The Income Tax Department governs all the aspects of income and stands liable for collecting the taxes as per the slab. In India, individuals with incomes up to ₹50 lakh are required to file form ITR 1 Sahaj. The Income Tax Act of 1961 specifies how to calculate taxable income for each category of taxpayer. After estimation, the taxpayer must report their income tax returns.
For persons with incomes up to ₹50 lakh and people who get income from the following sources are eligible to file an ITR-1 Sahaj
The taxpayer must estimate their profit. The estimation should take into account all income sources, including salary, side income from freelancing, and interest income. Certain expenses, including tax-saving investments permitted by Section 80C, are allowable deductions for the taxpayer. You can also use our ITR calculator. It's fast, secure, and accurate.
The taxpayer must total their TDS based on the TDS certificates they have received for each of the four quarters of the fiscal year. The statement of TDS and tax paid throughout the rule of the financial year should be submitted using Form 1. Click here for TDS calculation.
The person must choose the correct ITR form, before filing their income tax return. After getting the income tax form, the person can proceed with finalising the income tax return. Online and offline filing are the two accessible choices.
Choose 'downloads' from the top navigation bar on the income tax portal's website. The offline utility programme of your intention, such as Microsoft Excel, Java, or JSON utility, should be downloaded after selecting the appraisal year.
To determine if taxes are needed or refunds are due based on the tool's projections, enter the relevant information about your income after downloading the offline tool. The information from the income tax challan can be used to complete the form that has been downloaded.
On the right side of the downloaded form, there are a few buttons. Select 'Validate' from the menu.
To restore the file's format to XML when it has been successfully assessed, click the 'Generate XML' button on the right side of the file.
Note: Even if a single information is wrong the filing may end up as an error and you will have to start from the first. The best option to file ITR 1 sahaj is through Vakilsearch. We offer fast and easy filing without much hassle. Get started right away!
Vakilsearch has a team of top-notch tax experts who can complete the whole process without much hassles. Our team can help from scratch in calculating the tax and filing it with no errors. We have an in-house chartered accountant, and tax experts who can help in resolving all your queries and file form ITR-1 in just a few clicks. Get started now!