Individual taxpayers who receive money from a salary, pension, or interest should use the ITR 1 Sahaj form for their income tax return. It is the form for submitting income tax returns that is most frequently used in India.
Why Is Filing an Income Tax Return Important?
According to the Income Tax Act of 1961, an ITR, or income tax return, is submitted in India to declare and pay taxes on an individual's or an entity's income earned during a fiscal year (April to March). All taxpayers in India who have gross total incomes greater than the minimum exemption limit set by the government are required by law to file an ITR.
Who May Submit an ITR-1 Sahaj?
- During the FY, total revenue is not greater than Rs. 50 lakh.
- income comes from a wage, a rental property, a family pension,
- agricultural revenue (up to Rs 5000), as well as income from other sources, such as:
- Interest earned on savings
- Deposit Interest from Bank, Post Office, and Cooperative Societies
- Income Tax Refund Interest
- Interest on Enhanced Compensation received
- Additional Interest Income
- Pension for Family
- Income of Spouse or Minor is combined (aside from those regulated by the Portuguese Civil Code). (only if the source of income is within the specified limits as mentioned above).
What Paperwork Is Required To File ITR-1 Sahaj?
Form 16, receipts for investment payment premiums, and, if appropriate, house rent receipts are required. (if applicable).
However, since ITRs are annexure-less forms, you are not needed to include any supporting documentation with your return (such as TDS certificates or proof of investment). (whether filed manually or electronically).
These records must be preserved by a taxpayer in case they need to be presented to tax officials during an assessment, investigation, etc.
வலிவலம் ஊராட்சியில் உலக தண்ணீர் தினத்தை முன்னிட்டு சிறப்பு கிராம சபை கூட்டம் இன்று நடைபெற்றது.
