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What is ITR-1?

ITR-1, also known as Sahaj, is the Income Tax Return form used by salaried individuals whose income is primarily from salary, pension, one house property, and other sources such as interest. This form is meant for individuals with a total income of up to ₹50 lakhs and is one of the simplest tax return forms for filing.

Who is Eligible to File ITR-1?

The following individuals are eligible to file ITR-1:

• Resident individuals: Only residents (not non-residents or individuals with RNOR status) can file ITR-1.
• Individuals with income from salary or pension: Those whose primary source of income is from a salary or pension.
• Income from one house property: Individuals with income from a single house property (except in cases of loss carried forward from previous years).
• Income from other sources: Income from interest, family pension, etc. (excluding winning from lottery and income from horse racing).

Who is Not Eligible to File ITR-1?

The following individuals are not eligible to file ITR-1:

• Non-residents and residents but not ordinarily residents (RNOR).
• Individuals with an income exceeding ₹50 lakhs.
• Individuals with income from more than one house property.
• Individuals who have earned capital gains during the financial year.
• Individuals who have agricultural income exceeding ₹5,000.
• Income from business or profession.
• Individuals who are directors in a company.
• Individuals holding unlisted equity shares.

Documents Required for ITR-1 Filing

The following documents are required to file ITR-1:

• Form 16: Issued by your employer, containing salary details and TDS deductions.
• Salary slips: Monthly breakdown of your salary for the financial year.
• Form 26AS: A consolidated statement showing tax deducted at source (TDS) and deposited with the government on your behalf.
• Bank account details: Including interest income from fixed deposits or savings accounts.
• Investment proofs: To claim deductions under Section 80C, 80D, etc. (e.g., life insurance, health insurance premiums, and tax-saving fixed deposits).

Benefits of Filing ITR-1

Filing ITR-1 on time has several advantages, including:

• Legal Compliance: Filing your income tax return helps you stay compliant with the tax laws.
• Claim Tax Refunds: You can claim a refund if excess tax has been deducted by your employer or bank.
• Proof of Income: ITR serves as proof of income for loan applications, visa processes, and other financial transactions.
• Carry Forward Losses: By filing your ITR on time, you can carry forward any losses to be set off against future income.
• Avoid Penalties: Late or non-filing of ITR may result in penalties and interest under sections 234F and 234A.

Penalties for Late Filing of ITR-1

Filing your ITR-1 after the due date may attract the following penalties:

• Late Filing Fees: A late fee of up to ₹5,000 under Section 234F if you file your return after the due date but before December 31st of the assessment year (₹1,000 if total income is up to ₹5 lakhs).
• Interest on Late Payment of Tax: Interest at the rate of 1% per month or part of the month under Section 234A on any outstanding tax liability.
• Loss of Carry Forward Benefits: If you file your return late, you lose the benefit of carrying forward certain losses to future years.

How WeIncept Helps with ITR-1 Filing

At WeIncept, we make the process of filing ITR-1 easy and hassle-free. Our experts provide end-to-end assistance in preparing and filing your return, ensuring accuracy and timely submission:

• Data Collection: We collect all necessary documents, including Form 16, salary slips, bank statements, and investment proofs.
• Tax Calculation: We calculate your tax liability after considering all eligible deductions and exemptions.
• Filing the Return: Our experts file your ITR-1 online, ensuring compliance with all the necessary guidelines.
• Form 26AS Reconciliation: We reconcile Form 16 and Form 26AS to ensure that there are no discrepancies in tax credits.
• Refund Assistance: If you're eligible for a refund, we assist in ensuring that the refund process is smooth and quick.

Why Choose WeIncept for ITR-1 Filing?

WeIncept offers professional ITR-1 filing services that are designed to simplify tax compliance for salaried individuals:

• Expert Support: Our tax experts ensure that your return is filed accurately and in a timely manner.
• Maximized Deductions: We help you claim all eligible deductions, including those under Section 80C, 80D, etc., to minimize your tax liability.
• Quick Processing: We ensure that your return is filed promptly, reducing the chances of delays and penalties.
• Affordable Pricing: Our services are offered at competitive prices, making tax filing convenient and cost-effective.
• Seamless Experience: We handle the entire process, from document collection to filing, providing you with a stress-free tax filing experience.

File Your ITR-1 with WeIncept Today

Filing your ITR-1 doesn’t have to be complicated. Let WeIncept’s team of experts handle it for you, ensuring compliance and maximizing your tax benefits. Get in touch with us today for reliable and professional ITR-1 filing services.