Who Can File ITR1

• Income Threshold :
  • Total income must not exceed Rs. 50 lakh for the financial year.
• Permissible Income Sources::
  • Salary
  • Income from a single house property
  • Family pension income
  • Agricultural income (up to Rs. 5,000)
• Other Sources Include :
  • Interest from savings accounts
  • Interest from deposits (bank, post office, cooperative society)
  • Interest from income tax refunds
  • Interest on enhanced compensation
  • Any other interest income
  • Family pension

Document required for ITR 1

ITR Sahaj Forms are attachment-less, meaning taxpayers do not need to attach documents when filing. However, it’s important to retain the following documents for record keeping and potential requests from tax authorities:

• Form 16: Provided by all employers for the relevant financial year.
• Form 26AS: Ensure TDS details in Form 16 match Part A of Form 26AS.
• Receipts: Keep receipts for exemptions or deductions (e.g., HRA allowance, Section 80C/80D) not submitted to your employer.
• PAN Card: Essential for identification.
• Bank Investment Certificates: Details of interest earned from bank accounts, such as passbooks or fixed deposit certificates.

Penalties for Late Filing of Income Tax Returns

Penalty Amounts :

• Income exceeding Rs. 5 lakh: Penalty of Rs. 5,000.

• Income below Rs. 5 lakh: Penalty of Rs. 1,000.

Interest on Unpaid Taxes

• 1% interest per month on owed taxes until the return is filed.

Severe Penalties

• Underreporting Income: Up to 50% penalty on underreported tax.

• Misreporting Income: Up to 200% penalty on the misreported tax.

Prosecution Risks :

• Repeated failures to file despite reminders can lead to prosecution, with potential imprisonment from three months to seven years, depending on outstanding tax liabilities.

Conclusion

To avoid these legal and financial consequences, it is essential to file your ITR-1 promptly and accurately.

Frequently Asked Questions

• Why won’t my payment go through?
  

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• How do I get a refund?

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• How do I redeem a coupon?

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• Changing account name

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