Document list income tax return check
The ITR-1 Sahaj form can be submitted by a resident person
Income Tax Return: ITR 1 Sahaj is an income tax return form used by individual taxpayers who have income from salary, pension or interest. It is the most widely used form for filing income tax returns in India.
Why is income tax return important?
ITR or Income Tax Return is filed in India to report the income of an individual or entity earned during a financial year (April to March) and pay the taxes thereon as per the Income Tax Act, 1961. Filing an ITR is a legal obligation for all taxpayers in India whose total gross income exceeds the basic exemption limit prescribed by the government.
Who can submit ITR 1 Sahaj?
ITR-1 can be submitted by a resident individual whose:
- The total income does not exceed Rs 50 lakh during the financial year
- Income comes from salary, a home ownership, family pension income, farm income (up to Rs 5000) and other sources including:
- Interest from savings accounts
- Interest from deposits (bank / post office / co-operative society)
- Interest from income tax refund
- Interest received on increased compensation
- All other interest income
- Family pension
- Income of spouse (other than those covered by the Portuguese civil code) or minor is clubbed (only if the source of income falls within the specified limits as stated above).
What documents do you need to submit ITR-1 Sahaj?
You will need form 16, a home rental receipt (if applicable), investment grant receipts (if applicable).
However, ITRs are forms without attachments, so you do not need to attach any document (such as proof of investment, TDS certificates) along with your return (whether submitted manually or electronically).
A taxpayer must keep these documents for situations where they need to be presented to the tax authorities, such as assessments, investigations, etc.
Read all the latest business news here