ITR Filing 2024: If you are salaried, you must submit an ITR-1; get familiar with the ITR Filing procedure

ITR Filing 2024: If you are salaried, you must submit an ITR-1; get familiar with the ITR Filing procedure

ITR Filing 2024: If you are salaried, you must submit an ITR-1; get familiar with the ITR Filing procedure

ITR forms exist in a variety of formats, and taxpayers fill out various forms according on their income. We are going to discuss ITR Form-1 with you now. Be able to complete it online.

How to File ITR: Income tax return filing season is about to begin. With the notification of ITR Form, ITR-1, and ITR-4 for the financial year 2023-24 (assessment year 2024-25), taxpayers may now begin getting ready to submit their income tax returns. ITR forms exist in a variety of formats, and taxpayers fill out various forms according on their income. We are going to discuss ITR Form-1 with you now.

Who completes Form ITR-1?

Form 1 is filled out by Indian nationals with yearly incomes up to Rs 50 lakh. The income is inclusive of your salary, pension, and any additional sources up to Rs 50 lakh. This also covers agricultural income up to Rs 5,000. However, you are unable to fill out this form if you are a director of a company, have invested in an unlisted company, get income from capital gains, own several homes or properties, or receive income from a business.

How should an ITR-1 be filled out?

Step 1: Firstly, visit https://www.incometax.gov.in/iec/foportal/, the Income Tax e-filing portal.

Step 2: In order to log in, enter your PAN, password, and captcha code in the user ID field.

Step 3: Once the e-file option appears above, click File Income Tax Return under Income Tax Return.

Step 4: You must choose the appropriate evaluation year on the next page. The online option in the filing manner below must be chosen. Next, choose "Continue."

Step 5: Select "Start New Filing" here. You may choose the above option if you attempted to file before and saved the draft.

Step 6: Since you need to submit an ITR-1, you must select on Individual under Status Applicable here.

Step 7: Choose the ITR form on the next page, where you will choose ITR 1. You can discover which ITR form has to be filled out by taxpayer type here. Complete ITR Form 1 now.

Step 8: The papers you'll need are listed here. To continue, click Let's Get Started.

Step 9: You will explain your income tax payment rationale on the next page.

Step 10: You now need to confirm the information in your pre-filled return. Verify your personal information in here. You may make adjustments if there are any in the filing area.

Step11: In a similar vein, you must verify the specifics of your overall income, tax deduction, amount of tax paid, and amount of tax due. Once all the information have been verified, you may go forward. If there is any tax that has to be paid immediately, you may use the e-pay tax service to do it at any time.

Step 12: The preview of your ITR is now visible. Select "Proceed to Validation" from this menu.

Step 13: You now need to confirm the ITR. There will be three alternatives available; choose the one that best suits your needs and convenience. You will submit your ITR upon e-verification. Your ITR receipt is available for download here.