Who should not file ITR-1 Form?

ITR-1 form should not be filed by individuals who have:

• Earnings of more than Rs 50 lakh
• Taxable Capital Gains
• Income from foreign assets
• Agricultural income of more than Rs 5000
• Income from Business or Profession
• Income from more than single house property

Process for Filing ITR 1 Form

You can file Form ITR 1 to the Income Dax Department through following methods:

• In paper form.
•  Online using a digital signature of the taxpayer.
• Online using electronic verification code.
• Online followed by submission of ITR-V by post. Under this option, print two copies of Form ITR-V. You can retain one copy of ITR-V for your records.  Please sign the other copy and send it by post to:

Post Bag No. 1,

Electronic City Office,

Bengaluru— 560 100,

Karnataka.

Exception: If you are an individual of the age of 80 years or more at any time during the previous year; or an individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income, you can file the return in paper form.

Details required for ITR

• Individual/Entity Name
• Date of Incorporation
• PAN number
• Registered Office Address
• Annual Income Details
• Financial Reports for this year filing (If accounting is done from your end)
• Previous IT filing details (Financial Statements)
• User ID & password for https://incometaxindiaefiling.gov.in site, if any

Why Great Solution

Minimum WORKING DAYS

We need a few details about your or your company to process your IT return in minimum time possible, along with a refund, if any

Smooth Interaction

We handle all your paperwork to rule out any difficulty in your interaction with the income tax officials.  We will familiarise you with all details required about the process of filing return

Professional Approach

Great Solution’s team of experienced experts will handle all your queries about the income tax filing. Our efforts will be to ensure that your doubts are cleared before you even spell them out.