Gsagroups provides you the ITR-1 service which is also known as (Sahaj) and it is a simplified tax return form for residents with a total income of up to ₹50 lakh. It applies to those who earn money from employment, a pension, a one-family home, and other sources (excluding lottery and race the winners). Agricultural income of up to ₹5,000 is also allowed. It does not apply to HUFs, non-residents, or individuals with capital gains or company income. Filing ITR-1 makes sure tax consistency, which helps to claim expenses, and gives documentation of income for loans and financial activities. It can be submitted online using the Income Tax e-Filing system or approved agents.
gsagroups.in will follow the Eligiblity criteria to File the tax return-1:
✔ Resident Individuals only (Not applicable for NRIs).
✔ Total Income up to ₹50 lakh in a financial year.
✔ Sources of Income: Salary or Pension Income from One House Property (with the exception of brought-forward losses) Other Income (Interest from Bank FDs, Savings Accounts, Family Pension, etc.) Agricultural Income up to ₹5,000.
GSA will helps in the giving the Due Date reminder for ITR-1 return filing:
The due date for ITR 1 submission is normally July 31st of each assessment year. It is essential to meet this deadline in order to ensure that your income tax return is filed on time and in accordance with tax requirements.
gsagroups provides the best advantages for ITR-1 return filing:
1. Quick and Simple Process: ITR-1 is the simplest ITR form, requiring minimal details for easy filing.
2. Avoid penalties for late filing: Filing on time will save you up to ₹5,000 in penalties under Section 234F.
3. E-filing: Leads to speedier processing and payments for tax deducted at source (TDS).
4. ITR-1 use: Use ITR-1 as proof of income for loans, credit cards, and visa.
5. Carry Forward Losses: Allows you to carry forward certain losses, such as house property losses, for future tax benefits.
6. Avoid Legal Issues & Notices: Filing ITR-1 promises tax complying and reduces the likelihood of obtaining income tax notices.
7. Eligible for E-Verification & Aadhaar Linking: E-verify ITR easily via Aadhaar OTP which Reduces the paperwork and verification in person.
8. Claim Deductions and Save Tax: Helps in claiming deductions under Sections 80C, 80D, and 80G, lowering taxable income.
9. Mandatory for specific individuals: Individuals who have violated their limits on foreign travel, high-value actions, or bank deposits must file an ITR-1.
10. Improves financial credibility: Regular ITR filing improves financial reputation and makes taxation simple in the future.
Documents Required for ITR-1 Filing :
1. Personal Information:
- PAN Card Aadhaar Card of the person.
- Bank Account Details (Bank name, IFSC, Account number, etc.) of that particular person.
2. Income Documents:
- Salary/Pension Income
- Form 16 from your employer
- Salary slips
- House Property Income
- Rental agreement
- Home loan
- Interest certificate
- Municipal tax receipts
- Capital Gains Income
- Stock trading statement (for shares, mutual funds)
- Property sale contract
- Purchase contract of the sold property
- Interest documents from banks, post offices, etc.
- Dividend income statement
- PPF/NSC interest details
3. Investment and deductions documents:
- LIC/PPF/EPF receipts
- ELSS/Mutual Fund investment proofs
- Home loan interest & principal payment receipts
- Tuition fee receipts
- Medical insurance premium receipts
4. Foreign Income & Assets: Details of foreign bank accounts, properties, and income sources
5. Tax Payments: Form 27AS used for verifying TDS Details Advance tax/ self-evolution tax payment challans. gsagroups.in
Gsagroups will tell who Cannot File ITR-1?
- Individuals with Total Income above ₹50 lakh
- Non-Residents (NRI) or Hindu Whole Families (HUFs)
- Having Income from More Than One House Property
- Business or Professional Income (Freelancers, Self-Employed, etc.)
- Money Profits Income (Sale of shares, property, etc.)
- Agricultural Income above ₹5,000
- Holding Foreign Capital assets or Foreign Income
- Having Income from Crypto currency, Lottery, or Fantasy Trading. gsagroups.in
