How to file your ITR 1? Income-tax Filing FY 2022-23 2
Are you feeling overwhelmed by the process of filing your income tax return? Don’t worry! We have great news for you. Team IN Filings is here to make your life easier when it comes to taxes. We are excited to announce that the ITR-1 filing for the financial year 2022-23 is now LIVE on our platform!
ITR-1, also known as the Sahaj Form, is specifically designed for individuals with a salary income of up to Rs. 50 lakh. With our user-friendly platform and expert assistance, we aim to simplify the entire process for you.
Who can make ITR-1 for the financial year 2022-23 (Assessment year 2023-24)?
- Individuals with Salary or Pension Income: If you are an individual who has received salary income or pension during the financial year up-to Rs.50Lac, you can file ITR-1. This includes income from single or multiple employers, as well as income from a pension received.
- Income from One House Property: If you own a single property (excluding commercial properties) and have received income from it, you are eligible to file ITR-1. This covers rental income or any other type of income from your residential property.
- Income from Other Sources: ITR-1 allows individuals to include income from other sources such as interest on savings accounts, fixed deposits, or any other interest income earned during the financial year.
- Agricultural Income: If you have earned agricultural income, it should be within Rs. 5,000. If your agricultural income exceeds this threshold, you will not be eligible to file ITR-1.
- Exclusions: There are certain exclusions for individuals who are not eligible to file ITR-1. This includes individuals who have a business or professional income, capital gains, foreign assets, or if they are a director in a company.
Who excluded from file ITR-1 for the Financial Year 2022-23 (Assessment year 2023-24)?
- Individuals with an income above Rs 50 lakh.
- Individuals who are either director of a company or have held any unlisted equity shares during the financial year.
- Residents not ordinarily resident (RNOR) and non-residents.
- Individuals with income from more than one house property.
- Individuals with income from activities like lottery, racehorses, legal gambling, etc.
- Individuals with taxable capital gains (short-term and long-term).
- Individuals with agricultural income exceeding Rs 5,000.
- Individuals with income from business or profession.
- Residents who have assets or signing authority outside India.
- Individuals claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
- Individuals with deferred income tax on ESOP received from startup.
Checklist for filing ITR-1?
- Your PAN card (Permanent Account Number)
- Form 16 (Salary certificate from employer)
- Form 16A (For income from other sources)
- Bank statements
- Receipts: Keep receipts for exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) that were not submitted to your employer on time, as you can claim them directly on your income tax return.
- Home loan statement
- Aadhaar Card
- Other relevant documents (medical bills, donation receipts, etc.)
How to File ITR-1 from Team IN Filings?
Step 1: Share your details Email your necessary details, including PAN, Form 16, Form 16A, bank statements, TDS certificates, investment proofs, home loan statement, Aadhaar Card, and other relevant documents to email@example.com. Make sure to mention any missing details in your email communication.
Step 2: Share income-tax login details Provide your income-tax login details (if available) to Team IN Filings, enabling them to access your tax-related information securely.
Step 3: Add missing details If any details are missing from the initial email communication, promptly add them and inform Team IN Filings for accurate filing.
Step 4: Disclose other income Inform Team IN Filings about any additional income sources you may have, such as rental income or interest income, to ensure comprehensive reporting.
Step 5: Draft review and confirmation, Team IN Filings will process your information and share a draft of your ITR-1 for your review. Carefully review the draft and provide any necessary changes or corrections. Once you confirm the accuracy, proceed to the next step.
Step 6: OTP verification and filing, Team IN Filings will file your ITR-1 on your behalf by obtaining the necessary OTP (One-Time Password) from you. This step ensures a secure and authenticated filing process.
Step 7: Make the payment and receive acknowledgment, Complete the payment for the services provided by Team IN Filings. Upon successful payment, they will share the acknowledgment of your filed ITR-1 with you. Final Step: ITR filing done Congratulations! Your ITR-1 filing process is now complete with the assistance of Team IN Filings. You can now have peace of mind, knowing that your income tax return has been accurately filed.
Contact Team IN Filings for Tax filings
Take the stress out of tax filing! Contact Team IN Filings now and experience seamless and expert assistance for all your tax-related needs. Let us help you file your ITR-1 accurately and efficiently. Reach out to us today and enjoy a hassle-free tax filing experience with our trusted tax consultants.
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