What precautions should be taken while filing ITR-1?
Income Tax Return Filing Due date is approaching for the FY 2021-22. The last date to file the ITR for the FY 2021-22 (AY 2022-23) is 31st July 2022.
Depending on the nature of one’s earnings, one must select the most appropriate ITR form among such forms made available by the income tax department.
ITR-1 (SAHAJ) Form is for individuals who is a Resident (other than Not Ordinarily Resident) and having Total Income from any of the following sources up to ₹ 50 lakh.
- Salary / Pension
- One House Property
- Other sources (Interest, Family Pension, Dividend etc.)
- Agricultural Income up to ₹ 5,000
Some important steps/points/precautions that need to be kept in mind while filing ITR-1:
- Check the real TDS/TCS/tax paid by downloading Form 26AS (Annual Information Statement). If you see a disparity, contact your employer, tax deductor, or bank to resolve the issue.
- Gather and review the documents you’ll need to file your ITR, such as your bank statement/passbook, interest certificates, receipts for exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment evidence, and so on.
- Check that the pre-filled data has accurate information such as your PAN, permanent residence, contact information, and bank account information.
- Determine which return is appropriate for you (from ITR-1 to ITR-7). In the return, include all relevant information, such as total income, deductions (if any), interest (if any), taxes paid/collected (if any), and so on. There are no papers to be added to the ITR-1.
- Returns of income must be e-filed on or before the due date. Late filing fees, losses not being carried forward, and deductions and exemptions not being accessible are all repercussions of late filing.
- E-Verify your return after you’ve filed it electronically. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgment to Centralized Processing Center, Income Tax Department, Bengaluru 560500 within 120 days of filing the return (Karnataka).